Unsecured Loan to Consolidate Debts

Thrugelmir

jetskiguy wrote: »

I could carry on paying what im paying now each month but i wanted to be able to save, but currently i cant. I only have enough left to live off after paying my rent, car insurance etc

Focus on repaying the debt. Forget about a mortgage for the time being. Get a second job for a while to give your income a boost.

DCFC79

Maybe defaulting is an option

Tixy

Yeah thats exactly what i was thinking, im in a no win situation really. I need one that will automatically pay off the debts on my behalf so they know that they are being paid off.

Those type of loans do not exist anymore (and with good reason).

You say your car is on finance? Does this give you an option to hand back the car at some point (half way through repaying) and if so how far away are you from being able to do that?

To be honest though trying to save for a mortgage when you have this level of debts and are paying interest on some of them is not financially sensible. You will earn far less on your savings that you are paying on your debts.

And even if you did save a deposit any mortgage lender would factor in your level of debt when calculating what you can afford, so it make sense to clear these debts first.

Once cleared you can then presumably save £900 a month towards your mortgage deposit and have a deposit saved up much quicker.

jetskiguy

tell_it_how_it_is wrote: »

Maybe post a statement of affairs on the Debt Free Wannabe board, and see if anyone can offer any suggestions?

Example thoughts ... Car insurance perhaps seems a little high - could you perhaps look into new deals for that? Do you have a mobile phone bill which could be shrunk? Would your friend be receptive to repaying a bit less every month?

Car insurance is as cheap as i can get it, im under 30 with only 4 years no claims at the moment. Ill be 30 in March so hopefully this years renewal will be much better.