advice needed!

ajs77

Hi,

I am just going through a split with my wife. We had a couple of high loans and credit cards to the tune of £35k which I have agreed to take on (cars home improvement etc). They are all affordable and I am not behind on any payments but I am looking at trying to put them into one single loan to keep it nice and tidy and maybe save myself a few pounds in the process. I have a good credit rating but no one will touch me with a barge pole. I assume this is because of the amount and the fact im still joint mortgagee on our marital home. Do I have any options? Can I consolidate? Or have a just got to keep as it is until the amounts outstanding have reduced.

Any advice greatly appreciate.

Thanks

bargainbetty

Lenders will not consider it a replacement/consolidation loan as they cannot guarantee you will pay off the debts. Therefore they have to consider the sums in total (£70k) and look at your capability to pay that. Unless you are earning well over six figures per year, you are unlikely to get the full amount.

You may be able to refinance some of the smaller debts onto lower rate cards etc, but that is a big sum to refinance in one hit. Use the snowball calculator to work out the best order to clear the debts.

Good luck

CLAPTON

ajs77 wrote: »

Hi,

I am just going through a split with my wife. We had a couple of high loans and credit cards to the tune of £35k which I have agreed to take on (cars home improvement etc). They are all affordable and I am not behind on any payments but I am looking at trying to put them into one single loan to keep it nice and tidy and maybe save myself a few pounds in the process. I have a good credit rating but no one will touch me with a barge pole. I assume this is because of the amount and the fact im still joint mortgagee on our marital home. Do I have any options? Can I consolidate? Or have a just got to keep as it is until the amounts outstanding have reduced.

Any advice greatly appreciate.

Thanks

not knowing your income or the debts details (amounts, apr, monthly repayments) it's difficult to say what can be done