How can I / should I get more credit to get out of debt???

tinkermonkey

Hi Everyone

Looking for a bit of advice.

My fiancee and I have decided to sell up and move to another area where there are better jobs and in the process hopefully pay of a much debt as possible.

We are looking to sell up in next 2 months, my fiancee is not working while we are doing this so he can do work in house. I am using what is left on the credit cards to pay the bills my wage does not cover.

My mortgage is 50K, valuation 3 years ago 60K, but lots of works needs done (major kitchen, bathroom. roof etc) so if done should get about 90K plus but done know if would even make last valuation without work being done!!

My fiancee's father is a tradesman and he will do most of the work for free but I still need to buy materials (only willing to spend 2-3K max though)

All of our debt is in my name as my fiancee's credit is in toilet after a previous marriage. My equifax report states I have excellent credit and I have not missed any payments as yet, but my problem is that my income is so low (13797 with 800 payrise in aug) I dont think I will get any more credit.

Total Debts
Mortgage 50K
TSB Credit card 9816.94
IF Credit Card 1895.83
MBNA Credit Card 5437.04
Tesco Credit Card 8498.58
Bank Of Scotland Loan 6705.72
Overdraft 900

Total Debts 83254.11

Has anyone any ideas where I can go to get credit short term so I can do up my house to sell to clear some of this debt??

sammy115

I couldn't tell you to be honest. Maybe you could post a list of what needs to be done to the house with a cost alongside each one so people can point you in the directions of savings. How much do you need to raise to do the house up - and would it be worth it?

The only thing I can think of is a short term loan from family..

I have to be totally honest and can't for the life of my understand how you managed to get so much credit on such a small wage along side a mortgage of that size!

sammy115

sorry just reread your post - am a bit slow tonight. You need 2-3 max so your tradesman relative can do up!

Still no advice except perhaps short term loan.. although if you have such a good credit rating would they not lend you the money?

mitty_2

Why not sell now, borrowing speculatively is a risky business, especially as you probably won't get favorable rates.

tinkermonkey

sorry guys my post appears to have appeared twice, any ideas how I can delete one as dont want to mess up the board.

Thanks for all the advice.

The reason I got the credit is I used to earn a good bit more but took redundancy so I could work nearer home as I have ME and the travel was too much as I struggle to do full time work let alone travel 2 hrs daily. When we move I will hopefully be able to earn more again and my OH will be able to earn a good wage too but there is nothing locally.

Also the credit cards started out at low credit amounts that they just kept increasing without me asking so thats how they got so high as even on my previous wage I wouldnt have earned enough for those credit limits.

Cant ask family as they dont have any spare cash.

there is a lot of work needed to the house which is why I need money for materials, roofing, bathroom suite, kitchen, carpets etc, I am asking for money and vouchers for my 30th so this will hopefully help but anticipate I will need more.

Have though of selling as is and am looking into free valuations to see if its worth my while doing the work.

tinkermonkey

sorry guys my post appears to have appeared twice, any ideas how I can delete one as dont want to mess up the board.

Thanks for all the advice.

The reason I got the credit is I used to earn a good bit more but took redundancy so I could work nearer home as I have ME and the travel was too much as I struggle to do full time work let alone travel 2 hrs daily. When we move I will hopefully be able to earn more again and my OH will be able to earn a good wage too but there is nothing locally.

Also the credit cards started out at low credit amounts that they just kept increasing without me asking so thats how they got so high as even on my previous wage I wouldnt have earned enough for those credit limits.

Cant ask family as they dont have any spare cash.

there is a lot of work needed to the house which is why I need money for materials, roofing, bathroom suite, kitchen, carpets etc, I am asking for money and vouchers for my 30th so this will hopefully help but anticipate I will need more.

Have though of selling as is and am looking into free valuations to see if its worth my while doing the work.

sammy115

if you log on and on one of the posts it should say delete (bottom right hand corner)

Sorry to hear about your ME (my mother has that and I know it can be debilitating.. you are to be congratulated on managing such a level of debt so far. I can see what you are trying to do, but I can't really help as to where to get finance. Your only option would be a secured loan but probably at a high rate of interest..