Best Way Forward

Ilona

Noobie2011 wrote: »

Thanks for your response and I expected people to air their opinions as why else would I have posted up but your post does really help as it points out the fall back of just paying the minimum without being criticising or up their own ar*es like some post haha

How rude, when people are trying to help you. Ha ha.
Ilona

Noobie2011

Ilona wrote: »

How rude, when people are trying to help you. Ha ha.
Ilona

ha ha, I'm never rude and will take all the constructive feedback I can as it always better than people just telling you it will be okay

Noobie2011

Bedsit_Bob wrote: »

Are you talking about moving debt from high APR cards, to lower APR cards, or snowballing payments?

Yes I think I have mixed the 2 to be honest.

The snowballing I will use when my 1st Loan finishes and I will use that money to lump into the nxt most sensible debt to pay off.

What you mentioned above was another option I had so somehow I would on a monthly place move the aviailable credit on CC's to the highest APR cards to pay them off. So in essence not reducing the debt but reducing the Interest while I pay them off if that makes sense.

KID77

Hi
Our mortgage is currently with NRAM who do not offer new mortgages so we would have to go elsewhere and we owe 186k on a house worth 235k but when you add our debt to this it gave a low LTV so no other lenders were willing to give us a mortgage at this time.
If your mortgage is with a provider who currently offers mortgages and you have had no issues with payment, you should be able to get a new deal with them no problem.

Perhaps get some spreadsheets set up listing your debts and showing each month what is coming off so you will know for example in 6 months and again in 12 months what your estimated debt totals will be. That way in 6 months when you compare, if they are not coming down as you predicted then you need a new plan :-)

When your loan finishes that will really help and yeah 0% credit cards will make a difference, you just need to be strict and keep control as these were the sort of things i started doing but obviously didn't do it right, hence why I am now on a DMP!

Good luck xx

Noobie2011

KID77 wrote: »

Hi
Our mortgage is currently with NRAM who do not offer new mortgages so we would have to go elsewhere and we owe 186k on a house worth 235k but when you add our debt to this it gave a low LTV so no other lenders were willing to give us a mortgage at this time.
If your mortgage is with a provider who currently offers mortgages and you have had no issues with payment, you should be able to get a new deal with them no problem.

Perhaps get some spreadsheets set up listing your debts and showing each month what is coming off so you will know for example in 6 months and again in 12 months what your estimated debt totals will be. That way in 6 months when you compare, if they are not coming down as you predicted then you need a new plan :-)

When your loan finishes that will really help and yeah 0% credit cards will make a difference, you just need to be strict and keep control as these were the sort of things i started doing but obviously didn't do it right, hence why I am now on a DMP!

Good luck xx

Thank You for this. I have just been looking at our Mortgage papers and we are with Precise Mortgages. It lists in there what our payments are now and also what are payment may be after the intial 2 years. I may be wrong but this tells me they have already committed to carrying on the Mortgage once the 1st 2 years is up aslong as we do not miss any payments etc.

I suppose my worry is will stil have to re-apply to Precise or because we are staying with them will they just send us a renewnal letter like you get from your car insurance etc stating what the new payments will be and when they will commence if we do not ring to cancel. Also since we took the Mortgage we have done a 2nd charge on the property so wasn't sure if I still needed to tell them about this if they are just going to carry the Mortgage on?

KID77

Noobie2011 wrote: »

Thank You for this. I have just been looking at our Mortgage papers and we are with Precise Mortgages. It lists in there what our payments are now and also what are payment may be after the intial 2 years. I may be wrong but this tells me they have already committed to carrying on the Mortgage once the 1st 2 years is up aslong as we do not miss any payments etc.

I suppose my worry is will stil have to re-apply to Precise or because we are staying with them will they just send us a renewnal letter like you get from your car insurance etc stating what the new payments will be and when they will commence if we do not ring to cancel. Also since we took the Mortgage we have done a 2nd charge on the property so wasn't sure if I still needed to tell them about this if they are just going to carry the Mortgage on?

If they are a normal mortgage provider then after your fixed period you would just go on to their normal SVR which is the rate they are probably quoting on your paperwork for once your fixed deal ends. I would call them up just before current deal ends and ask if the have a new fixed deal you can go on, as you are not actually remortgaging and changing providers, they should be able to do this without credit checking and you probably don't have to mention secured loan. I am not an expert so please don't take this as gospel but this is my understanding :-)

andyfromotley

you really need to fill in an SOA to get proper advice.

http://www.stoozing.com/calculator/soa.php

Noobie2011

andyfromotley wrote: »

you really need to fill in an SOA to get proper advice.

http://www.stoozing.com/calculator/soa.php

Thanks and I will get round to it but I think the responses I have got on here have helped me with my questions.

I was not really looking at help in reducing my current financial commitments but more to check if I was doing the right thing the way I was paying my debts which for the moment I am as only one way until I start finishing debts and using the snowball affect.