New Mortgage adding Existing Debts

getmore4less

Ultimatechezz wrote: »

I said we could pay off her debts and she could give me what she was paying out to put on my debts. (£400)

I figured that if we payed my debt off 1st then I could pay her £600 and she could pay of the smaller credit card she has for £2800 in about 4 months maybe quicker with her regular payment as well, then she could put what she saved on that credit card with my payment to pay off the other cards?

Look up snowballing it's tha rate that determines the order.

have a read here
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

you can probably bring your current 5 year estimate forward if you get ontop of things.

Thrugelmir

Ultimatechezz wrote: »

I know and i'm ashamed about how it's come about! It just happened one day! I just looked and though! what's has happened!

For many people the "having a Light Bulb Moment" is the turning point. As it's only you that has the power to change matters. While the future may seem bleak. Just facing up to the issues is a major step forward. For the moment forget about buying a house and focus solely on the debt. Saving like spending becomes addictive. As there's something tangible to show for it. If you wish to buy a home then that should be incentive enough. Go for it and you'll never look back.

enthusiasticsaver

Any mortgage lender will look at your existing debts and reduce the amount they will lend you so I seriously doubt you will get the amount you need.


My suggestion would be you and your wife sit down and address your outstanding debts before looking into purchasing properties. I am also not sure about her dad saying give him the £20k you got from your house for him to invest. What is that about?

Ultimatechezz

I personally have had a "light bulb" moment and I'm now starting to document what's what with my monthly spending, and how I can reduce certain debts.

I will go though the mrs account but to be honest I can't seem to reason with her...It's a head in the sand thing...I will try one more time by helping her do what I am doing but in the end I can't make her. I have said we need to work together but will have to wait and see!

I feel abit better with what I have done so that's good!

Thanks all...

Only worry is getting the house we love really...I'm hoping with the changes I am making I can make some positive changes which may help!

Ultimatechezz

I personally have had a "light bulb" moment and I'm now starting to document what's what with my monthly spending, and how I can reduce certain debts.

I will go though the mrs account but to be honest I can't seem to reason with her...It's a head in the sand thing...I will try one more time by helping her do what I am doing but in the end I can't make her. I have said we need to work together but will have to wait and see!

I feel abit better with what I have done so that's good!

Thanks all...

Only worry is getting the house we love really...I'm hoping with the changes I am making I can make some positive changes which may help!

getmore4less

What sort of investment is the money going into, it needs to be better returns than the rate on your debts.

She is scared to tell her dad is there some control going on?

Ultimatechezz

I'm not 100% sure about the investment, he said he'd give us £25,000 back whenever we wanted it, to buy the house.

He's put it in some investment plan along with some other money probably, but the chance to get an extra 5k I thought was good.

I think the mrs is embarrassed as all her family are well off with property and money etc. I personally think her dad would want to help her if he knew...

I Just have to keep chipping away really. I Have made a start on clearing my debts, she needs to look at my plans and do the same with hers I think!