update and are we doing the right thing.....

midebt

We are very near the end of an application to re mortgage and I suppose u can say consolidate our debt.
As we cannot see any other way………..

We have very nearly £50’000 of un-secured debt ( which includes a loan of 15000 -8 yrs left on that one from RBS and the rest on debt with credit cards…..)

Then we have our mortgage 18500 - 8 yrs left at 250 a month / secured Halifax

2nd secured at 19900 - at 363 pm / Halifax

3rd secured at 15400- at 374 pm / Halifax so we are borrowing a total of

The new loan will be 1108 pm for 11 yrs / inch insurance.
The unsecured debt will also be paid off I have tried to negotiate with some of our creditors and some have agreed on a lower amount and some have not.
We just hope we are doing the right thing…………

trying-very-trying

I'm sure someone will be along shortly to give more detailed advice, but the one thing they never suggest on this site is consolidation of unsecured debts.

midebt

update ****

i have just snowballed and it will take us 34 yrs to clear the debt:eek:

CLAPTON

impossible to give any advice with so little information

post up an SOA showing your income , spending and the full debt details, amounts, APRs and minimum payments.
Its helpful to know how the debts arose and your general situation..OH, children etc.

sira_2

I'm not great at giving advice all i will say is that make sure you can afford the repayments first. We remortgaged 2yrs ago & consolidated, big mistake, was talked into it by the financial adviser & was so relieved to think we were finally free of our debts never stopped to think could we actually afford the mortgage repayments especially when interest rates kept increasing the repayments. 2yrs later we are in a mess yet again this time, thank god, i found this site and with the help of some fantastic people on here went to the CCCS & now into the first month of a DMP. Early days yet and a way to go with the creditors agreeing to it but we feel so much better doing it this way this time at least,albeit a long way off, we can see an end to our debts. All i'm saying is consider all your options before you sign on that dotted line it may be consolidation is the best of option for you and undoubtedly you will not make the same stupid mistakes that we did, but see what advice you get here first. Good luck!

Karmacat

Very, very occasionally, consolidating *can* be the right way to go. However, and its a huge, huge however - you have three secured loans and credit cards as well. Why do you overspend to that extent? Unless you know why, you'll probably do it again, and be in a worse situation 3 years down the line -*that* is why people on this board hardly ever recommend consolidation, and *that* is why a poster above has suggested you post a statement of affairs - a list of all your income and all your outgoings - see southernscouser's sticky at the top of the board - it explains what an soa is, and without it, nobody can give you anything but generalities. Hope this helps.

supersavershal

I have consolidated with a ten year loan.It has worked for me, this time.But you have to be very strict never to run cc up again, in fact its better to close them and have none then you are not tempted.And you have to learn to save for the things you want and manage your money.I have found this site to be amazing in the support you get.If I ever feel tempted to splurge on "stuff" I come here and think more clearly.I also use a tip I picked up on here of putting the item in the whats the cost calculator and look at how long and how much it would cost if i bought that item with my cc it soon puts me off.You have to be really strict and really willing to change your attitude towards money and credit.

midebt

thanks for all replys

yes our credit rating is at rock bottom so so we will not be able to use or apply for any c cards and will not have them.......

our motto is now - if we have not got it we can not have it - this site is great and will alaways be using it.

our salarys will be able to afford the new loan and as of the moment with the mortgage/s etc we are paying as much as what the new loan will be - however then all the creditors will be cleared.

i know its not everyones ideal way of dealing with it but some one on this thread has done this and its working for them .and that is what we are going to do and make it work for us too.

will let u know how we get on.........

supersavershal

Let me know how you get on.Good luck it did work for me and I am determined never to run up cc again, but it is always a fight and I have to keep coming here to renew my determination.I found it was a big weight off my mind to have one payment (although its a big one) and I felt I could manage my money better.Before I kept forgetting who needed to be paid and on what date, so I kept incurring late payment charges.I suppose it all depends on the person and your circumstances.We are all different and deal with things in different ways, will you get a good APR if your credit rating is poor? my consolidation loan was for £26,000 I am ashamed it got that bad but im dealing with it now.