Joined 31.05.16

DrSpendLittle

2032?!?!? I reckon you can clear your debt before then! Whats your current balance? And, how much do you manage to pay off a month?

Adding debt to a mortgage or consolidating it is very frowned upon mainly because people see it as a 'way out' and feel they've achieved something when in actual fact, they've achieved nothing, zilch, nada - Dave Ramsey says that shifting / consolidating debt should not be celebrated as it doesn't achieve anything, which is why his debt snowball does not operate on shifting debt to 0% credit cards or paying the highest accusing interest debt first.

If you did shift your debt to your mortgage and you don't change your spending behaviours accordingly for the rest of your mortgage term (i.e. 25 years...?) then you run the risk of (re)entering the path to consolidation crisis and this time risking your home. This is a particularly acute risk if you feel you need a 'treat' for fixing your debt problem by shifting it around rather than clearing it and that subsequently leading to a relapse in poor spending habits. Not saying it'll happen to you, but look at your past spending patterns, your current spending triggers and consider if you see them changing significantly in the next few years. If not, the spending challenges / triggers will remain but this time, it'll be your home that is threatened not just your emotions.

Anyway, do what's right for you - thats the most important thing here. Everyone's path to debt freedom is different and unique and changes to suit changing circumstances. Hope you find some contentment as you sound a bit down with it all.

enthusiasticsaver

PSL - I thought the reason you were taking the scenic route in clearing the debt (ie minimums only) is because the majority of your credit card balances are on 0%. As I recall your mortgage rate is around 2.5% so the debt will cost you a lot more in the long run to repay? Are you now managing to stick to your budget monthly or are you still spending on the credit cards?

It is your debt though so your choice how to clear it but as Dr Spendlittle says consolidating on to a loan or mortgage is not clearing it so changing spending behaviour alongside needs to happen too. You do sound very down about it all.

System

That's why I asked if you had any targets for clearing as you sound so fed up.

Poor_Single_lady

It's not that I am down I just think that having no money and being in debt is miserable and I don't really understand people who relish the budgeting challenge and think it's great fun getting out of it.

Also it's quite difficult being in debt and running a home single handedly and paying all of the bills from one salary. So while I do understand it's not ideal putting the debt on the mortgage and paying more back than I would now at least I'll be able to go out for dinner and buy a coat without getting concerned and worried.

I have quite a lot of equity in my flat for one miles out of London that was only bought fairly recently so i think from a quality of life point of view it makes sense.

I'm not advocating it for all. And I wouldn't consider it as an option if I was sharing the bills with another person but while every bill for the flat is mine I'm not really flush with options.

StokieBecks

If you budget correctly you can still go out for dinner or buy a coat without worrying about it without turning unsecured debts into a secured one. I don't think putting it on your mortgage is the answer but it is your choice (just get lots and lots of advice from independent sources is not your mortgage provider and make sure you really do your research) - I think maybe you just haven't truly had your lightbulb moment that changed your outlook on your spending habits

A debt management plan would not want you to be working on paying these debts off over such a long period of time. A reasonable time scale would be six years. Have you done an up to date statement of affairs so you can see all your outgoings as they are currently?

Everyone here will try to support you in the journey but we can't make decisions for you. Only you know what is best for you in the long run but I don't think there is anyone here who would recommend turning unsecured debt into a secured one. Don't make any hasty decisions.

Do you have a spare room? Can you get a lodger to help with bills

louby40

The lodger suggestion is a brilliant idea. Especially as you live so close to London.

I had 2 lodgers for 6 months when my ex left. It paid his half of the mortgage when he stopped paying it. I had a graduate that worked at the local university and a nurse - both female.

It wasn’t ideal as I have 2 kids but it was useful in the short term.

I advertised on Spareroom.com which is free.

helsbell

I think you've said that all you debt is currently on 0%, and according to your first post your debt was £14,500. Ignoring the fact that you've been making payments, and that your overdraft and 1 card are paid off, paying over 15 years (until 2032) would mean total payments of £80 per month.

Does this reflect what you are paying?

Would you be willing to post an SOA so that people can help you find a bit more? I know you've always been reluctant to do this, as you feel your priorities differ from others but I really think it could help you. You often sound down about your situation, and taking some advice might help you change it.

[Deleted User]

Aw PSL it must be a struggle doing it on your own.

Make the right decision for you but make sure you have checked all your options first so that you don't made a decision then regret it later.

That being said we are all here with you whatever you decide.

Dxxx

Verbatim

If you have all debt on 0% why pay over 2% on that money for your entire mortgage term? Also it won't stay at 2%. When the interest rates rise you could be paying 5% (the 'normal' average long term interest rate for most of the last century I think) or much more. I remember rates much higher and around 15% in 1979/80 when I first had a mortgage.
And you know your spending habits haven't changed so you'll be spending on new ccs and will be getting more debt.
Perhaps the way forward is to accept you don't earn enough to have it all and to prioritise what's most important for you, new clothes every month or dinners out. And to budget for what you want.

Lumanous

My thoughts removed. My comments were kindly meant and have clearly been misread.

I wish you the best in your journey as with everyone else here.