A weight has nearly lifted - consoladating

redballoon_2

Today was the meeting with the bank to borrow extra on the mortgage to clear £12559 of debt on credit cards.

In a nutshell. Mortgage is £62,000 on house worth £225

Borrowing £13,000 to repay back everything including 2 overdraft and three credit cards leaving me with about £500 give or take left over to put into savings. This increases our mortgage payments from £443 to £533 (extra £90)

Had the borrowing on tracker rate, no fee, which we can overpay.

At the mo, we are paying £350 on minimum payments!

This now means our total outgoings is £1091 per month and my wages are £1045 per month! Then hopefully hubby will start a new job monday so his wages will be used for savings (we dont have any at the mo) pay chunks off the loan and eventually the nice things in life (a 2nd hand car which we really need)

For the difference, I am joining 121 chat which will hopefully earn me some extra money!

so there it is. Just need hubby to get 3 months bank statements and the bank can send it off for approval (i defaulted on my credit cards 3 times in 7 months)

Fingers crossed it all goes through.

Kevicho

Good luck with that, hate to be a knowitall (no it dont) but i hope those cards are now cancelled incinerated and exorcised, so they are never to return

Kevicho

redballoon wrote: »

In a nutshell. Mortgage is £62,000 on house worth £225

Wow thats a bad deal, is this a mistake?

Dr_Hook

That's some serious negative equity :eek:

tango

Kevicho wrote: »

Good luck with that, hate to be a knowitall (no it dont) but i hope those cards are now cancelled incinerated and exorcised, so they are never to return

Have to agree...I did what the OP did three times,clear now,but it was painful:rolleyes:

redballoon_2

I will be cutting the cards up for GOOD!

BTW, myu house is worth £225,000 !!