ANY ADVICE?? PLEASE. updated

sandy_beech_2

hi,

i bought my home 5 years ago for £19500.. released equity, mortgage now stands at £32000.7.24% and 7.74 on cash back.just got new offer of 6.19 for exsisting borrowers discount so new rate is 6.19. i can pay £1200 overpayments till next nov where it will go up to £5000p/year
current value £87500.

i have debts on 2 credit cards for £3700 limit£3500 and £600 limit £750 at 13.9%
plus personal loan for £3000 on high interest 14.8% 30 months remaining.plus £800 overdrawn total=£8100

poor credit rating,well i thought it was but just done a credit report from experian and it has come back saying good.

keep getting refused loans + credit cards.didnt realize everytime i apply it goes against my credit score. i have made 12 applications in the last 12 months to apply for credit cards to balance transfer.. will not be applying again for some time after knowing this.

my salary is £23,000 i am 27 years old
partners salary £6000

just under 19 years left on mortgage.i have 2 kids

what should i do????????
should i borrow more money on my mortgage and up my payments to what i am forking out now to cover my debt and pay off my mortgage quicker.

i pay roughly £250 p/month for mortgage.
credit cards £150
loan £120.
insurances £20
council tax£120
gas£30
electric£20
fuel£100
food£300
mobile£70
internet£16
misc£20

i admit i have wasted my money lately but since joining moneysavingexpert i have realized what savings i can make with your help..

taka

Hi Sandy! Welcome! :hello:

If you pop over to the debt-free wanabee (DFW) board and have a look at southern scousers first time posters sticky (one of the 1st few posts listed there) and maybe think of posting a Statement of Affairs (SOA) on the debt-free wanabee board as I think you would get loads more response to your situation there!
Hope this works... http://forums.moneysavingexpert.com/showthread.html?t=107280
I know its a big step but everyone is lovely and helpful! Have a read of some of the debt diaries too as they are amazing and very inspirational and motivational.

Its hard to give advice without knowing more but I think consolidating your debts by adding to you mortgage may not be a good idea. This means you would be swapping unsecured debt to secured debt and potentially risking you home on it.

You could also try going to www.whatsthecost.com and popping all your debts/loans etc on ther along with their interest APRs. This will give you a better idea of the best order to pay of your debts and how long it may take you. Next up join in some of the DFW challenges and help bring that date even closer!

Hope this helps...

Taka xx