Loan/mortgage/cc help!

HelpMeHenry

Sorry to post a new thread, I couldn't figure out if that was the right thing to do or not! I'm after advice about my current situation - any and all advice welcome. I know my debt situation is not good...

I have a mortgage through Chorley BS with 100K left on it, and around 25K equity in my house.

I have a personal loan with Tesco with about 16K outstanding on it.

I have both a Barclaycard and MBNA card each with around 7.5K on them.

My credit rating is poor because of the amount of revolving unsecured debt I have. The most imminent of which is my credit cards. I am now paying interest on both and the minimum payments are high, however I can't get accepted for a loan or a credit card shuffle because my credit rating is poor. I looked into a loan against my house from my mortgage company but they said the LTV would be too high and the most they could do is 1K. I looked into a secured loan through a broker which looked like it was going to work out, however their valuer low balled the valuation which forced me into a really high interest secured loan option which I did not want to take.

I am getting married in September (I know, great timing isn't it, but the credit card debt was unexpected). My partner has good credit however she already has 2 personal loans and 2 credit cards (although managed well) and doesn't have the capacity to get any more to help me out (not that she should anyway).

I am due to get inheritance money, around 7K but not for a number of months, perhaps longer.

Are there any companies that anyone knows of who are likely to give me the 15K loan to clear the credit cards and bring my credit rating up a bit whilst I am waiting for my inheritance to come through? Or is it worth visiting a mortgage broker to look at moving my mortgage to somewhere that could include the debt as part of the mortgage? And would this then go on to impact me when I decide to sell up?

Any ideas would be gratefully received, I'm struggling to see the wood for the trees right now. Thanks.

I can make my minimum payments, I've never missed one but I don't have the income to overpay at the moment.

EssexHebridean

Never EVER turn unsecured debt into secured debt. Particularly if you're already struggling like this.

Put together a Statement of Affairs (SOA) - you'll find the link on the "Sticky" thread at the top of the board - and post it in here and we can take a look and see if there is anywhere you can make savings that you may have missed.

Allowing for the amount of debts between you & your fiancee, is the wedding all paid or saved for already? if not, can you honestly afford to gt married right now or would the best course of action be to postpone for a little while until things are more financially stable for both of you?

You're correct - your fiancee should not be taking on more debt to help you - if she was able to help from savings that would perhaps be a different matter, but increasing her debt, no.

What's your situation with the credit cards now? Are you still using them or are they destroyed?

DCFC79

Get a statement of affairs completed and post it up.

[Deleted User]

NO chance of a loan from anyone except perhaps at an eye watering APR, wait till you get your hands on the 7k then pay off the most expensive cc then start over paying the other one.

dieselv2

If you've got poor credit you won't get £15,000 loan

I agree with Venison wait for the 7K to come through and then start clearing stuff providing you can meet the minimums so far...