any advice for newbie

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..

MissKJ

You need to show all the figures acurately to get appropriate advise. It is OK knowin your annual salary but how much is that a month? Ideally you would cut spending and clear your debts yourself, you don't owe vast amounts. Then you could join the mortgage free wannabees!!!

Sea78

HI

On the whole, I think we all advise against remortgaging, as it's always difficult to know exactly what might happena nd also the process of becoming debt free actually gives us a lot of knowledge about how to avoid te debt in the future. If you lay out your SOA as described in SS's sticky at the top of the board, we'll be able to give more advice - for example, what do you spend on clothes, do you get tax credits? How about child benefit too - if it's all added together you can see exactly what you can do

Sea xxxx