Loan and Remortgaging

Jennifer_Davey

Hi all,

We are due to remortgage in September 2018. I have several credit cards and catalogues with balances. I'm looking to consolidate into a loan to clear these and get them paid off asap however it will leave me with the loan with a balance of roughly £3k around the time of remortgage. I'm weighing up my options, being on maternity leave its far easier for me to manage the payments on each account by clearing and just paying the one loan account... my main concern is that we won't get a good deal next year if i have this loan outstanding?

The loan is with a high street lender btw. Not a payday/ ridic high interest loan

Thanks,

Jenn

Oakdene

Consolidation loans rarely work unless you tackle the issue that caused you to get into such debt in the first place.

It might be an idea to post a SOA so people can help you look at where you are perhaps overspending.

Jennifer_Davey

That issue is sorted now lots of debt left by an ex just now have to clear it!

clairebeth

How about transferring to 0% cards? Then, as each card is cleared, close it down, so then you may only have one card open at time of remortgaging?

Jennifer_Davey

Good idea, just not sure i'd get 0% card to cover it due to credit report

clairebeth

What is the rate on the loan you're planning on getting? Otherwise, is there any way you could push yourself to pay off that extra £3000 before you remortgage? Selling things, doing overtime, getting a 'Dave job' (as Dave Ramsey would say)?