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40k debts
apollo13_2
Posts: 18 Forumite
Not sure if this thread will fit in.
I have 4 loans and 4 cc and 1 overdraft totaling to 40k.
And I am struggling to keep the monthly payments which is around £1200 ish a month excluding other expenses.
And my mortgage (with Halifax) deals will coming to an end. I have to get a new deal next month (with Halifax since can't go looking elsewhere due to lots of debts accumulated already).
So whats the chance to borrow 40k more on the new deal?
property value 110k, remaining mortgage 85k. paying £460 monthly. salary is £1800 ish monthly.
any feedback is appreciated.
I have 4 loans and 4 cc and 1 overdraft totaling to 40k.
And I am struggling to keep the monthly payments which is around £1200 ish a month excluding other expenses.
And my mortgage (with Halifax) deals will coming to an end. I have to get a new deal next month (with Halifax since can't go looking elsewhere due to lots of debts accumulated already).
So whats the chance to borrow 40k more on the new deal?
property value 110k, remaining mortgage 85k. paying £460 monthly. salary is £1800 ish monthly.
any feedback is appreciated.
0
Comments
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As you only have 25K in equity, you won't be able to borrow what you need. Doubtful if you would get any extra
Best thing to do right now, is post up an SOA and see where you can save money and if that will help. Then ring a free debt charity to discuss the options available to you
It may seem insurmountable but it can be sortedLBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,7640 -
Hi,
It gets said time after time on here, borrowing more money to repay existing debt can be a very bad mistake indeed.
You need to lose the "borrow my way out of debt" way of thinking, and actually start to repay what you owe, for most people all it takes is a well put together budget, and staying within that budget.
The SOA (statement of affairs) calculator is malfunctioning at present, however the categories are listed at the end of this link, you will have to add up the totals yourself, then copy and paste the results :
https://forums.moneysavingexpert.com/discussion/5715322
Once we see your SOA, we can comment more fully on your available options.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Yes - borrowing debt to repay debt equals debt. That's the reality.
How did you get into such financial difficulty? If you can answer that question truthfully and honesty then you might see the light.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
Not a good idea to use additional mortgage borrowing to pay off loans and credit cards and overdraft. You will pay back far more in total as the long-term debt will accrue more interest over time than a higher rate for a short time.
I'm afraid it's time to face the debt and work out how you are going to live within your means and pay it back.Debt 1/1/17 - Credit Cards £17,280.23; overdrafts £3,777.24
Debt 5/1/18 - Credit Cards £3,188; overdrafts £00 -
This was me a few month ago and with some great advice here I decided not to do the additional borrowing and I am sooooo glad I did.
I've managed to make a big dint in my debt and that's with having to get a new (well new for me) car and my BF booking a surprise holiday for me (so needing spends) ...
honestly these guys know what they are talking about and I can 100% agree that it's such a better option
Lisa xDFW
January £0/£11,100
NSD
January 1/310
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