Temporary Worker Complications

laughingriver

Hi, I need some advice please:
I want to consolidate my debts (£35,200) so I have a lower fixed payment without accruing more interest. My situation is a bit complex and I've encountered barriers in trying to consolidate loan...in a nutshell:
Zopa loan: £10,000 (13.1%)
CC 1: £3,300 (22.2%) - paying £130pcm
CC2: £1,400 (26.2) - paying £50pcm
CC3: £14,000 (6.83%) - paying £312pcm
Loan from family who now need money back - £6,500
Credit cards not going down very much as I find that I have to dip in every month so I'm basically spending what I've paid off. That's why I want to consolidate and at lower interest rate.
- I've got a permanent P/T job (£7,400pa) plus a zero-contract job (£11,400pa). I also do other adhoc work which adds about £3,000pa. Rental income is £8,700pa.
- I own one house which is rented (equity around £90,000) and rent another house in another part of UK. I currently pay interest only mortgage as can't afford repayment. Tried re-mortgaging but current lender wants me to go on repayment (starting at £900pcm before adding additional debt). Brokers tried and failed to get me another product cos of 3 barriers: a) temporary worker, b) I don't own the property I'm living in, c) I lived in property that I'm trying to get re-mortgaged.
- Would sell house as last resort but that would mean me having 3 months rental void while I put it on market as my tenants would leave.. I don't have savings to see me through that.
- Looked for secured loan, interest only but they wanted to charge £5,000 - so in 5 years, I'd end up with more debt than I currently have.
- My bank won't consider zero-hour income when I looked at getting a personal loan so I don't meet their eligibility criteria.

I'm completely stuck - any ideas, please? Thanks

Gaz83

You have two hopes of consolidating £35k of interest on a zero-hours contract.

One of them is Bob.

MallyGirl

Gaz83 wrote: »

You have two hopes of consolidating £35k of interest on a zero-hours contract.

One of them is Bob.

Not the most tactful response but the essence is true. You will not be able to borrow further - to be honest I am amazed that you have racked up as much as you have.
I suggest you head over to the 'Debt Free Wannabe' forum and post up a statement of affairs (SOA) detailing your income and outgoings. That way you can get some help to address why you are not paying off the debt faster.

jonesMUFCforever

The obvious way forward is to sell the house you are renting out.
IMO You can't afford anything else.

[Deleted User]

Gaz83 wrote: »

You have two hopes of consolidating £35k of interest on a zero-hours contract.

.

But let's face it zero-hours contracts aren't really.

The first half of my zero-hours contract you could literally pull in half - one half is your weekly hours are 0 and the other half commits you to a notice period and mentions probation period along with people being entitled to receive pension credits.

My saying is zero-hours is ok if the employer is looking to get rid.

I've spent four months as zero-hours alongside those belly-aching with a permanent contact that they would like to go home early and dealt with rota's plotted around them. I've covered nearly 8 weeks in holiday out of the 16 weeks done achieving full hours.

DCFC79

Other than cutting back on your spending I don't see any other option.