Debt consolidation/remortgage/SOA

Sncjw

I dont understand what you mean by not applying for 0 percent cards because you would use credit score. So are you saying that only 0.percdnt cards affect the fictiois credit score?

Dont pay interest when you don't need to.

Also sounds like your sick of the debt being there or struggling to pay. Ethier way you will be paying more a month if you borrow more money. 

Cazmeena

Hi
I have all the figures now to complete the soa form.  Clearly naively I thought in order to make things more manageable our debt is £1073 per month so that’s the loans and credit cards …. The mortgage is £1000 a month if I borrowed on the house the new payment would be £1500 then I can start overpaying on the mortgage straight away as I only have to manage one payment and then never take credit out again I mean seriously this would be it never again. Effectively I could over pay another £250 per month or maybe more.  Anyway I will complete the form and see.  However thank you for comments as that is why I joined so I made the right decision as it was all running round in my head about what to do.  

Cazmeena

oh oh yes I am sick of the debt … and the credit thing I didn’t want to transfer balances because if I did go down the remortgage route then they said it might effect the application?? Maybe they were lying?? 

kimwp

Cazmeena said:

oh oh yes I am sick of the debt … and the credit thing I didn’t want to transfer balances because if I did go down the remortgage route then they said it might effect the application?? Maybe they were lying?? 

I think probably they were thinking:
- increased available credit 
- lots of  recent credit checks

- credit rejection
Can affect mortgage applications

General advice is not to apply for credit shortly before mortgaging.

Naomim

Also you can generally remortgage with your current provider and they will not do the hard credit checks on you. We did this as our fixed rate was ending. With same provider but on a better fixed rate now.

enthusiasticsaver

There seem to be a  few misapprehensions here.  Using 0% credit cards will not affect a remortgage although any debt will impact on affordability so what deal you get depends on your income and LTV ratio plus existing debt.  You already have the debt though so that is no reason not to try and get it on 0% as that will help you pay it off quicker and more cheaply.  

Never turn unsecured debt into secured by putting it on your mortgage.  It is a very expensive mistake to make and does not address the underlying reason for the debt which is normally people spending above their income level.  Address the root cause of your debt, get it on as low an interest rate as possible and sort out a budget and emergency savings account.  Then address the remortgage. 

Thrugelmir

enthusiasticsaver said:

There seem to be a  few misapprehensions here.  Using 0% credit cards will not affect a remortgage although any debt will impact on affordability so what deal you get depends on your income and LTV ratio plus existing debt.  

Churning from one 0% card to another card leaves a history trail. Far too often kicking the can so to speak. Obvious conclusion drawn is that personal finances are not under control. 

Cazmeena

Completed most of SOA but having a technical blip … it keeps telling me unsecured debt is not a valid number I’ve checked and double checked but because of this I don’t think it has loaded the file? Apologies if I am being thick in advance. Assuming when it loads the file it will ask me to save it with a name? TIA

Cazmeena

Think I have managed to do it now but not sure where people who might be able to help can see this information?? Thanks again 

flipflopflo

Format it to MSE and then copy it and paste it in a comment box on here.