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Debt Consolidation Load - Remortgage?
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I'm actually really alarmed by this - and if we're seeing the OP here having been given this information, you wonder how many other folk are floating around out there assuming that their bank wouldn't have suggested it if it had been that risky?fatbelly said:This is close to being do-able. Just throwing the child benefit into the mix would balance things.
Shame you're paying £355 per month for use of a car. Anywhere near the halfway point of that agreement?
P.S. Bank advice was rubbish as usual. Worse than rubbish. Positively dangerous.
@FreeFallerSaver That is an excellent post - all the more so because of the parallels with the OP's position. Thank you for sharing that, and best of luck with the rest of your journey to your DFD!
*edit for typo only*🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Great post @FreeFallerSaver from someone who has been in the same position as the OP and congratulations on getting rid of two thirds of your debt. It always has more impact from someone who has been there and done that. We have the experience of seeing lots of people falling into the debt consolidation trap and failing to clear their debt that way but not everyone listens and it usually just prolongs the agony.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.
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Sorry to throw a negative spanner in the works, but I think with the OPs income, the child benefit would need to be paid back, so it actually needs to go as an expense on the SOA.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1
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As long as neither earn more than 50k * they should be OK.
They can check here
https://www.gov.uk/child-benefit-tax-calculator
*this would be effectively the gross salary and other income, less pension contribution0 -
£3500 take-home equates to an adjusted net income greater than the £50k threshold. An adjusted net income of £49,999 gives a monthly take-home of £3100 ish.fatbelly said:As long as neither earn more than 50k net they should be OK.
They can check here
https://www.which.co.uk/money/tax/tax-credits-and-benefits/child-benefit-ajRMh2r8Efbr#child-benefit-calculatorStatement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.1
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