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Financial pickle, advice needed
libertine85
Posts: 8 Forumite
Advice required.
0
Comments
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In general it'll be better to have unsecured debt than secured, i.e. the less you owe where your home is at risk the better, but what are the relative interest rates and how likely is it that you'll be able to afford the repayments?0
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And if you stick it all on the mortgage, are you likely to carry on using the credit cards to run up other debt?All shall be well, and all shall be well, and all manner of things shall be well.
Pedant alert - it's could have, not could of.1 -
How long did it take to run up the card debt? Was that general spending? Won't there just be a rinse and repeat cycle of new CC debt?That £6K CC debt could cost you £20K or more over the life of the mortgage. If your income drops or there's some other life problem it could be a disaster for your family's finances.A personal short term unsecured loan may be the best option to clear the CC debt or stop using them and ask the bank to freeze the interest and set up a repayment plan.0
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Let's ask for this to be moved to debt free wannabe where where can explore in more detail
There's not enough info in the original post to advise1 -
We can`t give a definitive answer until we know what your income/expenditure is.
Clicking on the stoozing link in my signature will take you to the SOA page, where you can fill in all the blanks for us.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-letter1 -
Agreed, a great deal depends on your income, basic living costs, and the terms of the loan and credit card. So a full SOA makes much easier to advise.
With respect to loans and cards, add the interest rates, duration of any deal etc.If you've have not made a mistake, you've made nothing0
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