what to do ?

JPWolf123

Hi All ,

Need your help on this one . Over last 2 years  being doing a major home renovation . On top of existing mortgage , i have borrowed on 7 credit cards  . I thought i was being wise as either 0% for purchases or small fee for cash transfers . The borrowing was easy for approval and clearly better than 5.75% , if i had extended my mortgage . The promotional periods are  different on the credit cards but the two with the largest amounts end on 28/12/2024 and change to between 24% - 30% interest .

The plan was simply to do the same i.e transfer balance for a reasonable fee and use of 0% promotional period.

HOWEVER , i now have 3 problems :-
1. I have found there are no new deals to transfer too as most the current providers are linked to each other e.g as i have borrowing with Barclays can't now get the tesco bank card (as they are linked) and so fourth for MBNA , Lloyds , HSBC etc . I simply can't get approved for any other card i have spotted. 
2. That the additional borrowing on credit cards on top off my existing mortgage has driven down my affordability score to "poor" , this is also a factor for any new approval (albeit i can't find one to transfer too, anyway).
3. The mortgage provider is unwilling to extending mortgage borrowing to pay off the credit cards due to affordability score.


I feel trapped and what seemed wise has became the unwise thing to have done . I can meet the current re-payments ( interest and capital on mortgage) and minimum monthly on credit cards but will not be able to afford the payments if interest is not up to 30% on credit cards.

 Any advice on what to do or where to go with this ?. I feel trapped and that i could spiral 

sourcrates

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