Credit Card Debt

lecy2503
lecy2503 Posts: 6 Forumite
in Debt-free wannabe
advice please

have approx £30k credit debt

Have mortgage of £80k, property worth £175k

Tried to re-mortgage with L&C without success

credit score is ok, no missed payments at the moment

apart from re-mortgage do i have any other options open to me

in help would be appreciated, thank you

Comments

  • sourcrates
    sourcrates Posts: 28,834 Ambassador
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    Hi,

    Yes you do.

    As your a homeowner, you have the option of debt management, an IVA, cutting down on your spending, increasing your income, correct budgeting, any or all of the above.

    Of course it depends on your personal circumstances, normally we ask you to fill in a statement of affairs, available here :

    http://www.stoozing.com/calculator/soa.php

    That will tell us what we need to know, in order to advise you.
    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-letter
  • lecy2503
    lecy2503 Posts: 6 Forumite
    MY DMP shows i can make repayments at the moment,

    the issue i have a lot of the credit card debt is on 0% deals which are coming to an end soon

    so when this happens i will struggle to make repayments

    Hence i was looking at remortaging

    or could i DMP even i have equity in the house?
  • sourcrates
    sourcrates Posts: 28,834 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Remortgaging is a gamble, your basically turning unsecured debt into secured.

    This can be a double edged sword, you got 30k in debt somehow, unless you address the reasons why you accumulated this debt, you will run it up again, no single solution will ever work for you, unless you change your spending habits first.

    This point eludes most people, they then cannot figure out why, a year down the line, they are in hock to the tune of 30k again.
    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-letter
  • lecy2503
    lecy2503 Posts: 6 Forumite
    Can anyone recommend a mortgage broker please?
  • DMP_Tiger
    DMP_Tiger Posts: 182 Forumite
    First Anniversary
    DO NOT REMORTGAGE UNTIL YOU HAVE ADDRESSED THE PROBLEM OF WHY YOU HAVE RUN UP £30K OF DEBT!!!

    Sorry for shouting but it's very important that you listen!

    You may struggle to get a good mortgage deal with your debt level, you may have to go for a secured loan but Ocean Finance are very good. We have remortgaged through them with a bad credit report and they also got us a very good fixed rate deal when we had a good credit report.
    August 2018: Secured Debt £70,003 Unsecured Debt (DMP) £34,657 Total £104,660 DFD: March 2031
    January 2019: Secured Debt £68,269 Unsecured Debt (DMP) £34,457 Total £102,726 DFD: March 2031
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,581 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    Turning unsecured debt into secured debt by remortgaging would be a massive mistake. Target the most expensive card first and cut back.
    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.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    edited 13 August 2018 at 11:56AM
    Hi lecy2503,

    Just in case you don't know how to snowball your debt, take a look at the following article from DebtCamel:
    Guide to "Snowballing" - the fast way to clear debt

    Good luck!!! :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • MEM62
    MEM62 Posts: 4,746 Forumite
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    lecy2503 wrote: »
    Can anyone recommend a mortgage broker please?

    You came here for advice and that offered by Sourcrates is amongst the best you will get. Why not listen to what he is suggesting an post up an SOA?

    Your tunnel vision towards re-mortgaging risks wrecking your future. At the very least is puts your home at greater risk.
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