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  • FIRST POST
    • lecy2503
    • By lecy2503 10th Aug 18, 8:57 PM
    • 5Posts
    • 0Thanks
    lecy2503
    Credit Card Debt
    • #1
    • 10th Aug 18, 8:57 PM
    Credit Card Debt 10th Aug 18 at 8:57 PM
    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
Page 1
    • sourcrates
    • By sourcrates 10th Aug 18, 9:18 PM
    • 15,489 Posts
    • 14,576 Thanks
    sourcrates
    • #2
    • 10th Aug 18, 9:18 PM
    • #2
    • 10th Aug 18, 9:18 PM
    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • lecy2503
    • By lecy2503 12th Aug 18, 1:47 PM
    • 5 Posts
    • 0 Thanks
    lecy2503
    • #3
    • 12th Aug 18, 1:47 PM
    Credit card debt
    • #3
    • 12th Aug 18, 1:47 PM
    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
    • By sourcrates 12th Aug 18, 4:34 PM
    • 15,489 Posts
    • 14,576 Thanks
    sourcrates
    • #4
    • 12th Aug 18, 4:34 PM
    • #4
    • 12th Aug 18, 4:34 PM
    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 Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • lecy2503
    • By lecy2503 13th Aug 18, 10:16 AM
    • 5 Posts
    • 0 Thanks
    lecy2503
    • #5
    • 13th Aug 18, 10:16 AM
    • #5
    • 13th Aug 18, 10:16 AM
    Can anyone recommend a mortgage broker please?
    • DMP_Tiger
    • By DMP_Tiger 13th Aug 18, 11:00 AM
    • 172 Posts
    • 483 Thanks
    DMP_Tiger
    • #6
    • 13th Aug 18, 11:00 AM
    • #6
    • 13th Aug 18, 11:00 AM
    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
    October 2018: Secured Debt 69,317 Unsecured Debt (DMP) 34,682 Total 103,999 DFD: March 2031
    • enthusiasticsaver
    • By enthusiasticsaver 13th Aug 18, 11:47 AM
    • 7,176 Posts
    • 15,594 Thanks
    enthusiasticsaver
    • #7
    • 13th Aug 18, 11:47 AM
    • #7
    • 13th Aug 18, 11:47 AM
    Turning unsecured debt into secured debt by remortgaging would be a massive mistake. Target the most expensive card first and cut back.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Willing2Learn
    • By Willing2Learn 13th Aug 18, 11:52 AM
    • 1,582 Posts
    • 1,200 Thanks
    Willing2Learn
    • #8
    • 13th Aug 18, 11:52 AM
    • #8
    • 13th Aug 18, 11:52 AM
    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!!!
    Last edited by Willing2Learn; 13-08-2018 at 11:56 AM. Reason: Forgot to post link
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • MEM62
    • By MEM62 13th Aug 18, 11:57 AM
    • 1,735 Posts
    • 1,344 Thanks
    MEM62
    • #9
    • 13th Aug 18, 11:57 AM
    • #9
    • 13th Aug 18, 11:57 AM
    Can anyone recommend a mortgage broker please?
    Originally posted by lecy2503
    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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