i would suggest you to get in touch with free licenced debt advisor at your CAB. that can only help you in getting out of it. and better hurry up other-wise this way you might be heading for bankruptcy. remember 'prevention is better than cure'

trust me the guidance will definitely help you of this.

vik

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Hi, I am lucky because I have worked really hard at work and have been rewarded in my pay.So I have been able to big amounts off. I have cut back on things I do not need like Sky tv.

Hi there,

I was reading through the problems you were having with money and it sounds so familiar, my husband and I are in the same situation. I was wondering what you had manged to do to try reduce this??

Any advice would be appreciated as you know what its like.

Thanks

Hi matey if i was in your situation i would get a big loan over the shortest period possible you can afford to pay back and just live on a budget for that time!

 Least then when u can see some results after a time u will be able to rest better!

Hi,

My first concern is how little insight you have been given in respect of how you can manage your mortgage over the term by your lender or adviser. It is not compulsory to have a repayment mortgage after a certain period, this is your choice. Some people will start with an interest only mortgage to make things affordable and will change when it is right for them.i.e salary increase, inheritance and so on. The problem here is that you will not want to pay the early redemption penalty for ending your current arrangement within that period. A possibility would be to secure a 100%+ loan until you are able to consolidate within your mortgage, this could be for a short term, but ensure you are aware of any early payment charges. It may also be an idea to approach your current lender for a further advance, this is normally acceptable after a 6 month period. You may not be able to get the full amount but there may be some respite in the interim?

Do you have a capital repayment mortgage? Can you reduce this to interest only for a couple of years to help you get back on your feet?

Hi,

With the figures you have given I am assuming that the mortgage is interest only and you are currently in a special rate around 5.2%? In regards to loan consolidation it is popular to consolidate up to 125% in these circumstances, although it may not be necessary to consolidate all debts. Sometimes you could be advised to consolidate the loans and keep the credit cards, and hit them with the savings you make. However I have had  a look and because equity will not build up in your property for some time should you include all debt into your mortgage, Birmingham Midshires could be your best bet. I have worked out an illustration based on your figures and that your credit is good.

Over 25 years on full repayment.

Total 169,000 over 5 years fixed at 6.85%, with a 995 arr.fee, 365 valuation. The payments would be 1185.62 p.m. There are obviously other variations on the cost but this will give you an idea when you see a broker to assist you. You will obviously have to check with your existing lender what the redemption fees are before proceeding. 

Hi,this is my first post. I am in a mess and I want to sort it out.We have been very stupid. My wife and I have an income of around £3000 per month. Our out goings on debt are massive. We repay about £990 on loans and credit cards. Our mortgage is an extra £570 totaling £1560. With all our other outgoings we keep going overdrawn. We then get charged £150 for this.  Our house is valued at £150k with a £130k mortgage. Our unsecured debts are

£17000 loan

£10000 loan

£12000 on 3 credit cards

£39k in total.

We have never missed a payment or made a late payment.

How can we pay this back without struggling month to month?  

I except this is a big problem and there is no quick fix.

I do not mind how long it takes as we are both still very young. We just want to give ourselves a better future. Hopefully debt free except a mortgage.

Thanks for any advice given