I need advice please,,,,good advice only please…were in the uk.?
- Asked By: jasont09
- Category: Bad Credit Mortgage
Hi, my wife and i have 2 houses,we live in 1 and the other is rented out, we only bought the second house of £80k 2 yrs ago to help out family as they were homeless,and the rent is quite high and all im asking is only to pay the mortgage payments of £520 monthly…so i cant ask for more rent.
Our house is mortgaged £100,000 and we pay £770 per month just the mortgage,so payments are quite high for us…so we cant re mortgage.
We have loans and 3 credit cards, we have not missed 1 single payment,but the 3 credit cards we maxed to get married last year, so on the 3 we owe £3k each, my worries are that next month the cards have come to the end of their interest free time, and this is the second time i have ordered new cards to start again on interest free ….i had a thought and worked out if i could get a loan i could pay them all off in 4 years time…which sounded great….BUT no 1 will give me a loan….the payments would be the same what we are paying now…and like i said we have not missed any payments as their done via direct debit.
I have checked our credit report and even tho its looking ok no 1 will touch us cos i have tried 3 times to get a loan,which then looks bad..!!! So we are totally stuck……
As of next month the interest will kick in on my 3 cards and its gonna spiral out of control,and i will not be able to afford the payments,,,,,,which is why i have tried to sort this out now……
ANY GOOD ADVICE NEEDED PLEASE ON WHAT WE CAN DO TO STOP IT SPIRALLING OUT OF CONTROL….????.
Many thanks for all who have replied to me…is there no one in the uk who has any advice on how to help me out…..a debt management im thinking is not a good idea as they take a fee every month out of what your trying to pay your debts off with, which then is making it that your then paying off more than you were, but on a much longer scale..!!!
And im VERY wary of applying for a loan out of my country..!!
Hi, my wife and i have 2 houses,we live in 1 and the other is rented out, we only bought the second house of £80k 2 yrs ago to help out family as they were homeless,and the rent is quite high and all im asking is only to pay the mortgage payments of £520 monthly…so i cant ask for more rent.
Our house is mortgaged £100,000 and we pay £770 per month just the mortgage,so payments are quite high for us…so we cant re mortgage.
We have loans and 3 credit cards, we have not missed 1 single payment,but the 3 credit cards we maxed to get married last year, so on the 3 we owe £3k each, my worries are that next month the cards have come to the end of their interest free time, and this is the second time i have ordered new cards to start again on interest free ….i had a thought and worked out if i could get a loan i could pay them all off in 4 years time…which sounded great….BUT no 1 will give me a loan….the payments would be the same what we are paying now…and like i said we have not missed any payments as their done via direct debit.
I have checked our credit report and even tho its looking ok no 1 will touch us cos i have tried 3 times to get a loan,which then looks bad..!!! So we are totally stuck……
As of next month the interest will kick in on my 3 cards and its gonna spiral out of control,and i will not be able to afford the payments,,,,,,which is why i have tried to sort this out now……
ANY GOOD ADVICE NEEDED PLEASE ON WHAT WE CAN DO TO STOP IT SPIRALLING OUT OF CONTROL….????.
Many thanks for all who have replied to me…is there no one in the uk who has any advice on how to help me out…..a debt management im thinking is not a good idea as they take a fee every month out of what your trying to pay your debts off with, which then is making it that your then paying off more than you were, but on a much longer scale..!!!
And im VERY wary of applying for a loan out of my country..!!
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Al
Posted 4 months ago
I’m in the UK if that helps?! From the sounds of it, you really need to be looking at a debt-management company. I agree that it will cost more in the longer term but it will at least allow you to control your monthly outgoings better at this current time, which is what you’re looking to do to help improve your credit rating. Also, by having all your debts with one company rather than lots may help when it comes to other lenders looking at your existing exposure.
Look around the various finance comparison websites in the UK, most of them let you get in contact with debt management advisors free of charge so you can at least speak to them about your issues and decide if that route is appropriate for you or not. Another alternative may be to remortgage all your properties and also do a balance transfer onto another credit card so you get rid of all your cards and instead then just have one with all the balances on it. I’ve included some links below to comparison sites based in the UK that may be able to help give you some free advice and let you get quotes, etc. Hope that helps and best of luck!