RichieST

iTrader: (2)

Hi guys and gals

Right, currently got a loan now at about £3500, a credit card with a balance of £1600, and I have to get them paid of ASAP so I can afford a mortgage on my new place. Anyone have any ideas of what I can do? I currently only go out once a week (for no more than 2 pints down my local), I have sold almost all my worthy possesions on ebay, I've sold my car etc etc etc.....

Anyone know what I can do next? Unfortunaltey working more is not an option for me

Thanks all in advance

Rich

Cawood

sell drugs

L33 BYT

If you want to get out of debt to get a house. Do what it takes. I seroiusly mean that. Sell your car and get a shitter if need be.
Once you have the house and know you outgoings you can start getting the things you want again.

RichieST

iTrader: (2)

I have already sold my Focus. Got a mk3 mondeo now (managed to get it cheap as chips). I need a car to get to work, as its 20 miles each way!! Already lift share with a mate I live near.

Rich

the benno

get an extra 5 grand on your mortgage for the time being and when your a bit more sorted try and over pay a bit to knock it back off

RichieST

iTrader: (2)

yes that is a possibility, but wouldnt it make more sense to try and get debt free before I get a mortgage? Just seems silly to get more debt just to clear another

Ginge !

thats a good idea tbh

though ive got a mate who applied for a morgage and then maxed his credit cards out with taking out cash to pay the deposit

Rhys

Thats bad idea maxing cards out to get deposit

As said if you cant work any more then i cant see what else you can do!? Take extra money out on Mortgage imo. That all depends if bank will let u mind.

Nash

iTrader: (3)

Like has been been said add it to your morgage as theres not alot else you can do, if working mores not an option.

cos jon

Don't they knock off what you owe from your salary before they multiply ?

Its crap saving for a house now as the houses are going up quicker than you can save !!

Ginge !

no shite, but if you have to move house cause the landlord is selling and you will be paying more rent than morgage its a idea to get you on the ladder, after all the interest on the credit card aint rising as high as house prices are i guess

but fuck that for a game of soldiers,,,,, i NEVER want to have to start on the property ladder again

Jemma

Go speak to Citizens Advice

topaz

iTrader: (1)

I wouldnt say so, especially if you were buying a house 'under book price' and you borrowed more on the mortgage to pay the cards off straight away.

Rhys

Well i read it as got mortgage on house but then raise the deposit needed by maxing cards out. Hence you get a nice house but up to your eyeballs on credit cards. Plus cards are not the best way to borrow period.

Ginge !

rhys thats EXACTLY what hes done, hes gonna remorgage in a few years he said to clear the cards but he done it cause he needed to find a place to live and was a option that seemed better than paying the same on rent which hes argument is thats 900 quid a month dead money

topaz

iTrader: (1)

yeah thats a bit daft, should of borrowed more at a lower rate to pay them off when he took it out. he's in shit

Mr S1

iTrader: (2)

The right way to do it mate and the mortgage company may insist you're debt free before agreeing a mortgage - mine did. If they do let you keep the loan then they'll limit the amount you can borrow due to affordability.

OldDan

I don't really think there is a short term fix to sort debt, it takes a few months if not years to get straight.

RichieST

iTrader: (2)

ok, thanks all for your positive replies guys, plenty more ebaying and boring nights in for me then

I am currently on target for paying £600 of my credit card at the end of the month

RichieST

iTrader: (2)

Well, got paid today, i've watched every single penny of my money last month, so I managed to pay off £850 of my credit card today

£847 to go

Turbosystems

iTrader: (5)

get a sex change and marry a rich man

R4N SS

iTrader: (6)

nice one - keep it up

Garage19

Seriously well done!

However you must either:

a) earn shit loads or

b) live with your ma

to have that much in your pocket at the end of the month.

On the bright side, if you are currently living with your parents and have that left at least you know you should be able to cover mortgage payments when you get one.

RichieST

iTrader: (2)

Cheers mate, yeah i do still live with parents, can't wait to get out!

Well i worked it out like this :

I had £260 left from my wages last month, plus the £1144 take home wage that I got today.

Minus £400 that goes out on phone bill, loan repayment, bit of rent and savings, Minus £150 that I will need to live on for the month (This includes petrol)

Leaves me with £850 which all went on credit card. Hopefully it will almost all be gone by the end of next month!! I get a pay rise for going up to the next training level, and another yearly payrise next month

Cheers Guys

Benni

Keep it up mate. Good luck with the new house etc.