Is Debt Consolidation possible with an existing tracker?

A

AoD321

Guest
Hi,

I'm new to this forum so hope this is in the right place. If anyone has advice i'd really appreciate it.
I have a tracker mortgage with Ulster Bank, which is not in arrears, about 140k with 12 years left. I'm also fortunate not to be in negative equity.
However I have very large other debts which are about 50k, a combination of credit cards, credit union loan, and overdraft.
Each month my repayments to the credit card company and credit union eat up the bulk of my salary after i have paid the mortgage so every month i live on an overdraft.
I have a permanent job but never seem to have money to pay for any unexpected item.
Ideally i would like to restructure to my mortgage to consolidate my debt. Does anyone know whether or not Ulster Bank would negotiate in these circumstances? should i give up my tracker and take out a new manageable loan over a longer period? I'm worried if i approach Ulster Bank that i will make my situation worse.
Many thanks
 
You need to talk to MABS and do a plan with them.

Why did you build up these debts? Even if debt consolidation was available to you, it wouldn't be much use, if you continue to build up debts.

You are paying your mortgage to UB on schedule, so you should have no fear in approaching them. They will be reluctant to reschedule a mortgage at 2% to free up cash so that you can pay off a credit union or credit cards at much higher rates.

Brendan
 
Thanks for reply Brendan. The debt accumulation arose mostly from family law proceedings, irregular receipt of maintenance etc, so no ongoing increase in debt likely, just a mountain to clear. I'll contact MABS.
 
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