is it worth applying for top-up ?

N

newpoor

Guest
We need a top up of 50k to consolidate loans & credit cards, however have been turned down by our own lender about 6 months ago. House is worth about 320k, mortgage 200k approx, husband's C.S. salary 40k & credit score good.

Does anyone know are lenders more relaxed than they were 6 months ago ?

I plan on going back to work in about 6 months (on career break to raise family) & should earn approx. 50k min. but we really need to consolidate now.

(I don't really want to go through the whole rigmaroll again of 3-6 months statements of everything only to be told no again !)
 
Please list out your loans and credit card debts... if the bank doesnt give you 50k, why not try them for smaller amount as a home improvement loan and use this to pay off the high interest credit card debts first.
 
good idea though would prefer to solve it if possible:

loans:
car lease 500pm (12k left, car worth 12k)
CU loan 440pm, 12k left
bank loan 210pm, 8.5k left
CC 9k, 250pm (min payment)
CC 3k, 60pm
CC 2k, 50pm

(Family of 4 living on 2200 net per month - you can see how it's a stretch & CC keep getting used...)
 
So after al of these are paid you have 690 to live off which has to pay your mortgage, bills food etc. is this correct.
I would look to try and get a 26k top up to clear all there credit cards (as these will take longest and generally have high interest rates) and clear the car finance (as this is a depreciating asset). This will clear up 860 per month minus increase due to top up.
What amount of shares do you have in your credit union against your loan?
If you cannot get that amount of top up try applying for a credit card with interest free period.
Have you child care costs? Is there a possibility that one of you could get a few hours a week doing something else to bring in some extra cash. You need to formulate a proper household budget to ensure that this build up of debts does not occur.
Maybe you could post in the money makeover section with your full budget to get help on that.
 
You must log in or register to reply here.
Back
Top