Currently I owe approximately HK$190,000 on my Hong Kong credit card. All I can do is keep paying the minimum monthly payment of HK$7,000 each month so it wil take me along time to pay the whole amount off.
Will it be financially sensible getting a bank loan to clear the card debt off?
Due to a family tragedy, my husband and I are currently in $26,000 of credit card debt. All of the payments are current and the cards are paid on time with the accounts still open (we are not still charging, though). We are looking to seriously pay this down before the interest eats us alive. My husband wants to take out a bank loan and pay the cards off that way, but I am wondering about the debt consolidation programs you hear about (I know some of those are scams and some are real). Any advice or experience?
My husband and I are looking into refinancing to consolidate our debts, it’ll pay our credit cards, car payment etc…the lower monthly payment sounds great but I’m afraid it’ll be more trouble than it’s worth. Does anyone have any tips, suggestions, questions we should make sure we know before we say yes?
As this recession tightens its grip on our economy many buy-to-let landlords have found themselves unable to sustain their mortgage commitments to repay their borrowings. The chief executive of the housing charity Shelter says that he is worried about the increase in the number of people seeking advice from his organisation. Many landlords and tenants are hunting around for advice and help from money saving experts as they try and deal with their situations.
Thousands of private tenants are finding themselves being evicted by Mortgage lenders due to the fact that landlords are struggling to keep up their mortgage repayments as they try and get out of debt. The tenants are not at fault in these situations as many have paid their rent and their utility bills on time. They have become another casualty of this worsening recession.
The first a tenant would know about their home being repossessed by the courts on behalf of the mortgage lender is when they receive a letter addressed to the occupier of the property from the court. The letter will inform them that their home is about to be repossessed and they are about to become homeless. When a notice of eviction is received by the tenant they discover that they have up to fourteen days to leave the property. This only happens if the tenant intercepts the letter from the court in the first place.
If you are a tenant then here is some mortgage advice that you may wish to follow:-
From next month, it is believed that tenants will receive the maximum possible notice of the repossession proceedings. Instead of the current fortnights notice received at present. This should provide them with more time to make alternative arrangements. The government is also working closely with the mortgage lenders to establish a clear procedure to ensure that tenants are treated fairly.
From what i gather about remortgaging, you release equity on your house and you are increasing the value of your original mortgage debt. It could be to pay off credit card debts or invest into a buy to let. Well my question is: is it possible to lower the initial mortgage debt simply by remortgaging the appreciation of the house. For example, if i bought a place for 170k with a 30k deposit and since then it has risen to lets say 240k, if i remortgage with another mortgage provider can i use the capital appreciation of 70k to lower the mortgage even further? Hence, my original mortgage loan of 140k is now reduced to 70k. Is this possible or am i just dreaming?? The other thing is if the above was possible would it be best to remortgage the capital appreciation to lower the original mortgage debt or remortgage the value of the house to invest into a buy to let??