Credit Card Problems.

[frodo79]

Hello there this is my first post but i read quite a lot of them and i was hoping if someone could give me some advice with credit card trouble I have.

Luckily i am employed and can afford to pay my mortgage but i have a personal loan as well €8,700 Euro and two credit cards one of €3,500 with MBNA and one with Halifax €1,000.

The credit cards are killing me every spare penny I have goes towards meeting there minimum payments and the debt goes nowhere really.

I was thinking of asking to pay interest only on my mortgage for 6 mths just to try and clear them.

Has anyone tried this before or would I be blacklisted?

Any advice would be greatly appreciated.

 

[so-crates]

You wouldn't be "blacklisted" for arranging with your mortgage provider to go interest only (obviously by arrange I mean with the agreement of your bank of course!!)

 

[Mars39]

Its unlikely that your mortgage provider will let you do that.But you could take a credit union or arrange with mortgage provider to change the term of your mortgage so as to allow you to pay off the credit cards maybe?
Best of luck,

 

[Mongola]

Hi Frodo79,

A few months ago, a friend of mine found herself in that situation, well her partner was( and still is) in that situation: high credit card debts (in the region of 17000). However, he refused to discuss the subject and was avoiding it until she sat him down and confronted him. They approached the bank (they are with AIB) and have asked an interest only period on their mortgage (6 months) in order to clear for credit card debts: they were approved.

While I do not necessarily agree with the whole idea...this was the solution for them. It, of course does not mean that the bank will approve you but it just means that yes it is something that is possible.