News2 mins ago
New Mortgage
3 Answers
Just to clarify something my friend said the other day... her 2 year fixed rate mortgage is up for renewal in couple of months. She's going to apply for a slightly higher mortgage so she can pay off �5000 on her credit card. She says an extra �5000 is nothing on a 30 year mortgage.
I'm not sure she's right, can this happen? I don't understand how they would get that money to the credit cards, it doesn't just go into her bank does it?
I'm not sure she's right, can this happen? I don't understand how they would get that money to the credit cards, it doesn't just go into her bank does it?
Answers
Best Answer
No best answer has yet been selected by wilsarnie. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The issues she now has is that a debt that was previous viewed as short term will now take 30 years to pay off and the debt is now secured on her property - so should she have any issues paying it then her home is at risk. Credit cards are unsecured so the credit card company can never touch her home.
Credit card and any other unsecured loan can be attached to your home if you default. It has to go to court and a charging order is issued against your property.
http://www.ukadvice.com/bankruptcy/collections /7.html
http://www.ukadvice.com/bankruptcy/collections /7.html