Got myself into a pickle...

[TMNT]

if youve been knocked back a few times for creidt, I would assume your chances of getting any more credit is not likely unless you go to a high risk lender with a high rate or if these defaults have dropped off,

what about getting your wife to get a loan under her name if possible?

what about a balance transfer for either one of you for 6-12-18 months and being SUPER SUPER disciplined about it and living like a hermit

get rid of foxtel as you have, go prepaid on your phones,

stop going out for weekend drinks or dinners, yes it sux but make a few excuses, and your friends wont leave you if you explain

can you get interest low or free loans from family????

just a few ideas that I did when I was young

 

[alexlee]

You really have to consider the possibility that you can't refinance.

What will you do then?

 

[komodo]

If I can't refinance then I'll have to look at other options. Borrowing from both lots of parents isn't off the cards but we'd much rather try our finance options first. I've spoken to my bank today and they are arranging one of their "home loan specialists" to contact me. I've advised them that I'll be weighing up my options before acting and will also be contacting a mortgage broker and they are happy with that - so fingers crossed something positive comes of this.

Ideally step one - try refinance (if that's whats recommended by broker/home loan specialist)
if knocked back then - try refinance with guarantor (if that's whats recommended by broker/home loan specialist)
if knocked back then take a loan from either set of parents and refinance ASAP after that to repay them. Its not their fault we've gotten ourselves into this and at their ages they shouldn't have to be bailing our bums out of trouble.

Getting a loan solely in my wife's name isn't a silly idea as all the CCs are in my name solely (as well as one of the personal loans). My only concern would be her earnings - especially having been off work.

So far with a few phone calls things are already looking up with a couple of product shifts already bringing in repayments considerably and I've made sure any options I'm taking up wont be noted on my credit file.

I've been knocked back ONCE for a $115k unsecured loan. - hind sight I probably should have gone for a $40k loan to consolidate just the credit cards (rather than trying to get all the loans together) at a lower rate. Hind sight is a wonderful thing.
This is why I need to talk to a mortgage/loan broker about how best to package my refinancing. For now I'm more concerned about advising lenders of my situation and getting back on top of any arrears (90% there) and staying on top of everything for three months which is what the bank said when I got knocked back last time that they would approve me provided there were no arrears on the account.

 

[komodo]

I should add that part of my hesitation of doing anything sooner has been due to a bad experience with a mortgage broker when buying the PPOR which left me a little bit sore (I locked in on advice from a mortgage broker at near 9% for 5 years on a product with huge exit fees). Naivety on my behalf and poor advice / communication on their part. Lesson learned there you could say but its left me a bit sore.

 

[TMNT]

sounds like you have credit cards through your wife and your folks options,

which is a good thing,

wouldnt want to be in your situation with no options