I need advice!!

seriouslystressed_2

Hi, I've never posted on a forum before but would be interested if any one has some advice out there.
Basically we owe £25000 on credit cards and are going to get a secured loan to ease the pressure. If we do this we will still be over spending by £200 per month. Is this a too risky step to take? We have 3 children and do not want to lose our home.
Please help if you can!

Robbda

hey! welcome

I did the same thing and i'm back where i'm started and under more pressure now because they have a say over my home i'm in 2 months arrears and the CCCCS can't help me because its a priority debt, my advice would be to post you SOA on here first and see if someone can see somewhere you can cut back first

i really would do a consolidation loan as a last, last resort i thought it was the answer to all my prayers but i'm in a worse state than before and they have up'd their interest by loads over the time i've had it

~Beanie~

Turning unsecured debt into secured is not generally recommended. It is risky because if you get into trouble with the repayments then yes, you could lose your home.

Post an SOA (statement of affairs) and lets have a look if we can help you save money and pay your debts off without going down the consolidation route.

rubydoiwannabee

seriouslystressed wrote: »

Hi, I've never posted on a forum before but would be interested if any one has some advice out there.
Basically we owe £25000 on credit cards and are going to get a secured loan to ease the pressure. If we do this we will still be over spending by £200 per month. Is this a too risky step to take? We have 3 children and do not want to lose our home.
Please help if you can!

STOP!!! sit down have a cuppa and write down all our income and outgoings. Martin lewis advises against making unsecured debt, secured because it will mean your property could be at risk.

If you post up your SOA, there is a link at the too of these boards, many people here will be able to suggest ways of cutting your monthly spends to help you get rid of that deficit.

We are in the same position as you and have managed to go from a £400 a month deficit to being able to pay £580 monthly off our debts and I would NEVER, EVER, have thought it possible.

The support from this site has saved us it really has.

Best of luck and don't panic.
xxx

amyandjon

Hello there, dont dishearten i owe 20 k on creditcards and i have loans besides that :P hehe... dont get a secured loan we did and its a no good avenue the sooner i can pay the damn thing off the better post an soa up, and put the intrest rates of credit cards on... do youhave a good credit rating ?? look at swapping some cards on to 0% if you can we cant but if you can that might help..... swap all the ones with highest intrest rate .... if no look try a life of balance ..... or try to ring the company and ask if they can reduce the intrest because you are struggling to pay .... keep positive there is always always always light at the end of teh tunnel :Dx

isgman

IMHO, I would not turn an unsecured debt into a secured debt, try posting your SoA here for further advice, or if you wat to "Talk" with someone and get Free Advice then start off my going to www.cccs.co.uk they are a great help. Good Luck

Jacks_xxx

:wave: Hi sweetie,

What I want to do is post "Don't do it!" in big black letters but instead my advice is this:

Post Your incoming and outgoings up on here and ask for advice. Most of us have been where you are now.

Take some of the advice about trimming your spending. It'a amazing what a difference even small changes make.

Talk to CCCS about the situation and what you can do. They will give you free advice and are not looking to make a profit out of you.

Read lots of into on this site about DMP's IVA's, bankruptcy - all of it - and really research your options.

And then, if you still want to risk your family home rather than change your spending habits then at least you'll know that you looked at all the other options first and didn't just pick this one cos you thought it was your only choice.

Love Jacks xxx

jobo_61

have racked up some debts with I can not afford I went straight to CCCS they have been great I am now near the end of my debt management plan due to finish in March 09:j . they talk to the people you owe money to on your behalve they even managed to get the intrest on 2 of my big debts frozen for the life of the balance which really helped. you only pay what you can afford to repay.
they are always there for free advice

www.cccs.co.uk

without them I really do belive I would have lost my house I was in such a mess

hope this helps