Please help £107,000 debt, and unsure best action to take

southernscouser

Jacko123 wrote:

Anyhelp please

I'm just wondering why with £1,000 a month spare you can't just throw that at the debts aswell?

Can you explain why you are going to crumble in Feb? Sorry just read you reply to this but it doesn't make sense! You say you have £,1000 a month spare so what money is going to run out! We really need a full SOA (state of affairs)!

Have a look at this thread then post back here. The more information we have the better we can advise you.

fubar_2

southernscouser wrote:

The house is protected anyway as long as the mortgage is paid, as the debt is unsecured.

The debt may be unsecured, but what many companies are doing now once a person defaults is that they go for the throat, take you to court for full settlement if successful they then within days go for a charging order on your property, although I don't think they can take your property it makes it damn hard to get funding from the equity of the property with charges attached.

I just recently had to remove 2 charges from my property (I wasn't aware of) before I could borrow any extra on the equity.

Looks like times are changing where the idea of unsecured finance is starting to become a myth, because either way they still get their security!