Please Help

robwil_2

I have a secured loan taken out about 3 years ago when i was desperate,foolishly it is for 15,000 over 20 years paying £200 a month. My mortgage co. wont allow me anymore borrowing and i have a bad credit rating has anyone any advice how to lower these payments or another company that would lend at a preferable rate with my bad credit and at this time.
Thanks in advance

di3004

robwil wrote: »

I have a secured loan taken out about 3 years ago when i was desperate,foolishly it is for 15,000 over 20 years paying £200 a month. My mortgage co. wont allow me anymore borrowing and i have a bad credit rating has anyone any advice how to lower these payments or another company that would lend at a preferable rate with my bad credit and at this time.
Thanks in advance

Hi there
Sorry to hear of your issues here.

I am not normally helping to deal with this field but maybe if your in a financial situation I would contact your local citizens advice who may be able to help you deal with these issues.

However I do not want to encourage you to get another loan but there are debt management companies where your payments may be reduced, you would save money that way and its not a loan.

I am so sorry I cannot find the right answer to this but someone else may be able to.;)

You say about a bad credit rating, which can make it more difficult to be accepted for credit, but the longer you leave it the better it will get, as long as you try to keep up with repayments of finance etc, but unfortunately unexpected things can happen where these financial difficulties come in which does not help.

There are probably companies out there that will lend but the rates will probably be extremely high and will lend on consolidation, such as to pay off all your credit for a new loan to lower the payments as they originally were, but please be beware hun of the rates.

Good luck and hope this resolves, sorry I can't be of any further help, but with a bit of luck someone will come along with the right advice for you.;)

Di.

milliemonster

Unfortunately with you securing this loan on your house and your current bad credit rating, I fear there is little you can do to lower your payments without selling your house, paying off both mortgages and buying/renting somewhere cheaper.

Do you have any unsecured debt?, if so this is what you need to be tackling to reduce and improve your credit rating so in the long term you may be able to remortgage to a more favourable rate