£170,00 mortgage will bury me.

rainbowseeker

Also, any debt over 5000 can be effectively turned into a secured debt. It just takes longer.

Sorry to butt in, but Xbigman could you clarify please? Because I remember vaguely seeing something on telly about this on some consumer programme about loans/debts. Something in the small print or something in the case of this couple who took out an unsecured loan and when they defaulted, the loan company tried to get their hands on their house... The programme makers managed to fight their case and their debt was written off, but I can't say as I paid that much attention to the details because way back then I was blissfully debtfree... I now have debts/loans way over £5000, but don't own my own house so why am I concerned over this point? I know this must sound stupid, I just want someone to reassure me...
When I applied for my loans I was asked the usual including if I was homeowner/tenant. I live at my parents' house so this is what I put down, but I remember the form continued to ask how much the house I was living in was worth, so I filled in the box. If 'any debt over £5000 can effectively be turned into a secured debt' this would only apply if I owned my own property? They wouldn't be able to touch my parents' house?
That sounds so silly now I've written it down, I'm just an Olympic worrier!!

saver_sam

rainbowseeker wrote:

Also, any debt over 5000 can be effectively turned into a secured debt. It just takes longer.

Sorry to butt in, but Xbigman could you clarify please?

I've heard in somecases the companies go for a charging order over the house, so when you come to sell, they are say second in line after you repay the mortgage co. what you owe them.

There might be other ways too, but this is the only one I've heard my hubby mention in the course of his work.

lapat

juggle and struggle for a whiole and see what you can save
go see an independant morgate advisor(whole of market) to see if he can find you a better deal and switch to a repayment if possible
and good luck my friend