can anyone advise?

sam21_2

Hi - we are just about to embark on a First Plus Secured loan, we have all the paperwork and all we need to do is sign on the dotted line. However I feel very nervous having read all the correspondence re First Plus. Can anyone advise the best route to take - we need a loan of 59K to consolidate existing debt and credit cards etc. Unfortunately we are not able to extend our mortgage anymore so that is not an option.

Can anyone recommend an alternative. Please help if you can.

magentadreamer

Hi Sam,

have you read this thread? http://forums.moneysavingexpert.com/showthread.html?t=137683

I've only read a few of the posts and it doessn't sound good!

magentadreamer

Have you thought about talking to CSSS or Payplan for advice and help before taking out a huge secured loan with First Plus?

The thing with secured loans etc is they never really solve the problem unless you take steps to curb the reason why you built up the debt in the first place. What you also need to look at is your budget to stop you falling into further debt. This site is a wealth of hints/experience about how to save and budget properly - I only wish I'd found it years ago. You might like to post a SOA - a list of your incomings and outgoings and let others take a look and come up with advice for you -you'll be suprised what you can save on without doing very much!

bingbong_3

eeeeeeeeeeeeeeeeeeeekkkkkk!

:eek: :eek:

call payplan or cccs - Secured loans are a no no.

pineapple_beach

Hi there
Scary though it may be to confront a large debt, I think you should give yoursef a couple of days to see what other options you have... all the advice on here is always not to consolidate, or to secure previously unsecured debt... it just costs more in the end and you potentially lose the house too. I am no expert, but I am sure they will eb along soon...
Best wishes and try not to rush into it.

fatbelly

sam21 wrote:

we need a loan of 59K to consolidate existing debt and credit cards etc. Unfortunately we are not able to extend our mortgage anymore so that is not an option.

Sam, your post is ringing alarm bells and flashing red warning lights - you've already moved loads of debt from unsecured to secured and it hasn't solved the problems. And now you're thinking of moving more! Please do what the others suggest - talk to CCCS/Payplan, and post income, expenditure and debts on this board. Lots of free advice and we're working in your best interest, which is more than we can say about First plus.

JAMIEDODGER

can i suggest you post a SOA, a full list of your incommings and outgoings, debts, apr's and balances. maybe there is a better way than securing all that debt on the home you live in!!!!!! please think twice, no, ten times before you sign!!!!!

sam21_2

DEBTS paid by DD each month
Barclay loans 312.58
MBNA 393.11
RBS 297.75
Lombard 368.03
GE 160.97
Visa 87.00

and we have an AMEX card with over 5,000 to pay
not to mention the usual utilities etc...

by taking a loan we can reduce monthly out goings by half, cut up cards and start afresh.

bank_of_slate

Sam, PLEASE put your loan payments into the snowball calculator first and just look at what you will have to pay back!!!!
I know that this loan has been offered and it seems like the only way out, but just a phonecall to payplan or cccs will lose you nothing and could save you thousands!!!!!
Linda xx