Picture secured loan

Mrdesborough

Anyone had any dealings with https://www.pictureit.co.uk/ ?

I am looking to consolidat my debts and this looks like my best option. I am in the situation where my wife has given up work to look after the kids and we need to cut back on our outgoings. Unfortunately due to the reduction in household income remortgage and unsecured loans are out of the question.

Robert_Sterling_3

Avoid, if you can, a secured loan.
Your home will be at risk.
Be very aware of the Rule of 78.

Mrdesborough

I realise this, my home is also at risk if I remortgage the same amount. As my houshold income has dropped 20K I am not in a position to either remortgage or take out an unsecured loan, I have an excellent credit rating, I just aint earning enough to do it the easy way

Rafter

I'm not sure if there are really any comparison sites for secured loans.

Might be worth checking out a few websites to see if PictureIT are the most competitive.

Here are a few ideas

Ocean Finance
FirstPlus
Freedom Finance

How long have you had your mortgage? You may find, income permitting that you can switch provider or even call your existing provider and say that you could switch to a discounted deal with a competitor and see if they will reduce your rate. At least then you monthly payment could come down a bit until your wife starts working again?

Good luck

R.

Debt_Free_Chick

Anyone had any dealings with https://www.pictureit.co.uk/ ?

... we need to cut back on our outgoings. Unfortunately due to the reduction in household income remortgage and unsecured loans are out of the question.

Not wishing to sound rude, but borrowing money does not sound like a way of cutting back on your outgoings. You may be able to reduce the repayments, but only by paying the lower amount for a longer period of time. The longer the time you borrow, the more interest you pay back.

Have a look here

https://www.nationaldebtline.co.uk

Look for the self-help pack and work through it. Once you have your budget, come back to MSE for ways of cutting all your bills.

If you have any unsecured debts at the moment - credit cards, personal loans - do NOT consolidate into a secured loan. Unsecured loans - house not at risk. Secured loans - house very definitely at risk. This is one huge disadvantage you need to consider when swapping from unsecured to secured debt.

The National Debtline pack should help you get a firmer grip on your finances and give you the option to negotiate lower repayments with your existing creditors.

It sounds like you can't afford more debt, so time to cut up the cards if you still have them. And make sure your wife understands your new budget. No point in fine tuning your finances if your wife is still shopping like Imelda Marcos

Regards