Help Required!!!

blackdragon317

Hi there,

Firstly, not sure if this is in the right sub-section/forum part, so apologies if it isn't. Please could a moderator move to an appropriate section!

I'm really in need of some help/advice here.

I currently have the following loans against my name:

• Picture Loan's 2 - £647/month. (20 years)
• Welcome Finance - £336/month. (10 years)

Just wondering if there are any loopholes/help to help either reduce the payment terms/loopholes to get out of them.

As per most of the country we are finding it difficult to live at the minute. We have just gone down to an interest-only mortgage for the time being to free up a bit of extra income.

Many thanks in advance,

Blackdragon.

churchrat

hi
I'm not a mod so can't move stuff--but suggest you post over in the debtfree section

Rafter

Blackdragon,

Looks like you have borrowed against the increase in the value of your home and got a fairly chunky unsecured loan there too over a very long period.

You can reduce your payments by cancelling any payment protection insurance but finding a loophole to get out of loans secured against your house are going to be really difficult.

If you have nothing to show for the debt your have and your home is worth significantly less than your total borrowing, but higher than your main mortgage, you could consider moving into rented accommodation and declaring yourself bankrupt.

That is a major step and you should get impartial advice.

R.

blackdragon317

MODS

Please can you close this thread, I have posted in the debt free wannabe section, don't think this is the correct section for my post.

Kind regards, Linda