Advice needed would this be a good option

engleby

Owe £40.000 debt on credit cards paying out over £1,200 per month and not clearing only pay minimum off. Cannot get secure loan /0% or balance transfer as although credit rating good alreay have too much unsecured debt. Exisitng mortgage lender can offer secured loan to clear debt over 9 years reminaining mortgage term at 1.99% at £450 per month because have £180,000 equity in house and husband and I earning full time. Don't want to sell yet as have 3 dependents still at home so can't downsize for a few years. Always thought secure debt was a no no does this sound like a good solution as we are going overdrawn each month and things have become very tight, supposed to clinch deal this week anyone else done this or got good advice.

WASHER

Consolidation is rarely a good idea, especially securing the debt on your mortgage, not only will you pay more in interest payments but you could lose your home if you cannot afford the repayments. Unsecured debts are the best types of debts if you see what I mean.

I'm talking from my previous mistakes here, I consolidated numerous times only to run up more debt on credit cards etc, it happens to a lot of peeps on here, I'm now debt free, it wasn't easy, I'm not going to say it was and you can become debt free using our advice, or one of the debt charities like the CCCS, National Debtline or Payplan - PLEASE THINK ABOUT CONSOLIDATION CAREFULLY - IT'S RARELY A GOOD IDEA.

If you post an SOA (incomings and outgoings) the peeps on this board will see if they can reduce your outgoings.

Welcome to the board. We are here to help, not judge you on your past spending, but to help further we need additional information.

Looking forward to seeing your SOA.

WASHER.x.