Consolidation secured loan

Machine_2

Hi guys,

wondering if anyone could help? I'm trying to help sort out my girlfriend's finances, she has a secured loan for roughly 10,000, a credit card for 4,950 (over its credit limit by £500) and overdraft

We've applied for a tesco secured loan but we're declined and have spoken to Freedom Finance but they can't help due to the fact my girlfriend is renting her house out and renting elsewhere.

Does anybody have any ideas of companies that would be able to help considering her living arrangements?

Thanks in advance

jonesMUFCforever

Has she thought of selling up and paying off her debts - especially as she is not living in the property?

poorandindenial

Hi Machine

If your GF is struggling to pay her debts (i assume she is if she is going for consolidation) then pop over (or get her to pop over) to the debt free wannabee board, we can help her to work out what her options are (and consolidation is rarely the best option because it leaves you free to rack up the debt again).

If you go over to the DFW board you will be asked for her statement of affairs (or SOA) (even if you don't head there this will help you see where she is at) there is a template for this at https://www.makesenseofcards.com

All the best to you and her for sorting this out.

Machine_2

Thanks for the advice guys. To be honest I work in collections for a major credit card/loan company myself so am aware consol loans aren't the best and am aware of what happens when things go wrong, but as she's looking at reducing her payments first off, thought this might help?

I suppose one of the main questions i was asking was regarding a secured loan when she isn't living in the property herself?

chalkie99

debtsolution wrote: »

Hi Machine,
It's critical situation for your girl friend.
But if you want consolidation for debt so visit - Debtquotes.com I hope it's helpful to you.

Spam reported

poorandindenial

Machine wrote: »

Thanks for the advice guys. To be honest I work in collections for a major credit card/loan company myself so am aware consol loans aren't the best and am aware of what happens when things go wrong, but as she's looking at reducing her payments first off, thought this might help?

I suppose one of the main questions i was asking was regarding a secured loan when she isn't living in the property herself?

OK well golden rule number one is don't turn unsecured debt secured (number two being about not consolidating) the consolidation thing is a sidetrack from her working out how she is going to get this cleared, you can compare thevarious costs of solutions by using the snowball calculator at https://www.whatsthecost.com/snowball.aspx which will show the cost of interest for a variety of situations (including her getting a consolidation loan or her throwing more money at the debts where they stand)