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secured loan?
approx 25 k of unsecured debt( 1 loan & various c/cards) , missed this month's mortgage payments so answer to probs is get a secured loan , 9,600 on property - 109 a month over 20yrs???
Q) reading T & C's
point 13 Enforcement, our powers and Receivers
* to take possesion of the Property as soon as the Mortgage is in effect , although we have this right we will not excercise this until the Debt has become repayable
so in english does this means that as soon as we sign the paperwork they can come and take possesion of the house?
also went to CAB the other day and they are going to write to creditors , also under point 12 - when debt is repayable
* no matter what the other conditions say - the Debt becomes due and repayable :
* If you become bankrupt or make any formal arrangement with creditors
so in english does that mean cos we have gone to CAB and they are going to contact creditors that it will be classed as a default on the secured loan?
Q) reading T & C's
point 13 Enforcement, our powers and Receivers
* to take possesion of the Property as soon as the Mortgage is in effect , although we have this right we will not excercise this until the Debt has become repayable
so in english does this means that as soon as we sign the paperwork they can come and take possesion of the house?
also went to CAB the other day and they are going to write to creditors , also under point 12 - when debt is repayable
* no matter what the other conditions say - the Debt becomes due and repayable :
* If you become bankrupt or make any formal arrangement with creditors
so in english does that mean cos we have gone to CAB and they are going to contact creditors that it will be classed as a default on the secured loan?
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Comments
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what are you asking here?
are you saying that you paid unsecured before paying mortgage - it should be other way around0 -
Surely a DMP works out better, due to the crazy amount of interest, fees and the like on secured loans:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Josie64 wrote:approx 25 k of unsecured debt( 1 loan & various c/cards) , missed this month's mortgage payments so answer to probs is get a secured loan , 9,600 on property - 109 a month over 20yrs???
Are you asking whether borrowing £9600 and paying back £26160 back is the answer to your problems, then no, I don't think it is. It's a debt timebomb nightmare waiting to go off!
You are going to get ripped off on a secured loan (especially if you've defaulted on your mortgage) and you could be putting your house at risk (as you have pointed out in the t&cs)
If you are having problems with repayments, post your soa on the debt free wannabe board along with details of all your cards, aprs and minimum repayments.
The answer to your problems lies in budgeting and organising your debt so that you are snowballing the payments off and clearing off your cards & loan.
It's a big task, but it just starts with a simple first post.
Take care."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
lynzpower wrote:Surely a DMP works out better, due to the crazy amount of interest, fees and the like on secured loans
not enough income to do DMP , we went to CAB last week, 100 a week short just on living expenses , so hubby's answer is now to get secured loan on house!!:mad:
:eek:
we have missed this month's mortgage and selling house....__________________0 -
as stated before you will probabaly not get a secured loan due to missed mortgage payments - apart from silly high interest ones
remember if you miss payments on mortgages or secured loans then your home is at risk - and so there is no point transfering from unsecured to secured if this is potentially going to happen
what did the CAB say?0 -
Josie64 wrote:so hubby's answer is now to get secured loan on house!!:mad: :eek:
Has he been watching Sky tv? Just because the telly says so, doesn't make it a good idea! Are you really thinking of selling? :sad:"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
CAB are going to write to creditors, offer a £1 a month and bankruptcy was mentioned....__________________0
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Good luck."One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
thanks - joined Quidco the other day and just registered with grg as a mystery shopper!!__________________0
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I don't know anything really about CAB - what do they do about your mortgage then or do they only deal with creditors of unsecured debts?0
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