Secure a loan on parents house?

redsports8

Hi all,

My partner and I are in quite alot of debt (mostly on credit cards) and we are paying out 600+ a month on interest alone.

The total amount of debt we owe is around £22,000.

We are up the max on our mortgage so we are unable to get a secured loan to have one lower interest payment and alow us to live a little.

Obviously we can get a unsecured loan beacuse of the debt we have.

My parents are aware of the situation and they have offered to secure any loan that we take out on thier house to improve the chances of us getting it.

Does anyone know if it is possible to apply for a secured loan and secure it on someone elses property?

All replys greatly appreciated.

_Andy_

No, it isn't.

sammyjammy

redsports8 wrote: »

Hi all,

My partner and I are in quite alot of debt (mostly on credit cards) and we are paying out 600+ a month on interest alone.

The total amount of debt we owe is around £22,000.

We are up the max on our mortgage so we are unable to get a secured loan to have one lower interest payment and alow us to live a little.

Obviously we can get a unsecured loan beacuse of the debt we have.

My parents are aware of the situation and they have offered to secure any loan that we take out on thier house to improve the chances of us getting it.

Does anyone know if it is possible to apply for a secured loan and secure it on someone elses property?

All replys greatly appreciated.

In a word No!

Your parents would have to take out a secured loan of their own but I'm sure you wouldn't want them to take that risk.

Getting a secured loan is not going to resolve your problems even if you could get one, why not pop over to the Debtfree wannabe board and get some more advice.

AMILLIONDOLLARS

Even if it was possible, why would you want to! Go over to the debt free wannabe board and get some advice on how to reduce YOUR debts, and stop looking for an easy way out! Could you imagine your parents losing their home, if you did not keep up the payments, it doesn't bare thinking about!!

AMD