secured loan - seperated, help

Apples2

paulc333 wrote: »

ok so how about an UNsecured loan.


like i said i've done a few tests and my credit profile is only fair. due to a few late payments and the total debt.

Sorry but this has disaster written all over it.

The chances of being accepted for anything like a reasonable apr, your credit history should be unblemished.

With a FAIR rating and late payments, there is practically no chance of being accepted.

paulc333

thats what i thought initially.

it's just that for all the obvious reasons people are advising against a secured loan, i know why but think it's the only option.

even if i cut every outgoing bar debt payments, mortgage payments and required household bills then the cost is more than my monthly wage.

i have to re-organize the debt somehow.

help!

Apples2

£46k equity on a house you are simply unable to afford.

I know its a big decision, but taking on more debt is just putting off the inevitable.

Sell up and rent, any other option is going to make things worse in the long run.

Fang_3

paulc333 wrote: »

thats what i thought initially.

it's just that for all the obvious reasons people are advising against a secured loan, i know why but think it's the only option.

even if i cut every outgoing bar debt payments, mortgage payments and required household bills then the cost is more than my monthly wage.

i have to re-organize the debt somehow.

help!

It's not the only option at all. You've been given advice and you're not willing to do anything that might show that the easy option (secured loan) isn't the best option. So stop wasting everyone's time.

Jojo1daffy

As you are married your wife would be entitled to 50% of the equity of your home. The debts in your name would be yours unless you could prove that they were jointly beneficial. You say your wife has left the country - what are her intentions? Does she want a clean break/divorce? I would've though that she would definitely be interested in the equity (who wouldn't - and the house was also her home).
Being realistic - to be able buy your wife out of the property and take on a secured loan is not an option. lenders are very tight with their lending criteria just now and they would not touch your circumstances with a barge pole.
However, it's not the end of the world, other people have mentioned selling the house. That would probably be the best option for you just now. Pay off everything you owe, live in rented accommodation for a while, enjoy being debt free. Then once the economy settles and you are in a better position look at getting back on the ladder. You may have met someone else by then- who knows what the future holds, but just now you need to take control of your life and your finances.

paulc333

just wanted to say thanks to all for their advice, after a few days of thinking it over i've discussed options with a solicitor and decided the correct thing to do is to take the general advice from the board which is to sell the house, clear the debt and rebuild my life.

thanks to all for steering me away from the secured loan.