Court order and everything else!

Jewel_2

Hi guys

Thanks for your previous help. We managed to sort our mortgage out so we're happy with that!

We now have a, wait for it, £60,000 debt. We have £100,000 equity in the house, and I am due to start a £20,000 job in Jan, my partner earns £45,000 and I get £1000 pcm child maintenance (court order through in Jan ish).

I have a couple of questions:

We were thinking of taking out a consolidation loan in about June next year - by then the debt will be reduced to about £45,000 and I will have 6 months worth of payslips, and will have had my court order for 6 months. Are we going about this the right way? We thought about Ocean Finance?

justruth

the trouble with consolidation loans is that they just extend debt. If you can get it at a much lower APR than you are paying then that's not such a bad thing, but I would seriously think twice before going down that route.

Perhaps you might like to post this in the debt free wannabe forum and add on an SOA so that they can look at other potential solutions. I warn you they tend to tell it like it is, but it is all for your benefit. You might find that there is a better way to deal with the debt as te consolidation using equtiy means you will be paying the loan off for years making the amount repaid much more.