Bad Debts Loans

buntyday

Hi I am looking for a £40k loan to pay off a debt quickly but have got adverse credit and have searched the web and I am sure there are plenty of sharks out there who take broker fees etc. Can anyone recommend a company that they have had a good experience with. I really dont want to waste time taking calls from loads of companies that have obtained my details through a broker looking to make money off of my poor credit and put me futher in debt with their up front fees and not sanction a loan. I have mortaged property let and am currently renting to cut down on overheads.

Many thanks

ILW

Remortgage would be the only possibility. assuming you have £60k plus equity and an income of £60k plus also.

Apples2

Agreed, it would have to be Secured, you have no chance of that size of unsecured borrowing.

Wouldn't a £40k loan just move the debt from one place to another (with a whole lump of added interest to boot)?

buntyday

Remortgaging is not an option although a secured loan can be.

ILW

buntyday wrote: »

Remortgaging is not an option although a secured loan can be.

How much equity do you have?

buntyday

yes have the £60k equity

ILW

buntyday wrote: »

yes have the £60k equity

And an income to service the debt?

barbarawright

buntyday wrote: »

Hi I am looking for a £40k loan to pay off a debt quickly

In what way will a loan pay off a debt? Time maybe to start actually paying off your debts rather than shuffling them around? The Debt Free Wannabe board will be happy to offer helpful advice on how to do this in the most efficient way.

jonesMUFCforever

buntyday wrote: »

Remortgaging is not an option although a secured loan can be.

A mortgage or secured loan is the same thing.

partickz

Making unsecured debt secure is rarely a good thing. It may well be bull by the horns time for your finances.