got cold feet now need advice

mrsmather1

My husband and I were looking at consoldating our debts and had been approved for a secure loan however I have now got cold feet after reading this forum and am thinking about a different approach. No paperwork has been sent back so theres nothing to tie up there.

My next approach would be Intelligent FInance as this is the company that holds our mortgage. Do you have any idea whether they favour exisiting customers or not? We don't have a terrible credit rating - have never defaulted on mortgage or other loan so am hoping they will approve the £20000 we need to clear 1 credit card, 1 loan, Car Finance & overdraft.

Any advice would be gratefully received.

Thanks

iolanthe07

The general advice here seems to be that converting unsecured debt to debt secured on your house is akin to the primrose path to perdition. Consolidation will only work if you are disciplined and determined not to run up more debt in the future. Only you know whether you have the will power and strength of character to make it work. The debtfree wannabe board is ful of people who have consolidated over and over again and are now in deep pooh.

mrsmather1

I may not have been too clear in my original post - I don't want a secured loan - I would prefer an unsecured one. And we do have the discipline to go down the consolidation route. The credit card will be cut up and the overdraft facility cancelled.

Bokken_2

It is okay to cut up the card and cancel the overdraft but...
Before you do that and if you are as determined as you say keep the card and the overdraft and just use them in a different way ,a way that will benefit you over the coming months while you are lowering your debts.
After all they are just another tool once you have learnt how to use them to your advantage they can be very useful.

mountainofdebt

To be honest I doubt very much whether you will get a £20K loan is unsecured.

Personally I would post full details of all your outgoings (inc amount outstanding, aprs etc)and income on the debt free wanabee board and I am sure that we can save you a few ££££S to reduce those balances quicker than a consolidation loan would.