Knock back - secured loan

errant

This moring I was refused a secured loan. I applied as a last resort after being knocked back for an unsecured loan last October. Then I checked my credit history with Experian and Equifax; it is fine and I do not have a poor credit record meeting all payments.

I am now feel over stretched trying to meet payments on credit cards etc. I do have a 'financial association' as it is put, with my wife as a joint mortgage holder.

Today I was looking for 25k (I live in a mortgaged property with 85k equity) for consolidation purposes.

Anyone experienced this who could offer advice? I feel I am in a financial position that is worsening and agree wholeheartedly that borrowing to pay debt is not the answer but it can help while the answer is found.

Best wishes

mountainofdebt

I'm sorry but I do think you've been done a favour being rejected for this loan, even though I know you won't see it like that at the moment.

Unless you have realised why you have got yourself in the debt that you are in, and why it is worsening, you are in severe danger of digging yourself into a bigger hole and as you would have now a larger amount as secured debt, you are increasing the risk of losing your home.

If I were you I would wander over to the debt free wanabee board and post full details of your income and expenditure together with full details of your dets (limits, aprs, balances). We can then look at it and suggest ways of how you can cut back, thus freeing up money to throw at those debts.

Look forward to seeing you over there.

hopeless_case_2

why dont you try a remortgage?
I have just been offered a secured loan and believe me i do not have a good credit rating and i only have £70,000 equity