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Secured Loan- to dance with the devil?
Evening all;
My husband and I are looking to cosolidate our debts. I owe 7.5k to cahoot (loan), 6k to egg (credit card), 1.8k to HSBC (overdraft) and about £500 to storecards. Hubby has about 7.5k owed to various credit/store cards.
We are paying LOADS in minimum payments each month and want to just pay everything off over 5 years or so. We have cut down our spending and no longer use credit/store cards. :j
We live in a flat that I own, worth about 100k, 54k mortgage. In the last few years I have moved 7 times (!) doing up houses and studying. I have a settled job now and we have a combined income of about £28k. Speaking to loan companies, no one seems interested in providing us with a personal loan- as we are budgeting properly, is a secured loan over 5-6 years a good idea? It seems to be for me, but hey, what do I know?!
Thank you people!
My husband and I are looking to cosolidate our debts. I owe 7.5k to cahoot (loan), 6k to egg (credit card), 1.8k to HSBC (overdraft) and about £500 to storecards. Hubby has about 7.5k owed to various credit/store cards.
We are paying LOADS in minimum payments each month and want to just pay everything off over 5 years or so. We have cut down our spending and no longer use credit/store cards. :j
We live in a flat that I own, worth about 100k, 54k mortgage. In the last few years I have moved 7 times (!) doing up houses and studying. I have a settled job now and we have a combined income of about £28k. Speaking to loan companies, no one seems interested in providing us with a personal loan- as we are budgeting properly, is a secured loan over 5-6 years a good idea? It seems to be for me, but hey, what do I know?!
Thank you people!
Newbie Debt Free Wanabee...
Debts as 27.07.07
B/Card: £1763.43
LA Card: £871.50
Cahoot: £6900
Next: £256.54
HSBC Visa: £1998.61
O/Drafts: £2990
I'm not waving, I'm drowning...
0
Comments
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How's your credit history - could you transfer your cc to 0% and also your o/d, some banks are doing 0% o/d. Secured loans are generally seen as a last resort. If you do, make sure you cut up your credit cards so the temptation is not there to run them up again and be in alot more debt a couple of years down the line.Come on baby, in our dreams we can live on misbehaviour.
I can see the carrot at the end of the tunnel0
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