Expert advice on our rather poor state of finances due t0 some niavety on our part

waterman17

Are we beyond help with these finances

House value 170000

Mortgage 150000 int 7.33% 900 per month 22years
Loan U/secured 17000
Taken out 03/05

Welcome 22000 int 1.8% pm 400 per month 10 years
loan secured
Taken out 12/05

Endeavour 13000 int 10.9% 290 per month 10 years
loan secured
07/05

There must be somebody out there on these excellant forums who can advise us or are we beyond salvage

Any advice would be gratefull
We both work full time with a monthly income of 3000+ pm mostly goes to bills

herbiesjp

What were purpose of the 3 loans?

What kind of credit history do you have?

dang

You may be better posting on the debt free wannabe thread -

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

waterman17

Sir/Madam
We were adviced that these were neccessary at the time
Our credit score we have been told is poor

Debt_Free_Chick

waterman17 wrote: »

Sir/Madam
We were adviced that these were neccessary at the time

Necessary for what? What did you do with the money as these three loans total £52,000 ...... :eek:

Not being rude, but we need to understand the full picture and the more we know, the more precise we can be.

shameless-about-money

dang wrote: »

You may be better posting on the debt free wannabe thread -

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

The DFW thread cannot help with secured loans!

[Deleted User]

OMG!!!!!

-you need to stop spending on anything but food all spare money to get saved to try and pay off your loans - i presume none of these are flexible i.e paying them off early will cost more? if not using the best savings accounts will serve to help offset some of the interest
-I doubt you can get any cheaper loans as I doubt any decent company will touch you
-you need more income - rent out a room to a lodger etc
-sell off your cars and cash in the insurance and tax discs, your now a cyclist
-sell off all non essentials your now hermits for 10 years
-get weekend jobs

waterman17

Dont think u are being rude
these loans were taken out to consolidate
Secured against property
Our past history with finances were rubbish to be honest
And now they have or seem to be getting away from us
Lots of money coming in but lots going out

shameless-about-money

Waterman the point with consolidation is that you consolidate then STOP SPENDING!!!!

You have got to stop spending money!

To your own admission you have now consolidated 3 times. You are heading for bankruptcy, I am sorry to say.

[Deleted User]

Waterman this video may help you -

http://www.sort-it.co.uk/issue01/watch_the_movie.aspx

To need to go to spendaholics anonymous you have an addition to living over your means.

The answer comes down to not living over your means and paying it back.

We on here can offer no miracle cure the only way is hard graft!

dang

"The DFW thread cannot help with secured loans!"

No, but they can help with other ways to make savings, and it seems to me like the op could do with some help doing that.