Secured Loan For Debt Consolidation

Mara69

barbarawright wrote: »

If you mean do I still find homophobia offensive, yes I do and yes I am prepared to quote the offensive post of yours I reported

Go on then.

stephenba

malcolmffc wrote: »

Why not sell your property and buy a cheaper place with your £300k in cash? With no mortgage payments you should be ableto pay off your debts easily.

Did think about that but the debts are not overly huge (around £10k). Appreciate the input from everyone. We may just try and chip away at the cards and of course ensure the arrears (about a grand) are cleared this month.

Chappers27

You have 300k equity and you're considering getting a loan? Just call your mortgage company and ask for the extra 10k and add it to your mortgage. That means you will have 290k equity and 85k mortgage. It will increase your mortgage payments but by much less than if you get a personal loan. I've done this before, it's much cheaper. Just don't borrow on store cards and credit cards that you can't pay off.

SeanG79

Chappers27 wrote: »

You have 300k equity and you're considering getting a loan? Just call your mortgage company and ask for the extra 10k and add it to your mortgage. That means you will have 290k equity and 85k mortgage. It will increase your mortgage payments but by much less than if you get a personal loan. I've done this before, it's much cheaper. Just don't borrow on store cards and credit cards that you can't pay off.

A mortgage company is going to be reluctant to increase their exposure when a customer is already in arrears...

stephenba

Chappers27 wrote: »

You have 300k equity and you're considering getting a loan? Just call your mortgage company and ask for the extra 10k and add it to your mortgage. That means you will have 290k equity and 85k mortgage. It will increase your mortgage payments but by much less than if you get a personal loan. I've done this before, it's much cheaper. Just don't borrow on store cards and credit cards that you can't pay off.

Thank you for the suggestion. Already considered that and as per SeanG79 mentioned above, that option appears to be closed.

Adoremouse

Hi there, I just wanted to let you know that consolidating our unsecured debts into a secured loan was the worst decision that we ever made.

I regret it so much as if we had gone to CCCS in the first place (a charity who cset up and runs a DMP for us free of charge) then we would have saved many thousands in interest and would be close to paying it off by now (rather than in over 20 years time :eek:).

Please consider giving CCCS or Pay Plan a call, if only for advice.

stephenba

Adoremouse, I appreciate your post and yes...it does makes sense.