Greenwood/Provident Loans & Remortgage Help

Needasolution

Hi,

I have been stupid and taken out Provident and Greenwoods loans, We took this out last year before Christmas as we were waiting for a compensation through after a bad car accident. So we took out these loans to help pay for Christmas and when the money finally came through in January we didn’t have enough left to pay off the debt, also since then we have borrowed more to help us when we have been struggling. We now pay £90 a week for Provident and £84.00 a wk for Greenwooods. We could manage this as we are both working, but since my hubby had his hours reduced we are struggling to pay these weekly amount as he only gets £190 a week now (we also pay £90 a wk childcare costs)

We are after getting a remortgage to pay everything off (we own the house out right, No mortgage) to make payments cheaper and save on all the interest but we are having trouble getting one as we have some defaults (no CCJ’s) and I have only been employed fully (been there 2 years self-employed, but they took me on in June full time employed) for 3 months. We really need some advice on how we can reduce payments and wheres best to go for a remortgage.

Mara69

I'll be the first to say it - turning unsecured debt into secured debt is a very bad idea. You have demonstrated that you are unable to manage your finances and therefore risk losing your home.

Visit the Debt Free board - the good people on there will be able to advise on how you can cut down your expenditure and pay your debts. Eventually you can be debt free - but you need to do it the hard way.