How do lenders check how you will use loan funds?

gb12345

oceanscape wrote: »

It's a £17,000 secured loan.

Consolidating is risky enough, but converting unsecured debt to secured debt is not a good idea.

Have you thought this through or have you just been blinded by the prospect of lower monthly payments?

oceanscape

gb12345 wrote: »

Consolidating is risky enough, but converting unsecured debt to secured debt is not a good idea.

Have you thought this through or have you just been blinded by the prospect of lower monthly payments?

Sorry, where did I ask for advice on the positives and negatives of secured borrowing?

CoolHotCold

!!!!!!, way to shoot yourself in the foot by torpedoing someone offering helpful advice with a pretty negative put down.

DevCoder

oceanscape wrote: »

Sorry, where did I ask for advice on the positives and negatives of secured borrowing?

You would be idiotic not to consider (and I mean really consider) why you would change unsecured debt into secured debt.

Default on unsecured debt and the worst is you will go bankrupt. Default on secured and you won't have a roof over your head.

The advice given is sound and your attitude is one we often see with those that haven't had their LBM.

Even consolidation is normally a bad move, now you want to turn a percentage of this consolidation into yet more debt.

Madness.

If the bank offering consolidation will use the information you provide to pay off your creditors and it's viable then consider it. If its just information for them to tick boxes and you can use finances as you see fit then stay well away.

gb12345

oceanscape wrote: »

Sorry, where did I ask for advice on the positives and negatives of secured borrowing?

Well I'm so sorry for trying to make sure you were fully aware of what you are doing.

I won't bother trying to help any more as you are obviously a financial expert.

oceanscape

Some people on here have a "holier than thou" attitude and assume that all people who ask questions on here are idiots and haven't bothered to think through the decisions they choose to make.

I know secured loans are the "lending of last resort" and I am FULLY aware of what I am doing. I don't need any advice in this respect and never asked for input on whether this type of product was right for me - so why waste my time and your own? My question was clearly phrased and it bugs me when people assume I haven't thought through my decision or need financial advice that I never asked for.

Apples2

I sense the op has got a real sniff of all this cash and can't bear the thought of all those other nasty creditors getting their mits anywhere near it.

Turning unsecured debt into secured debt is simply lunacy.

Despite the jibes op, we all hope your path doesn't go the way of so many others we see on here, your family may suffer for your mistakes, don't underestimate the guilt.

kellymunsch848

In there defense there are some idiots out there, but its not fair to assume you may be one of them. Spend it on what you like, aslong as you pay them back and dont come back asking for more they wont care/know.

oceanscape

Apples2 wrote: »

I sense the op has got a real sniff of all this cash and can't bear the thought of all those other nasty creditors getting their mits anywhere near it.

Turning unsecured debt into secured debt is simply lunacy.

Despite the jibes op, we all hope your path doesn't go the way of so many others we see on here, your family may suffer for your mistakes, don't underestimate the guilt.

Well you sense wrong - so go away.

DevCoder

Your attitude stinks to be honest, people who have vast experience in the industry give up their own free time to offer advice above and beyond and yet are shot down by people like you.

If you fully know what you are doing then why bother posting, you have already made up your mind and wont listen to reason so go ahead and spend the money on whatever you want if the bank lets you, add more debt (and in this case the worst kind of debt in it being secured) instead of consolidation which is the second worst sort of debt.

I await your full flaming, although to be honest Im done with this thread when there are other people to advise who are far more appreciative.

I just feel sorry for izools, DCFC, gb12345, Apples2 and the other contributors whose time is wasted.