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30k unsecured debt

Hi

I have 30K worth of unsecured debt on loans & credit cards. I also have 5k on pay day loans.

I am not behind on any payments but due to large amount of unsecured debt I cannot get any loan to consolidate and due to keep applying I have low credit score.

I cannot enter in debt mgmt plan as I will lose my job as I work in the financial industry.

Any ideas what to do ?

Also I own my own property & have 63K equity in it but it's only 77% LTV outstanding.

All ideas appreciated
Thanks
«1

Comments

  • michael1983l
    michael1983l Posts: 1,916 Forumite
    I didn't think a debt management plan would have an affect on you. I thought only formal arrangements like IVA and Bankrupcy would have an impact on a person who works in the finance industry?
  • If someone can 100% confirm that then I am happy to consider.

    I am FSA registered
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    Tommytomo wrote: »
    If someone can 100% confirm that then I am happy to consider.

    I am FSA registered


    According to a paid DMP company you are ok.

    http://www.gregorypennington.co.uk/debt-management/guides/would-my-job-be-at-risk-if-i-enter-a-debt-management-plan-0-3886-0.htm
    Unlike with some debt solutions, if your lenders agree to a debt management plan, your job won't be directly affected. In fact, as it's an informal repayment plan, you'll have some flexibility with the arrangement.

    For 100% confirmation I would talk to CAB or national debtline.
  • pauletruth
    pauletruth Posts: 1,133 Forumite
    ouch and your helping others with their money.

    what do you earn.
    get those payday loans paid off fast. without borrowing anymore.
    once thats clear start paying off the most expensive credit over what they are asking for. and work your way through that debt pile. your going to be broke for a few years but better than getting into a deeper hole.
  • remortgage
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    remortgage

    I'm not sure re-mortgaging to clear unsecured debt is ever good advice. They are much better off getting the lenders to agree to a payment plan before they consider that route.
  • I'm not sure re-mortgaging to clear unsecured debt is ever good advice. They are much better off getting the lenders to agree to a payment plan before they consider that route.

    why isnt it

    i always thought getting rid of all the debt except mortgage and then just having that monthly payment would be better, sure it puts up the mortgage but lowers the over all monthly out goings
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    why isnt it

    i always thought getting rid of all the debt except mortgage and then just having that monthly payment would be better, sure it puts up the mortgage but lowers the over all monthly out goings

    Because you are struggling with your current level of debt.

    Moving unsecured debt to a mortgage is effectivly securing the debt against your property, this is putting your home at risk if you do not keep up the repayments.

    Further to this there is then nothing stopping you getting a load more unsecured debt and ending up in the same boat.

    If you can deal with your debts without a secured loan then this is ALWAYS the best option.
  • ok cheers michael, i wasnt being funny, just didnt understand why,
  • pauletruth
    pauletruth Posts: 1,133 Forumite
    he has 5k of payday loans. do you see a morgage company being happy with that.
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