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Secured Loan - Desperate for Help
Desperate_to_be_debt_free
Posts: 745 Forumite
Good afternoon everyone, I'm looking for some advice regarding a secured loan on my property. I currently have a mortgage with the Halifax for £73500 and a secured loan with GE Money for £35000. I am in arrears with GE Money and currently repaying the arrears back at £100 per month. My monthly repayment to GE Money is £420 per month. This amount is absolutely crippling me. I have approached the lender and asked if I can have the loan spread over a longer period of time but they aren't being very helpful.
Every month I find that I have too much month for the money and am really struggling financially. Can anybody off any advice? I've been a member if the debt free wannabes for a number of years and have cut back on everything I possibly can, I just wonder if there is anything that I haven't thought of.
Every month I find that I have too much month for the money and am really struggling financially. Can anybody off any advice? I've been a member if the debt free wannabes for a number of years and have cut back on everything I possibly can, I just wonder if there is anything that I haven't thought of.
12/04/2019
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.
0
Comments
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What is your house worth approximately?
Assuming you are paying Halifax promptly, do you have any other late payments/defaults on other credit products.?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
My house is probably worth about £120,000. Credit is shot to death and there is no way I could consolidate the two loans. My wages are £26k so I don't earn enough. Have thought about mortgage rescue scheme but don't know enough about it
12/04/2019
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.0 -
It is hard to say without the full information, do you also have unsecured credit balances?
Are you tied in on the Halifax rate, or is there something that you can do there to reduce your overall outgoings?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Sell up, pay everyone off and rent?0
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Hi Dave, I have a lot of unsecured creditors which I am in a payment arrangement with. I'm not tied into any rate with the halifax at the moment but have an interest only mortgage. I don't want to sell up if I can help it as I have two children who have been settled there for many years. Plus if i sell up and rent I'd have to adit to my family the mess I'm in.12/04/2019
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.0 -
Also renting in my area is approx 600-700 per month so I wouldn't be that much better off.12/04/2019
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.0 -
You really are and have lived beyond your means, although it is not helpful me labouring the point as sure you are aware already.
Halifax may do something rate wise and you would currently be on 3.99% if you have done nothing.
Given the situation with GE Money, although the unsecured creditors will give you more grief; ensure you prioritise the Halifax and GE payments.
May be worth a free chat with Citizens Advice or similar.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks. I think I'm finally getting the wake up call!!! I'll contact the Halifax and see what's on offer.12/04/2019
Savings £134 nothing changed here
Credit Score 134/700 - Jan. 171/700 - Feb. 151/700 - Mar.0 -
Good luck...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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