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Secured loan? To be or not to be?
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Thats super helpful thanks! Im defo thinking about other options now but i do see the loan as a mortgage - and most mortgages are much more than your salary.0
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Hi and welcome to the forum
With defaults on your files you are likely to find it difficult to get new finance even a secured loan. The issue with the property being in his name alone and you wanting a secured loan based on your income makes its even more unlikely that getting a loan is a realistic option.
Even if you could get a secured loan most people advise against it as it puts your home at greater risk. You may have another change in circumstances that leaves you unable to pay the loan repayments on the secured loan and could lose the property, which would not happen with unsecured debt.
I would advise against a secured loan in these circumstances and instead look to see if you can find a way to meet your repayments somehow (by reducing other outgoings, increasing income etc), and if you cannot then you will need to consider options for making reduced payments against your debts, speaking to a debt advice charity can help you find out your options in your situation.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
The other thing to consider is that when people consolidate, it is very easy to allow the credit cards to run up a balance again, which leaves you in even more debt.
If you've got £29k debt you're struggling with, would you not be better off exploring a DMP? Particularly as your DH already has a CCJ and therefore likely his credit rating is shot anyway.0 -
tiny_courageous wrote: »The other thing to consider is that when people consolidate, it is very easy to allow the credit cards to run up a balance again, which leaves you in even more debt.
If you've got £29k debt you're struggling with, would you not be better off exploring a DMP? Particularly as your DH already has a CCJ and therefore likely his credit rating is shot anyway.
Multiple consolidations never worked for us. We learnt the hard way that borrowing to get out of debt is not necessarily a good thing to do. It was through a DMP that our debt cycle was broken.Proud to have dealt with my debts, became debt free on 03/11/2011. Repaid £54,723.41 LBM May 2006.
Debt Free Roll Of Honour #504
Mortgage Free from October 20190
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