do you have to have equity in your house for a secured loan??

diesel_staffie

we have 10k approx debts - car loan etc.

it would make sense to us to put all together and have one lower payment.

thanks

moanymoany

It doesn't make sense to put it all together - it makes sense to pay it off - use the snowball which you will find described on other threads about paying off debts.

If you get a secured loan you may think you will not get into debt again - but what lessons have you learned about dealing with money, budgeting, living within your means and all that other boring stuff! None, deal with it and get into new habits with your cash.

Look at the threads of other DFW's and learn.;)

Hermione54

The answer to your question is yes, you do have to have equity in your house to obtain a secured loan, otherwise what can the bank secure it on? But I agree with moanymoany. Consolidation rarely works unless you address your spending habits and the fundamental reasons for your debt.

seven-day-weekend

Personally, I would suggest getting rid of the car and buying a cheap banger if you can't afford the repayments on the one you have. Or go without a car altogether if you can.

I don't know whether this is possible on your particular car loan, but if it is I would consider this option.

If you secure the money on your house (which you would have to have at least £10k equity in), then you will be paying for it for years and your financial situation would be worse, not better.