Secured Debt

moneymaker2

Morning All,

Quick question as I am in an indecisive mood.
My signature has always shown that we started with over £76k worth of debt. However this includes a secured loan.

Now I know that we wouldn't include our mortgage on our signature, so should I ''get rid'' of the secured information for the time being to spur me on to clear the unsecured stuff. I know I would be much happier seeing a figure of £40k on my signature instead.

Obviously the debt is not going to go away but it means I can focus on the unsecured then the secured then the mortgage.

Advice welcomed.

Laura

Sea78

If it will help you psychologically and help to really crack on with your debt, go for it! You could always say - total unsecured debt: £40000

Sea xx

Mozette

Might be being thick here, but you have an unsecured loan at a lower rate than the secured loan, so are you not better getting rid of the secured loan before the unsecured? Or can you not overpay on it?
I would say though, you know you best, and do whatever encourages you the most.

moneymaker2

Hi Mozette,

The secured loan was taken out with our mortgage and is over 25 years.
Once I have cleared a few of the other debts off, i'll be able to overpay on this one (If I can overpay).
I want it so i'll only have to have my mortgage and secured loan outgoing which will then give me £875 to chuck at the secured loan every month. If that makes sense.

Mozette

Oh right, I see. Makes sense!
Mind you, my glasses are downstairs, so that's my excuse, everything's a bit blurry at the moment!
Anyway, good luck with it,

LJD1_2

If it makes the debt more managable for you i'd break it up. It's not like you're pretending it doesn't exist. It's the same as lots of us breaking debt into individual cards as it means you can see yourself actually acheiving something. Good luck with paying it off xx