sorting out my debt

reddan75

Hi.
My Wife And I Are Approx 17000 In Debt. I've Currently Got Approved Paperwork For A Secured Loan For This Amount, But I Am Seriously Worried About This Loan And The Fact I'll Repay Almost Double I've Borrowed Over 10 Years, And I'll Only Be £130 Better Off A Month.
10000 Of Our Debt Is On Credit Cards, So Firstly Has Any One Got Tips On How To Write A Letter To The Credit Card Companies Telling Them I Can Only Afford A Certain Amount Each Month, Asking Them To Freeze The Interest, So I Am Actually Getting Somewhere Rather Than Just Paying The Interest Each Month. And What I Should Then Do If They Reply They Cannot Freeze The Account/intrest.
I've Already Enquired About Interest Only On My Mortgage But I'm £1000 Behind On That As Well So They Won't Do It Until I'm In The Clear

Thanks
Reddan75

hypno06

Hi there and welcome. I think that National Debtline have all the template letters that you would need. Their details are on this board I think at the top of these posts.

Also try putting your debts, aprs etc in the snowball calculator at www.whatsthecost.com - this will give you a starting point on which to base other alternatives as it will tell you how long it will take to pay off and how much interest you will pay in total for the various options.

Good luck and keep posting,

Sea78

Hi

Welcome

Perhaps you might be best contacting a charity such as https://www.cccs.co.uk which can give you advice on the best course of action - I don't think that a secured loan sounds like a good idea, especially as it won't even free up that much money for you.

Sea xxx