secured loans

dcrane

I have discovered over the last 24hrs that my husband has run up debts in the region of £9000! He has been to our bank privately to discuss a loan but they have refused. He isnt behind on payments but is only making the minimum so I know it will take years to clear. I'd prefer to pay one lender and one amount of apr so I know where we are. Doing a quick search our best hope for loans are secured with nemo, norton or central trust. I've read bad experiences with all but im looking for more positives please.

This is our only route since I wouldn't get near the amount needed

Tixy

Do you know what he ran up the debts on? For a consolidation loan to be even vaguely likely to work he will need to reduce his spending signficantly so that he is spending less than his income rather than more.

Have you assessed if he/you could afford repayments on a secured loan?

Be very careful about turning unsecured debt in to secured debt. If he cannot afford his current repayments on his unsecured debts then he can default on the debts and arrange repayment plans. If he/you cannot afford repayments on a secured loan your house will be at risk.

If you do still want to go down this route then rather than the high APR from the types of lenders you have mentioned in your post have you considered your existing mortgage provider and whether they would be likely to consider an increase to your mortgage?

delirious

I've heard really bad things about NEMO when doing research so I would avoid them if possible.

dcrane

I would have to take the financial reins again (something I regret letting go of) but it would be more than do-able if all the finance was consolidated. Even the high end unsecured loans, which he has little chance of receiving, would mean we are paying less leaving room for me to make overpayments. He has a £1000 overdraft, credit cards, catalogues.... the mortgage provider wont lend anymore due to the activity on his account (not really in their interest to help him since they get £50 a month from account and overdraft fees)

dcrane

I am aware that people have bad experiences, I am also aware that people rarely rant and rave about good experiences because wheres the fun in that?

Tixy

Has he (or you) spoken to a debt advice charity at all yet? IMPORTANT - Where to seek professional impartial advice about your debts.

If not that would be a good idea to consider all options before going down the route of an expensive secured loan.

Have you actually spoken to the mortgage provider yourself already? or has he told you that he has?
Regarding the 'activity on his account' does he have a bank account with the same bank as the mortgage? what activity is causing the issues? has he gone over his overdraft limit a lot? or had lots of items bounce? or are their specific transactions that are causing red flags to them (such as gambling transactions)?

dcrane

He has spoken to the mortgage provider with whom he also holds his account, im not on the mortgage. He is seemingly always at his maximum overdraft once all the household bills are paid. I will look at the charity, thanks