£50000 unsecured loans?

wellwhadyaknow

There can be some great advice here but some posters voice their opinion with a bit of a sneer.

No need for it at all.

Good luck and hope you sort your finances out.

scaredlady

not give up but GO AND VISIT STEPCHANGE.
Anyone you approach for this loan, will as has been explained ,not see you taking £50k and paying £50K worth of debt (regardless of what you say you are going to with it) They will see you taking the £50K and spending it on other things...
You will then come on here and say I now have £100K of debt..what shall I do.
If you were only talking about a couple of K, this may have been a work around, but not now..not now.

Gaz83

sandyacreuk wrote: »

So how do I overcome that?

Unfortunately, you can't. You won't find a mainstream lender who will give you what you're after, and the only alternative lenders will give you such eye-watering APRs to make your plans futile.

You could try moving some of the higher interest debts onto a 0% APR credit card if you can get accepted for one, but you need to have immense willpower not to just spend the money on the credit card again and end up at square one, or worse.

You need to try snowballing your debt. Contacting Stepchange isn't a bad shout - they give good advice and can, depending on your income and circumstances, help you ask lenders to freeze interest on any debts you have with them.

Putting up a Statement of Account on the debt-free board would help.

sandyacreuk

Gaz83 wrote: »

No bank worth its salt is going to lend you anywhere near £50,000 as an unsecured loan. If you're determined to go down this route, your best bet is to challenge the surveyor's valuation on your property and try to get a secured loan on that basis.

Indeed. I'm in the process of doing just that. There's no way this situation is going to beat me......:)

meer53

sandyacreuk wrote: »

Indeed. I'm in the process of doing just that. There's no way this situation is going to beat me......:)

But thats not dealing with the issue of the original debt, it's just moving it somewhere else. You'll still owe someone £50k. The debt wins.

Addressing the way the debt was run up in the first place is the best way to go about this, and to gradually repay it, not just move it.

Stepchange are brilliant, if you don't want to take their advice, you don't have to, but it's definitely worth speaking to them about it.

CKhalvashi

The only other avenue that may be worth exploring, would be to try to settle part of the debt with the same lender, making it a condition of the loan that (part of) the debt is settled, so you never see the money IYSWIM.

This is possible with some lenders, but not with others, and will require a face to face meeting.

I've successfully negotiated this for clients with Natwest, Santander and (sporadically) HSBC, but have never been successful with Barclays or Lloyds due to their 'lending criteria'.

Remember that the representative APR may not be the APR you get, and before even thinking of this it would be worth to check your credit files (all 3), which costs £4 (£2 each for Experian and Equifax, Noddle is free for Callcredit)

This won't work on £50k, but may help you get started on your mission.

CK

Cat2011

- Sell the property and use the equity to pay the debt
- Use a 0% Balance transfer card to reduce the interest paid (not likely you'll get one due to high debt, but worth looking into.
- Make sure you're snowballing your debt (paying the highest interest rate off first, with minimums on other cards)
-Reduce spending/increase income/sell everything not nailed down
- Talk to StepChange, you might be able to get interest frozen, but this will likely affect your ability to get a mortgage?
- Get over to the Debt Free Wannabe board where lots of helpful people will help you to sort out a budget and generally provide support

DCFC79

sandyacreuk wrote: »

Why? Whats the issue with looking at ways of moving expensive credit card debt to a much lower fixed loan? Yes it's a big number but I am where I am. Shall I just give up?

I dont know of any lender who offers loans of 50k, in any case the lenders will see it as extra debt. You may have the best intentions to do what your thinking but from the lenders pov is its high risk.

I neevr said give up, there are other ptions as pointed out, whether you agree with these since they aren't the 50k route is another thing. Maybe speak to your own bank.

sandyacreuk

CKhalvashi wrote: »

The only other avenue that may be worth exploring, would be to try to settle part of the debt with the same lender, making it a condition of the loan that (part of) the debt is settled, so you never see the money IYSWIM.

This is possible with some lenders, but not with others, and will require a face to face meeting.

I've successfully negotiated this for clients with Natwest, Santander and (sporadically) HSBC, but have never been successful with Barclays or Lloyds due to their 'lending criteria'.

Remember that the representative APR may not be the APR you get, and before even thinking of this it would be worth to check your credit files (all 3), which costs £4 (£2 each for Experian and Equifax, Noddle is free for Callcredit)

This won't work on £50k, but may help you get started on your mission.

CK

Excellent thought. Thanks!

sandyacreuk

meer53 wrote: »

But thats not dealing with the issue of the original debt, it's just moving it somewhere else. You'll still owe someone £50k. The debt wins.

Addressing the way the debt was run up in the first place is the best way to go about this, and to gradually repay it, not just move it.

Stepchange are brilliant, if you don't want to take their advice, you don't have to, but it's definitely worth speaking to them about it.

Indeed agreed, but the objective is to reduce interest costs. The intention is to use the (significant) savings to help reduce the debt.

With regard to the debt itself, bad luck and stupidity play a part, but I am where I am. Can't change the past, I can influence the future.