Sorting Finances without IVA

anon30

Can anybody give me the name of a company or organisation that I can talk to about consolidating loans or re-mortgaging without them being biased and telling us to do a DMP or IVA.
Basically our home brings in £51000 p.a. gross, so about £31000 net, our house is mortgaged for £97000 and is worth £125000. CC and unsecured personal loans are about £50000. We are both in secure employment. No kids.
We just want to start over again.

Anon30.

jonesMUFCforever

You can start on here by going over to the debt free wannabee board.
You need to do an exact statement of income and expenditure.

Once you see everything in black and white it may become obvious to you where you can cut back on expenditure until your finances are back in order.

How is your credit rating generally (both of you)?

If it is good look to get either 0% or low LOB credit cards and transfer over from high rate cards.

Have you heard of snowballing?
This is where you make the minimum payments on most of your cards whilst throwing every available penny towards your highest charging card until its paid off - then you move towards the next highest etc.

This will only work of course if you realise that you have been habitually overspending in the past and this has got to stop.

There is no easy fix. Just getting a consolidation loan (which in your case would have to be secured) is a recipe for disaster - you will end up paying thousands more in interest payments in the long run.

Good luck in sorting out your debts.

anon30

Credit Rating is 952 by experian. The only way I see we can do what you suggest is stop all our outgoings. I was wondering if there were any people that will give us a re-mortgage and an unsecured loan that means we can start afresh without high interest credit cards. It sounds simple, but in reality the more in debt you are the more people can rip you off.

jonesMUFCforever

If things are really that bad (or you think that they are and you are giving in beore you start?) then if you do not consider an IVA or DMP you could end up bankrupt and losing your house.
If you mean that by a clean start then so be it.
If things are that bad a loan will only make things worse not better.