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Secured Nemo loan

puxie123
puxie123 Posts: 11 Forumite
in Loans
In 2008 we took loan out to pay off some credit cards for £12,500 and it was secured on the house, we have never missed a payment with them and have been paying £149 a month, we had a yearly statement come through saying we still owe £14217.72, so in 7 years we have not paid anything off. We are with PayPlan and do a DMP with them, do you think they could help, we did tried with them to get a remortgage to pay this off and other debts but we couldn't get it even though we have about £45,000 equity in this house.
Any advise would be welcome,
Thank you

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    What is the interest rate and the term of the Nemo loan?

    Your debts in the DMP will be unsecured debts if you start some kind of payment plan with Nemo then 1) you will be risking the roof over your head as your debt is secured to your home, 2) it will take even longer to repay the loan.
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