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Debt Consolidation Query For Secured Loan & Mortgage
Wonder if any of you good folk would be able to point me in the right direction please.
A good friend of mine is struggling with monthly repayments for Mortgage & Secured loan which total £650/mth. Age 61, recently made redundant living with retired wife. They have a property worth approx 135k and 10k left on mortgage and 28k (@8%) on the secured loan. Both with 10 yrs remaining.
They are having to sell property due to no being able to afford mthly payments.
Would anybody be able to point me in the right direct as to what options may be available to them given the above circumstances?
Any pointers/info offered would be greatly appreciated as I NEED to help them.
Many Thanks
A good friend of mine is struggling with monthly repayments for Mortgage & Secured loan which total £650/mth. Age 61, recently made redundant living with retired wife. They have a property worth approx 135k and 10k left on mortgage and 28k (@8%) on the secured loan. Both with 10 yrs remaining.
They are having to sell property due to no being able to afford mthly payments.
Would anybody be able to point me in the right direct as to what options may be available to them given the above circumstances?
Any pointers/info offered would be greatly appreciated as I NEED to help them.
Many Thanks
0
Comments
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If they aren't working, then no-one reputable is going to give them any kind of a loan, unless they have any other kind of legitimate, fixed income. Do they?
Downsizing is probably the best option for them."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Thanks for reply. I will check when them and post back asap.0
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Best option seems to be sell the current house and use the proceeds to pay off the mortgage and the loan. Use the remainder to buy a smaller/cheaper place outright: if she's already retired and with him unlikely to get another job due to his age, they really need to cut down their outgoings to ensure they can live on their pension income as and when they get it.0
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