Secured loan to consolidate debts as any remortgage

L406

Hi

Myself and my OH have considerable debts of 55k. We can’t remortgage to pay some off as we have to much debt in relation to our salaries. Our combined earnings are 75k. We have about 100k in our houss as equity. We haven’t missed any payments but we are getting to a stage when that could happen soon. I’ve looked into a secured loan. Is this a good idea? I’m concerned as our fixed rate mortgage comes to an end in March 2019 and I really need to get our payments down.

Thanks

Candyapple

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[Deleted User]

No. Terrible idea.

Visit the DFW boards for advice on cutting costs and repaying faster.

foxy-stoat

Not a good idea. Is your debt going down or are you using credit cards to live?

Remember you cannot borrow your way out of debt.

Do the PPI reclaim thing for all past credit, use the free tool on this site - use any refunds to pay your highest interest debt.

Get as much debt onto low/interest free deals as you can.

Overpay the highest interest debt and pay the minimum payments on the lowest debt.

Work out how long it will take you to be debt free - if its over 10 years then consider selling your property and changing your lifestyle - if its around 5-6 years then stick with it.

Can you down value your cars for a few years ?