High interes loan

happyhowie2022

We took out a 2nd loan against the house many years ago. The losn amount was 50000 and it was at 12% interest. We know it was not agood decision but we were poorly advised and were kind of desperate at the time. We have a few years to go and it is 500 per month which is a real strain on our monies. The interest rate has hardly changed and has bever come down to anywhere near bak of england rates. I think we paid nearly 90000 already as it wad over 25 years us there any advice on what if anything we  can do about this

[Deleted User]

Visit the DFW boards for advice in cutting costs so you can overpay. That will save interest and get the debt cleared quicker.

However, you'll need to factor in any other debts you have, which may be at a higher rate.

You could also look at refinancing, but that is likely to be difficult if you're already struggling.