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Unsecured/secured loan
Ragdoll_kat74
Posts: 9 Forumite
Hi I have several unsecured loans and one secured loan, I am having to consider a DMP but I want to know if I can afford to pay the secured will I be allowed to use a DMP ? I can’t see way out of this
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Comments
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A secured loan is like mortgage, secured on your house.
So can you afford your mortgage and secured loan?
If so how much spare money would you have after this, per month?0 -
I can afford to pay mortgage and secured loan just about . I am currently paying out more than I earn but have got a bit of money to pay one debt which would free up around 200 pound, I am currently paying over 2100 a month in debt payments0
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Then you need to stop paying your non essential debts, make certain your priority debts, mortgage and secured loan are paid, along with your council tax, utilities, food etc, the rest do not matter, all unsecured consumer credit debts are deemed to be "non priority" so if you can`t afford it, don`t pay it.Ragdoll_kat74 said:I can afford to pay mortgage and secured loan just about . I am currently paying out more than I earn but have got a bit of money to pay one debt which would free up around 200 pound, I am currently paying over 2100 a month in debt payments
Post a statement of affairs and we can help you sort a solution to this, there is one, trust me, its just a matter of deciding what`s best for your circumstances.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
The SOA is in sourcrates' signature.
What is the secure debt for?If you've have not made a mistake, you've made nothing0 -
Secured loan was for you’ve guessed it ! To consolidate loans, I’m 51 now and I really feel it’s too late to try and sort this so I can actually have something to work for and look forward to .0
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Well lets stop dealing with the negative, and start being pro-active, there is always a way out of debt.Ragdoll_kat74 said:Secured loan was for you’ve guessed it ! To consolidate loans, I’m 51 now and I really feel it’s too late to try and sort this so I can actually have something to work for and look forward to .
Give us some figures to work with and see where we are.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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