Unsecured/secured loan

Ragdoll_kat74

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 

fatbelly

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?

Ragdoll_kat74

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 

sourcrates

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 

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.

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.

RAS

The SOA is in sourcrates' signature.

What is the secure debt for? 

Ragdoll_kat74

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 . 

sourcrates

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 . 

Well lets stop dealing with the negative, and start being pro-active, there is always a way out of debt.

Give us some figures to work with and see where we are.