Secured Loans and selling Property

southernscouser

LouBlue wrote: »

I will also look into an unsecured loan to cover the credit cards if thats the route I have to take.

No Lou! :eek:

Sit down and do the figures. Consolidating is often the worst thing you can do! I'm 5 times living proof! :rotfl:

Tell me to naff off but I take it you aren't using the credit cards or anything anymore? :think:

You can always post on the DFW board for more help.

LouBlue

southernscouser wrote: »

No Lou! :eek:

Sit down and do the figures. Consolidating is often the worst thing you can do! I'm 5 times living proof! :rotfl:

Tell me to naff off but I take it you aren't using the credit cards or anything anymore? :think:

You can always post on the DFW board for more help.

God, I'm confused! :rotfl: We're not using the cards anymore but there is a lot on them and we can't get 0% on all of them, I try on a regular basis. So they are not going down very much, if anything, they are probably going up. So what is the option then?

southernscouser

LouBlue wrote: »

Well I hadn't found this place when I took out the loans and was extremely [strike]stupid[/strike] naive back then about finances, I can tell you. Hence all the debt. I got settlement figures back in September, the figures were fine, what I expected really. As I said, I can repay the loans with the equity in the flat, but just really wanted to pay off the credit cards first, but may have to get an unsecured loan for them if I have to pay the loans off first.

I read that after I had posted! :rolleyes: :rotfl:

Are you familiar with the snowball calculator? You put all your debts in and it will tell you how long it will take to clear them depending on your monthly payment. You can use it to weigh it up against the cost of a loan. :think:

LouBlue

southernscouser wrote: »

I read that after I had posted! :rolleyes: :rotfl:

Are you familiar with the snowball calculator? You put all your debts in and it will tell you how long it will take to clear them depending on your monthly payment. You can use it to weigh it up against the cost of a loan. :think:

I have used that for the credit cards and almost had a heart attack. I'll have my bus pass before they are all paid up. :eek:

But will do the snowball thingy with a loan. You telling me that I have a crap choice and a crap choice to choose from?

This is the reason I wanted to pay off the credit cards with the equity.

harryhound

How much can a potential buyer find out about you, using their laptop, before they even ring your front door bell?

It might well be worth spending 3GBP to check your own title before you put your place on the market.

http://forums.moneysavingexpert.com/showthread.html?p=6395212#post6395212

southernscouser

LouBlue wrote: »

God, I'm confused! :rotfl: We're not using the cards anymore but there is a lot on them and we can't get 0% on all of them, I try on a regular basis. So they are not going down very much, if anything, they are probably going up. So what is the option then?

I personally don't like 0% cards because there is no guarantee that you'll be accepted for another one when the offer runs out. I prefer low life of balance cards.

Have you applied for any/many lately?

What I would do is apply for the free Experian credit file trial (think you can go through Quidco) and see your report. Remember to cancel before the 30 days is up though or it will cost ya!

See if there are any old credit cards you might have had where the account hasn't been closed. If say you have a limit of £5,000 on a card but a balance of £1,500 you could also get the limit lowered. It's not guaranteed to improve your rating but it could well do.

Thats only if you want to take that route though! :think:

LouBlue

harryhound wrote: »

How much can a potential buyer find out about you, using their laptop, before they even ring your front door bell?

It might well be worth spending 3GBP to check your own title before you put your place on the market.

http://forums.moneysavingexpert.com/showthread.html?p=6395212#post6395212

Thanks. How do I apply for that then?

southernscouser

LouBlue wrote: »

I have used that for the credit cards and almost had a heart attack. I'll have my bus pass before they are all paid up. :eek:

But will do the snowball thingy with a loan. You telling me that I have a crap choice and a crap choice to choose from?

This is the reason I wanted to pay off the credit cards with the equity.

Taking control and paying off debt is never a crap choice.

Either way, you're gonna have to pay off both eventually! If you have to pay the secured loans of first then so be it. It will mean whatever you were paying towards those, you can then throw at the CC's!

If you're brave enough you can always post a state of affairs on DFW and we'll tear it to bits for you.

LouBlue

southernscouser wrote: »

I personally don't like 0% cards because there is no guarantee that you'll be accepted for another one when the offer runs out. I prefer low life of balance cards.

Have you applied for any/many lately?

We have one on life of balance. Me and OH apply every now and then, we don't like doing it too much and only do one application at a time. I make notes of when 0% offers end, and when I have rung up a company and asked for a better rate etc.

What I would do is apply for the free Experian credit file trial (think you can go through Quidco) and see your report. Remember to cancel before the 30 days is up though or it will cost ya!

I got mine a couple of months ago. Score was 999. I have never missed a payment on my mortgage or any loans, and only had the odd late credit card payment.

See if there are any old credit cards you might have had where the account hasn't been closed. If say you have a limit of £5,000 on a card but a balance of £1,500 you could also get the limit lowered. It's not guaranteed to improve your rating but it could well do.

I'm pretty happy with my credit card score unless you think there is a problem.

Thats only if you want to take that route though! :think:

I don't know which route now! I had it all planned. Pay off credit cards with equity. Now its gone tits up and whether I carry on paying off the cards, or get a loan, I don't think there is going to be much in it. But I will do the snowball thingy just to make sure.

LouBlue

southernscouser wrote: »

If you're brave enough you can always post a state of affairs on DFW and we'll tear it to bits for you.

Did one ages ago, was told to ring up CAB or Debtline or PayPlan or something because outgoings were more than incoming but that has changed now as OH has had promotion at work and gets good commission every month. We don't have much left at the end of the month, but at least we are keeping our head above water. But I was just hoping that selling the flat, would get the albatross of these credit cards not round our necks anymore.