Loan Default/Mortgage conflict

Louise777

Hi, we are £27k in debt & can no longer keep up any pretense with the credit card companies. Currently considering whether a secured loan would be best for us or whether to go to CAB to see if they can help us negotiate with our lenders. The one big issue that puts me off of that is that our bank accounts & our mortgage are with the same company that our biggest unsecured loan is with, and I'm worried that they will pull some nasty stunts on the mortgage & bank accounts if we default on the loan. Does anyone have any experience of this or can anyone give me any advice? Thanks.

jak

Go to the CAB. THey will be able to put you in touch with FREE debt help! Don't consolidate!
J
X

GeorgeUK

It would not be advisable to turn an unsecured debt into a secured debt. Before trying something so drastic i would certainly talk to one of the free debt charities as to how you may be able to tacke this. Have you asked for a mortgage holiday? Could this buy you some time to get your accounts under control?

(Taken from Fermi's signature)

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

Have you missed payments yet or had any defaults? If your credit history is ok then would it be possible to get a 0% creditcard to transfer some of the debt onto and reduce the interest you are paying? You can check your credit file free at experian (if you cancel within 30 days)

If you post up a statement of affairs (SOA) we may be able to advise on some areas where you can save.
http://www.makesenseofcards.com/soacalc.html

Have you reclaimed any bank charges, CC charges, been missold an endowment mortgage or PPI?
http://www.moneysavingexpert.com/reclaim/

MrsTinks

Call one of the debt charities - please don't turn an unsecured debt into a secured one!
Why not post a copy of your SOA on here and let's see if there is anything we can suggest that might help you or we can advise you if you really need to contact one of the people in my signature for help with a DMP etc.

One way or another this will be solved now you have recognised that you're in trouble - you're dealing with it and it will start to get easier once you confront it head on - honest!