Best place to finds a loan

Benson_the_dog

I am in desperate need to consolidate my exisitng loand and credit cards. need approx 25k

who in your opion would be the best loan comapny to go to.

I need to reduce my outgoing ASAP in order to get back on trackat the mo i have about 1500 going out looking to reduce that to about 4-500 hundred. I am 35 have a 2500 overdraft 9000 (135pm) +6000 (100pm) +600 (60pm) + consolidation loan of (600pm).

I have a house worth £190,000 and a morage of 125,000 which i pay 600 pm for

Any ideas

Rafter

If you already have a consolidation loan secured on your house you will find it tough to get another loan.

Consolidating onto your mortgage may be the cheapest option using the equity in your house.

However you have to reduce your outgoings to match your income otherwise you will end up in the same position again.

I suggest you use a mortgage broker who should be able to identify lenders who will consider the amount of commission income you are earning versus core salary. As long as you can demonstrate this additional regular income you should be fine.

Try the budget calculator on here and see if you can reduce your outgoings for a start.

Good luck.

R.

King_David_2

If you haven't already, cancel the cards so they cannot be used for transactions. You'll still have to pay them off as usual but at least the debt can't grow on them, except for interest.

Mortgage_Master

As Rafter suggests consolidating onto your mortgage may be the cheapest option, however be careful as it puts your home at risk if you don't keep up with the payments.

Be extra vigilant when selecting a broker as some of the debt consolidation companies that advertise via the search engines charge £1000's.

Ask for a copy of their "initial disclosure document" , this will detail the basis on which they operate.