Desperate measures: Good or Bad idea??

brassmonkey_2

Please don't shoot me down on this, my head is all over the place. here goes:

I have a car on finance which is classed as a secured loan, I have enough credit between 2 credit cards to pay that off to convert it to unsecured.

Obviously from previous posts etc I am currently in the process of contemplating a DMP (which I truly believe is my only and best route) and doing the above I could also include that debt onto the DMP????

please advise, is this morally wrong?, legally wrong? good or bad idea? Just getting desperate and considering every possible option.

thanks in advance.

brassmonkey_2

Anyone have any views?

notagoodsituation

do you know what - I would do it if i could!

van22663

Do you have your own home ? I am not an expert but if you do, i would
guess unsecured is your better option. Not sure of the legal position, but secured debts to me equal possible loss of home. Im sure there will be someone with more advice along later.
Good luck.

brassmonkey_2

yes we have our own home, although i thought that the car finance was purely secured against the car? also the finance is new, so am i right in thinking there is a 14 day cooling off period where i can just give them back the money they lent??

Buffythedebtslayer

brassmonkey wrote: »

yes we have our own home, although i thought that the car finance was purely secured against the car? also the finance is new, so am i right in thinking there is a 14 day cooling off period where i can just give them back the money they lent??

there should be a cooling off period, may even be 21 days?

xx

angeldiva

notagoodsituation wrote: »

do you know what - I would do it if i could!

What are the aprs on the credit cards and on the loan, could you do a 0% balance transfer?

GeorgeUK

You would also need to make sure that the card could do a "super balance transfer". Otherwise they may put it through as a cash advance which would be a higher interest rate than the standard card rate.

I seriosly doubt you would be able to do this with 2 existing cards.
Possibly trying to get a Virgin Money card or similar, but are your current cards offering 0%? What is the loan APR?

beanielou

You would then not be able to go straight into a DMP ~ you would have to wait a couple of months IYSWIM.