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DMP or Secured Loan


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Hi

I'm new to this so be gentle!

 

 

I've amouted a massive amount of debt in the form of personal loans and credit cards 45k.

 

 

Ive approached my mortgage provider and they wont remortgage to clear said debt even though I have more than double said debt in equity.

 

 

My problem is repayments are now killing me and i'm struggling to survive,

currently all accounts are up to date but its a struggle.

 

 

My question is

what are peoples thoughts on a secured loan.

or going for a dmp to reduce my payments but ruin my credit worthiness in the process.

 

 

Is it worth putting my home on the line for debt that is unsecured?

Is going on a dmp worth all the hassle of phone calls etc from creditors.

 

 

I could afford 600 per month comfortably on a dmp

but at the mo my payments add up to £900 and this isnt sustainable especially as these a barely putting a dent in the credit card debt.

 

 

Been to see a broker today who found me a secured loan to clear all debt at 7.1%

but there is a voice in the back of my head telling me its a bad idea to secure said debt against my house.

Which way to go?

 

Any thoughts much appreciated

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its always best never to turn unsecured credit into a secured one.

 

 

can you list all you debts please

 

 

who was the original creditor

type of debt

when you took it out

who you pay now

how much is owed.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hiya debt has all been accrued in the last couple of years. 2 X loans with Barclays and Natwest, and credit cards with cap one, barclays and natwest. All are still with original creditors and non are currently in arrears

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ok well nothing to shout about in terms of reclaiming then and no PPI I bet?

 

 

well whatever you do

don't use a fee paying lots

payplan or stepchange might be your route

or

give nationaldebtline a ring

but don't sign up to anything.

 

 

you could quite easily admin this yourself.

there are relevant letters in the DCA section of our library.

 

 

believe it or not £45k is not an unusual sum.

and several stories are here already upon how they 'survived'.

 

 

one tip most certainly don't go getting anything that secures the debts

nor DRO's or IVa's etc etc.

 

 

also they'll be noway to avoid your credit being trashed for 6yrs mind whatever you do

so don't be temped to go with any of the above iva/dro routes as that'll have the same effect on your file & p'haps kill you even longer

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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