Is taking out a secured Loan a good way of paying off my debts?

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Posted by Johnathan : January 2nd, 2008

Is taking out a secured Loan a good way of paying off my debts?

Hiya,

I am currently in £!5.000 debt which has accumulated from store cards, credit cards and missed HP payments and I am having quite a hard time paying them all off. My job pays quite well, but most of my out goings goes on paying off these debts

I have been considering taking out a secured loan which may be able to help me in my dire situation.

I just want to ask forum members if they would recommend taking out a secured loan as a way of paying off my debts? If not, what other methods of debt repayment would you recommend?

Thanks again

Johnathan

Hello Johnathan,

I would definately agree with Donna on this one, securing a debt against a property can be a great solution providing that you can afford the repayment comfortably. If it means that it would be a tight budget in order for you to repay the loan back then I would look into other options because if for one reason or another you cant afford the full payments then your property could be at risk.

Give DAT a call and they will advise if a secured solution is the best way forward for you.

Posted by: understanding debt

secured loan or not?

To Jonathan Before deciding on wether to secure debt or not make sure you can afford the repayments and look for total amount of pay back over term.be careful with charges on your home,it can effect trying to remortgage again,as you will need consent from your secured loan people before you can do it. Have you thought about remortgage ? You will need to get the right advice first,I am an Independant Mortgage Advisor,if you need my help my mobile number is 07894596281

Posted by: donna robinson

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