What are the pro’s and con’s of a secured loan?

December 26th, 2011 by admin

Can anyone recommend a secured loan.

Our options are:

An IVA (but we don’t want to lose equity from our home)
or
A Debt Management plan which leaves us only 100pcm spare for next 5 years which means that not only do we suffer but so does our son
or
keep paying for loans that only have 2 years left on them and consolidate the rest – this means we will be seriously skint for next 2 years but after that can resume a decent standard of living…

Can anyone help? We are at our wits end… We have got ourselves into such a mess and it has all spiraled out of control. We don’t want to default on any payments, up until now we haven’t missed a single one, but we can’t keep on as we are… Help?
Thankyou so much to everyone who’s answered so far xx

Repossession

Should I transfer title into my name to apply for a secured loan? She was denied with me as cosigner? My fiance recently applied for a secured loan using her paid off vehicle as collateral and I cosigned on the loan. She was denied. I have decent credit(no negatives...
if i get home loan secured in this taxable year, can i deduct interest payments made before loan secured? my parents helped my husband and i purchase a home this year. we have a loan agreement with them and have been making payments of principal and interest since...
SECURED Loan: Since a loan is secured by property does that limit collections to the current value? Whether it is worth either more or less, does that matter, since it was accepted as “security” for the loan?Sell and Rent Back ...
What is best a secured loan or remortgage? I need to take oout £30k for debt consolidation. Is a secured loan (i can’t get an unsecured loan) over 5 years or remortgage. I suppose if i remortgage...
Is Getting a 30 Year Home Loan a Good Choice? Getting a 30 year home loan used to be a popular choice among most home owners. The reason being the total home loan payment is being spread out across...