PinkDalek wrote:robbelg wrote:Can you get another loan? - even at 12.9% it would be better than the credit cards.
Alternatively is remortgaging a possibility, given the apparent equity in the property, which may not be impossible given the loans appear to be unsecured, and it might therefore spread the repayments further into the future? I know little of mortgages though and wonder if the existence and level of the unsecured debt would make remortgaging an no go area.
I have given serious thought to remortgaging. However, my mortgage is currently split into 3 sub accounts. Two of which track 0.75% >BoE base rate (which equates to 1.25% currently), the third of which (£17,107.45) is on 3.99%. It is unlikely that any lender would lend me anything like the amount required to pay off all of the unsecured debt in entirety, let alone give me rate like the ones I currently have. That said, there is the likelihood of an interest rate hike in the near future so this is an option I am toying with, albeit reluctantly. Mortgage will settle in 8 years.