cambsno:

 Hi
Need some help in re-financing.
I have approx £30k in credit cards and £25k in unsecured loans outstanding and cannot keep payments up (fallen into the trap of paying the repayments each month but then putting all bills like food onto the cards).
My take home is £2900 and once I have taken off mortgage, bills etc... I should be left with around £700 per month.
I am thinking about going down the IVA route, and being able to start afresh in 5 years, although I would like to remortgage next year when my deal runs out, although I would not want my wifes credit affected if possible.
My other thought is to get a secured loan based on the £50k equity on the house which would then take care of all but £5k of my debts, on a 10 year loan I could afford to do that and cover the £5k debt.
Any ideas on what would be best?

Be Careful Securing More Debt

I would be very careful to secure any further borrowing on your property - you have to consider and be absolutley sure that you can afford the re-payments and be confident that will you be able to do so for the length of the loan.  Have a look round this site for further advice or call one of the free debt advice organisations such as National Debtline 0808 808 4000, Payplan 0800 917 7823, CCCS or your local CAB.
They can give advice on IVAs, Debt Management and the ups and downs of further borrowing.
Hope this helps, and let us know how you get on!
Kind Regards
Bernadebt
“Debt is the slavery of the free”
“I can live without money, but I cannot live without love.”