Hi Amanda
I fear that taking out another loan is just going to hinder your debt problems in the long run rather than heal them. Your unsecured debt is substantial, and I imagine that the monthly repayments are not being serviced under contractual requirements. You are probably only making ongoing payments by "robbing Peter to pay Paul", and taking out another loan is not going to fix this, but will worsen your overall situation - even if you could find someone to lend you the money.
As Andy says, give your finances a real health check, cut out all non-essential expenditure and see what you have left to offer to your creditors on an ongoing basis. Compare this to the amount you are required to pay contractually - it may be a lot lower.
Under bankruptcy proceedings, your equity in your property would vest in a Trustee in bankruptcy, who is tasked to realise this for the benefit of your creditors. To protect your property, and IVA may be a more sensible route, but you should take direct advice from an insolvency practitioner who can advise you of all options available.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
