how can I clear this debt without losing my house?

[Camille]

I have a mortgage and have 4 secured loans on my house i am in serious debt of £10,000 and i cant get a personal loan, i have tried applying for yet another secured loan, but the process has taken 4 weeks so far with no guarantee of money as i have a second charge on my property, i am behind one payment on my house and always overdrawn with nothing to live on, i need desperate help and advice on how i can clear this debt without losing my house.

[janot]

Camille,
We had to give our home up last year, and at the time we thought it was the end of the world, however 4 months on and we are much much happier. we handed our keys back as with the secured loan and mortgage we had no equity, the house is lovely but it is still up for sale. our rented house is just as nice and without all the pressure we are a much happier family.

Good luck and what ever happens you will be fine.

[luluj]

four secured loans and a mortgage? £10,000 secured or unsecured? If unsecured then this is not sufficient for an IVA to be approved as it needs to be over £15,000 and with 3 lines of credit or more.
Have you thought about going bankrupt? We moved into rented last October and after a few ups and downs it is not all bad ......at least when something needs replacing you can shout for help!

Keep positive

5 down 55 to go!

[MelanieGiles]

Good advice from the two earlier posters - there is a pattern here of using your equity to fund debt repayments and then using the original sources of credit again. I suspect that given the current state of the secured lending marketplace that an additional loan may not be possible - and is probably not the right solution. How much are you paying towards your mortgage and secured loans now, and how would this compare with a comparable rental property in your area?

[chris.g]

Hiya, we've just gone bankrupt-last week-but moved out of our mortgaged property in Nov 07. As janot and luluj have said, the pressure relief is enormous of having the debts in control. No more repairs or worries about where to find the money for this or that. We were devestated and terrified at having to declare ourselves bankrupt, losing our home of 8 yr, but we've done it and it really is the best thing for our situation. At the end of the day, a house is only bricks and mortar......