Big debts, is secured loan the way

[SBH]

Ok here is where I am at and why am not sleeping at night

I am married and we both earn a reasonable wage

We have a house with a value at approx 230 k

we have a mortgage of 55k

we have credit card and loan debts of 70 k dont ask afew bad decisions and what was supposed to be short term expenses that went wrong
the interest on the cards and loans is crippling us and with the recent rises in electric gas fuel etc
every month we slip 200 to 300 further in debt

so we went down the road of re mortgaging due to the debt precise and kensington where only ones to consider us but came unstuck because we had the free solar panels on the rent a roof scheme
which essentially means the solar panel company have a deed on our roof space
and they dont want the hastle if they repo the house should we want to sell to a developer they could knock the house down but have to leave the roof up

this was miss sold to us a whole other fight we have to take on

i want to pay the debt off and start a fresh

Our current mortgage supplier is a NO GO even though they have a break clause so are happy with panels
however they say even though know we want to pay our debts off they can not give us a further mortgage because with all our debts we cant afford it

A very big catch 22 situation

So now think our only option would be to try secured loans

any tips help advice would be greatly appreciated

I understand an IVA would not be a benefit because of equity in house

its complicated to say the least

Thanks

[Night Monkey]

Hi SBH, welcome.

It would be worth starting your own diary so that those that know more than me can offer advice with some relevant background.

Debts diaries here:

https://all-about-debt.co.uk/forum/d...bility-diaries

Preferred format, one post in the diary for each debt:

Type of account (credit card/loan/overdraft)
Date commenced
Approx balance
Date last paid (approximate date you last made a FULL payment)
Are you on arrangement or not paying
Status (default/in arrears/up-to-date)
Account owner (who is writing to you, a DCA or the lender or a debt purchaser)

Requote the post (or C & P) each time you need help with a question or get correspondence etc.

Good luck...