i am currently paying a total of £737 in unsecured loans. i want to apply for a secured loan to wipe these debts out and do some home improvements - i have been quoted below £400 per month. my partner is worried in case a secured loan will have an adverse effect on our "excellent" credit rating. i think it shouldnt affect us as long as the repayments are made. does anyone know for sure?

The more debts you take on, the worse your credit file looks. Taking on one debt to pay off another also wont look good.

I would guess that, if you went with your plan, the monthly payments would go down but the term of the loan would increase.

Could you tell me who you managed to get a loan with?. We are trying to get a loan to pay off some debts and no-one will except us and our credit rating is fine.

It is possible that ladymissk will have the same problem when she applies.

Lenders prefer borrowers who will use their own money to pay off a debt.