Thank you George.

I will certainly asked as to whether it is secured/unsecured. I have only recently brought my first house, we moved in last May, so I am in the unfortunate position of being in negative equity by about 15-20k. It doesnt overly bother me right now as we are not looking to move for the next few years, but how would this affect a secured loan? Also is the only down side with a secured loan that if I fail to make the payments they will take my house?

Thanks again.

Hello

I currently owe just under £5,000 on my Halifax Credit Card. I was looking round for a loan to cover this amount as I just want to pay it off and forget about it almost. I pay about £200 off a month and am being hit for about £80 interest each month so it just doesnt seem to be moving. I am not struggling to pay this amount but I cant really pay any more without it causing problems for me and it just seems like I will be paying it off for ever!!!

So I decided I would get a loan for 3 years paying around £150-160 a month. Whilst I was on the phone to a loan company (Maddison Financial) they said I qualify for a Debt Consolidation Loan which will consolidate all my loans and I will pay 0% interest. I asked if this would negatively affect my credit rating and she said it wouldnt. I left the conversation saying I would read up on them and call her back. So can anyone advise? I do not want my credit rating to be negatively affected but it would be nice to pay 0% interest. It just seems a little too good to be true? If this is the case why isnt everyone doing it?

The only other debt I have a finance on my car through Santander, about £7,500 remaining. I am not struggling to pay it, but she said I could put this into the consolidation loan too and pay 0% ineterest on it. Basically it seems I would be paying the same amounts each month but the debt would clear quicker.

Anyway I look forward to hearing form you with your thoughts.

Thank you in advance.