Simple.......

Unsecured debt has high interest rates. This is because the bank does noy have an easy recourse to your possessions to pay the debt if you default.

Secured debt has lower interest rates as they simply repossess your possessions when you default.

Therefore, the pro is it's cheaper per month. The con is that it can have your house taken.

Also, secured debt tends to be much longer term. You therefore pay interest for a much longer period with the principal only reducing slightly.

As an example, every ?100k on a mortgage equates to around ?250k in money you have to pay back.

Pro is a reduction in outgoings per month. Con is that you pay for much longer.

Now go find some people who have done it and get their perspective.

Simple.

Posted By: Shilpa Poppadom on January 24th 2007 at 13:15:24

Message Thread

Serious question.... (General Chat) - Stoopish, Jan 24, 13:00:53
- Another serious question (General Chat) - Clare, Jan 24, 13:56:29
  - way i research and write, (General Chat) - Stoopish, Jan 24, 13:57:56
- BOOOOOOOOOOOOOOOOOOOOOOOOM!!!!!!! (n/m) (General Chat) - Fierce Panda, Jan 24, 13:46:08
  - ? (n/m) (General Chat) - Stoopish, Jan 24, 13:47:34
- Simple....... (General Chat) - Shilpa Poppadom, Jan 24, 13:15:24
  - or stick everything on your interest only mortgage, then hope you die (General Chat) - tudders, Jan 24, 13:19:47
    - Which sort of works....... (General Chat) - Shilpa Poppadom, Jan 24, 13:20:59
  - I see! (General Chat) - Stoopish, Jan 24, 13:17:53
    - Call this bloke.. (General Chat) - tudders, Jan 24, 13:22:14
      - lol, seriously? Or will he actually say fuck off... (General Chat) - Stoopish, Jan 24, 13:22:57
        
        Try it. I've know him for years. Still might say fuck off though. (n/m) (General Chat) - tudders, Jan 24, 13:25:14
        
        ok, can i have his email then? (General Chat) - Stoopish, Jan 24, 13:27:21
        
        Google AFP Mortgages, or variations of. Got to go. (n/m) (General Chat) - tudders, Jan 24, 13:29:29
        
        oops martin (n/m) (General Chat) - Stoopish, Jan 24, 13:23:44
        
        Get it right cockend (n/m) (General Chat) - Brom, Jan 24, 13:25:11
        
        up yours knobby chops (General Chat) - Stoopish, Jan 24, 13:26:27
        
        Didn't go in the end... (General Chat) - Brom, Jan 24, 13:27:44
        
        Go see my mum, she'll love you (General Chat) - Stoopish, Jan 24, 13:32:16
        
        lol (n/m) (General Chat) - pants, Jan 24, 13:37:25
        
        tis true, she's great (General Chat) - Stoopish, Jan 24, 13:38:08
        
        Funny, she said you were a c**t :o) (n/m) (General Chat) - Brom, Jan 24, 15:10:53
        
        Sicko (n/m) (General Chat) - Steve in Holland, Jan 24, 13:33:00
        
        Bom tish (n/m) (General Chat) - Stoopish, Jan 24, 13:34:11
    - No. (General Chat) - Shilpa Poppadom, Jan 24, 13:18:55
      - Good plan! (n/m) (General Chat) - Stoopish, Jan 24, 13:20:46
- Yes. What's the job? (n/m) (General Chat) - tudders, Jan 24, 13:10:59
  - tuds (General Chat) - pants, Jan 24, 13:16:27
  - Rent boy (n/m) (General Chat) - Brom, Jan 24, 13:15:07
  - what's your email? (General Chat) - Stoopish, Jan 24, 13:14:05
    - Might not get a chance to reply until tomorrow night... (General Chat) - tudders, Jan 24, 13:16:44
      - thanks, email on way (n/m) (General Chat) - Stoopish, Jan 24, 13:22:21
        
        Sent. (n/m) (General Chat) - Stoopish, Jan 24, 13:26:33
        
        travelling through the ether (n/m) (General Chat) - pants, Jan 24, 13:28:10
        
        Almost at the SMTP server now. (n/m) (General Chat) - Steve in Holland, Jan 24, 13:32:01
        
        ATTN: Tudders. We urgently require a post to inform us of receipt of Stoopish's email! (General Chat) - Steve in Holland, Jan 24, 13:36:21
        
        Nice usage of apostrophe (General Chat) - Stoopish, Jan 24, 13:37:30
        
        Lol (n/m) (General Chat) - Brom, Jan 24, 13:31:51
        
        pants in making brom laugh shocker (n/m) (General Chat) - Stoopish, Jan 24, 13:32:42
        
        He's done worse than that (General Chat) - Steve in Holland, Jan 24, 13:34:08
        
        just so long as it's not ROTB, as it's deffo me......blub (n/m) (General Chat) - Stoopish, Jan 24, 13:34:51
- Put it ALL on Blackpool (n/m) (General Chat) - Steve in Holland, Jan 24, 13:02:31
  - 895 words to go! (n/m) (General Chat) - Stoopish, Jan 24, 13:03:46

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