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Alternatives to Poor Credit Secured Loans

• Although a debt consolidation loan can be a great relief in the short-term, taking out a poor credit secured loan to pay off existing debt may make the situation worse.  If you owe at least £2k and have 2 or more creditors, you may wish to consider a debt management plan instead of going down the poor credit secured loans route.  This would involve paying a debt specialist to create a repayment plan by liaising with your creditors on your behalf.  The alternatives would be to use a free organisation, or to manage your creditors personally.  As this is a step before a legally binding IVA (individual voluntary agreement) or bankruptcy, there is less stigma attached, and you would have less trouble obtaining credit in the future.
• Prioritising your debt can make a huge difference to the amount that you need.  Lenders will often encourage consumers to take poor credit secured loans for more than they actually need, giving the incentive of a cash lump sum that you can spend as you choose.  If you can be totally honest with yourself about the amount of money you require immediately, you may be able to scale down from looking at poor credit secured loans to the more manageable unsecured loans, thus saving yourself money and keeping your debt at a lower level of risk.