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outrageous Loan, can anyone help.
hi i am basically looking for some advice.
approx 15 months ago i had entered into a secured loan to pay off some debts,
the amount of the loan i got was £25,500
after paying the loan for 15mths at £335 per month, i phoned last week asked for a settlement figure and it was £29,900.
would this be normal.
i did have adverse credit when i took out the loan but i did not realise i was involved in this outrageous rate of 14.9%.
at the time this seemed like a good option but recently it is geting me down, and i am unsure if i am better off to try and get a better rate secured loan to clear this, but i have been told if i get a better rate secured loan then i will end up paying fees for the 1st 2 years and will be in more debt than i am in.
can anyone please advise how to get out of sticky outrageous loan rates if there is a way.
thx.
approx 15 months ago i had entered into a secured loan to pay off some debts,
the amount of the loan i got was £25,500
after paying the loan for 15mths at £335 per month, i phoned last week asked for a settlement figure and it was £29,900.
would this be normal.
i did have adverse credit when i took out the loan but i did not realise i was involved in this outrageous rate of 14.9%.
at the time this seemed like a good option but recently it is geting me down, and i am unsure if i am better off to try and get a better rate secured loan to clear this, but i have been told if i get a better rate secured loan then i will end up paying fees for the 1st 2 years and will be in more debt than i am in.
can anyone please advise how to get out of sticky outrageous loan rates if there is a way.
thx.
0
Comments
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Is there any protection with the loan?
It could be that the insurance premium was added to your initial capital.
You are free to find out if anyone else will take on your debt but you need to read up firstly about your existing terms and conditions about early repayment and any charges a new lender will levy.0 -
Looks like they added on PPI at the begining. Drag out the paperwork and see if you were mis-sold PPI.One half of the world cannot understand the pleasures of the other0
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is PPI allowed now, after all that is being said and if so am i right to try and reclaim it.
is the only reason that the balance would be so high after repaying for 1 year?0 -
is PPI allowed now, after all that is being said and if so am i right to try and reclaim it.
is the only reason that the balance would be so high after repaying for 1 year?
Hi there in regards of reclaiming PPI there is a thread here if you need help with this matter:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169
You may have a case here, also check out further info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insuranceThe one and only "Dizzy Di"
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thanks for the advice,
i have contacted the company today for a copy of the original terms and conditions of the loan i have taken out just to see exactly where these charges are incurred.
i will keep you updated when i receive them.
thanks0 -
Seems very likely PPI was added. Will have to wait to see your update0
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