Secured loans

zannamar

Hi I hope someone can answer my questions.

I have a secured loan against my property but have now gone into a DMP with B&E. If I write to the company with whom i have the loan and offer lower payments because of debt, can they force me to sell?

Also, at the beginning of the loan they added an insurance payment of £7000 +. If I managed to clear the loan amount next year (2 and a half years into the loan of 25 years) do I still have to clear the insurance payments. the loan company say yes cos I am signed in for 5 years on the insurance before a rebate is payable.

worrygirl

with the secured loan you will be able to treat that as a priority debt..... all the other debt you owe will be sorted on the DMP..... As for the PPI you need to reclaim! go on this website and search reclaiming ppi... i have got thousands back and you can too.... just follow the template letters and you will benifit it will come off your debt or if the debt has gone you will get a cheque.. i have got so much back my debt has improved and i should get debt free sooner than i thought..

anyway good luck - do look at the ppi reclaiming site..
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