Press-ganged into secured loan

Esteban

I've been managing fairly well to keep my head above water these last few years, despite crippling debts (all my own fault due to OCD post-Hillsborough, but hey - never mind). However, my wife has just been on Mat leave and we've hit a brick wall due to her not being paid a penny from her employers. This caused an inevitable scamble to speak to lenders etc...upshot is that we've both sought advice from the CCCS and PayPlan respectively and got something in place to prevent us borrowing even more money. The advice we got from them was fantastic, but it led me to think of a situation I had with a credit card company 2 years ago where I was having major problems paying off credit card debt. When I was clearly struggling, they basically hiked the interest up on my account to a whopping 34.9% in the knowledge I'd be unable to pay the minimum amount. They ended up 'arranging' a secured loan through their 'sister company' for me and all of a sudden, I was consolodating unsecured credit onto my house when at the time, I now know I could have gone onto a DMP rather than be convinced that a 'secured loan was the only option for people in my position'. Any thoughts, comments greatly appreciated. You can even tell me how daft I was if you like...

oscar52

ESTEBAN

I am going to assume your Credit card was with MBNA (A&L Virgin etc) as 1) they are of the few to charge 34.9% so quickly, and 2) the sister company "helping" you is a trick they tend to pull - stick with CCCS/Payplan who will help you far more than some members on here.

Have you also claimed your charges back from the CC companys (or your bank account for that matter)?

KimYeovil

When they put the interest up to 34.9% then you should pay back the loan. Problem solved. No need to take out different loans.

oscar52

KimYeovil wrote: »

When they put the interest up to 34.9% then you should pay back the loan. Problem solved. No need to take out different loans.

If everyone "lived" in this perfect little world, employment would be sky high. No one would need a credit card - so they would all be unemployed, no one would need a loan. As no one had any debt whatsoever, there would be no need for Payplan or CCCS, no need for bankruptcies or IVAs.

Ames

Ah, it must be so nice to live in a perfect world, where you only ever make perfect decisions, nothing bad or unexpected never happens....

Ames

Haha, cross posted.

oscar52

Ames wrote: »

Haha, cross posted.

great minds and all that....

Sportbilly_2

oscar52 wrote: »

Why are you (and others) even on these forums. You obviously have no debt (because your not that stupid like all the rest of us) so why come to a forum dedicated to helping people with debt?

Because they're self-righteous, censorious prats far more interested in criticising people for the decisions they've made in the past than helping them make better decisions for the future.

oscar52

Sportbilly wrote: »

Because they're self-righteous, censorious prats far more interested in criticising people for the decisions they've made in the past than helping them make better decisions for the future.

I suppose thats one way of putting it.

Emmzi

I read the tone of the first post as 'please help me find a loophole as I have been daft and signed this'

So I'm not surprised people answer 'nope, you signed it!'

That may not have been the intention at all but if not, I am not sure what else you are looking for advice about?

Sportbilly_2

He/ she doesn't want their current situation to end up like their last, I presume, although it's not all that clear.