Secured Loans - anyone own up?

scottishspendaholic

Yes - sorry for the hijack Cantdance! Thanks wendym - you have given me hope!

On with the thread...

scottishspendaholic x

tamtam10000

Mountainofdebt,

Wow! You've done really well with the house. Well done, you.

tx

Cantdance_2

tamtam10000 wrote:

Yup, an evil Ocean Finance loan at stupid % interest with a whopping end-payment when I came to pay off my loan early.

I borrowed £15,000 and over 2 years paid back (inc. end payment) about £23,000.

...and 'no' I didn't know about this site at the time...

I wouldn't want anyone else to have to go through it, but it did get me out of a very sticky hole at the time.

Thanks for replying... interesting stuff!

Yeah, we thought the loan was getting us out of a hole at the time we did it, but we could easily have got to the same result by finding a site like this and going through all the cutbacks we've now made to get us back in the black.

And we wouldn't then have this millstone hanging round our necks ready to rear its head once we finally clear everything else we owe!

:rolleyes:

James

cygnusuk

Well, I cant own up to having a secured loan, but I can own up to working for one of the lenders that offer them.

Despite the fact that its part of my job to sell these things, I would NEVER take one out myself.

Yeah I know, how do I sleep at night??

davek1

Hi guys

I admit it i have a secured loan with Paragon. Borrowed £30000 2 years ok excellent value as we only now owe £50000. I'm not great at maths but something tells me the figures dont add up!

Would i do it again you bet (NOT)

Paragon are great until you have a problem then they dont want to know just add charges on charges and you end up in court. Luckily an understanding judge meant we have now managed to keep the house and are paying the arrears off monthly but their attitude at paragon stinks.

Sorry for the rant

Dave

tamtam10000

I think we all understand the rant - no apologies required!

tx

Little_Miss_Winner

We Have 2 loans running alongside our mortage with Nationwide. Although these are mortgage related, the monthly repayments are low, but I do realise they are over a longer time too! (16 years remaining).:mad:

The total debt outstanding is £54k (this includes mortgage) but the house at the moment is worth £167.5k, so not bad.:j

When we have paid all other debts upto date, then i will carry on paying these 2 loans till they are finished. (that was the plan 9 yrs ago though!).....:rolleyes:

I sort of justify it by thinking that 54k for a house of 168k isn't bad by todays standards.....but then 37k would be better (thats what we bought the house for)....

regards
pot

themaccas

Yes we have a consolidation loan running alongside our mortgage. We took it out in 1999 when I gave up work to go to uni and retrain. Our total debt then was 11k, with this drastic cut in our outgoings ( one nice monthly payment!!), instead of cutting our spending back and living within our means we just thought 'Oooh look, nice clean empty credit cards!' :rolleyes: and the next year we consolidated again extending this loan to £18K. 5 years later we were staring at a £34k cc+loan debt not including this.:mad: We have a mortgage (Halifax)for £67K + Consolidation loan (Halifax) £18K. Our house was valued last month at £234k so although there is plenty of equity that's not the point and it is all relative as all the houses we would like to move to have gone up just the same.
We have just received the secured loan statement and now owe £16K (have paid over 5K towards this loan yet it has only gone down by 2K :mad: ), I think of it as a mortgage for £85K rather than mort + SC. Once we have paid off our current unsecured debt we may start paying off this one too but I can't really think about it at the moment.:eek:
NEVER AGAIN!

tango

When i was with my husband( now separated) we took out a humongous loan with the dreaded First Plus,like the other posters,got us at of a very deep hole, and our backs were against the wall.
But you live and learn,its paid off now,but do have a huge mortgage.
I am so tight now,my last toilet roll got wet the other day.... and i dried it out on the window sill