Secured Barclays Loan

gazbo91

Hi can anyone help me,
i took out a loan for 53k in April 2005 and had a 10k insurance policy attatched to it. the 10k insurance would be paid back after 5 years if no claims had been made.
In April/May 07 i sold my house and moved to a new one, i had arranged with the equity in my house to pay off the loan but was informed that i could not just pay of the loan payment of 53k, i would have to pay it all off. i arranged to pay off 58k and leave 5k ongoing to reclaim the insurance money after the 5 year period. but because of problems selling and buying the house there was a 3 week gap between selling mine and moving, i had to move into a hotel for a 3 week period and was informed that i could not arrane a bridging loan as there was no house to attatch the secured loan to.
in the end i had to get a 10k loan and pay it all off, paying up front for an insurance policy that i had not used and would not be using as i was paying it all off. and i was told that i could not get this money back, not even after the five year period.
can anyone help with some advise or any advisors who would like to help on my behalf.
thanks
Gary

jonesMUFCforever

IMO you had a choice - either stay put for 5 years and claim the money back or if you move you pay the loan off and forgo any refund.

Sorry if this is not what you want to here.

BigDave81

Sounds like the above is as cut and dry as it gets!

On another note though would it not have been possible to delay the sale and exit of your property by 3 weeks until you could move in to the new property? This would have saved having to be in a hotel and would have transferred the policy on as required, where chains are involved with house sales it's not unknown for moving dates to be delayed etc.

gazbo91

Thanks Dave,
it is a very long story but to shorten it down, the sale should have gone through in November but a long issues of work needed on the house and loads of other stuff i had to keep pushing the date back further and further and the people who were buying it were getting ready to pull out, so i needed to make a decision because i also could not afford to miss out on the perfect house i was moving in to.
thanks for your help anyway
Gary