unforceable secured loans

riccardo1888

I am pretty sure that i should qualify for this through what i have read. I have been mis-sold ppp and paying back 4 times the amount i borrowed !

The only thing is, I don't know who to approach regarding this as there are a lot of rip off merchants.


Any advice please ?

Thanks

ILW

In what way were you mis sold the PPP?
What is the problem with the loan itself?

riccardo1888

I was told if i take ppp off, the loan would not go through as smoothly.

The loan itself seems to have something called an unfair rate of interest but im not 100% sure who can tell me if it's unforceable.

dzug1

You approach the company that sold you the loan/PPI.

Anyone offering to do it for you is a rip off merchant - you don't need to think about it.

riccardo1888

do i simply ask the compnay if it's unforceable ?

surely can't be that simple

Tixy

If you think you have been missold PPI then put in a claim to reclaim the PPI. Being mis-sold PPI does not make a loan unenforceable.

http://forums.moneysavingexpert.com/forumdisplay.html?f=169

Why is the interest rate 'unfair'?

riccardo1888

that is what i need to find out but i am paying back 40k for a 10 k loan.

i do not know if it is unenforceable but that is what i need to find out.

who can help me see if it is ??

Tixy

Do you have a copy of the credit agreement?

Do you know the APR, the cost of the PPI etc?

How long are you paying it back over?

All these will drastically affect how much you will pay back in total, but doesn't make the interest unfair, if its what you agreed to and signed up for.

When did you take out the loan?

riccardo1888

yes i have a copy

apr (variable) 32.30%

10 years paying back

took the loan out 23/06/2006

riccardo1888

sorry cost off ppp £2860.26

Tixy

You could look on this thread http://forums.moneysavingexpert.com/showthread.html?t=2060575 That might be what you are after. Not sure what difference the fact the loan is secured will have on things but I'd find out before you do anything rash! It is secured on your property?

But its worth knowing that if you stop paying (whether or not you think its unenforceable) it will have a significant impact on your credit file for years.