Ahhhh!!

Stresshead_4

Hi everyone,
Just a quick question, me and my partner decided to tie some loans together so went for a application my partner had to visit the office to discuss this £6000 to borrow had to secure it on the house I couldnt attend so she went on her own.
Got the paper work through £3500 to insure it £47 a month for 6 years!!!!
As soon as I seen this in black and white one hell of a shock!!
Rang the lady who was dealing with this said I dont want it could insure it for £7 a month approx.
She turned quite sour wanted details about what insurance I had what it paid when why etc and copys sent to the office. Before she would take it off.
Rang HER insurance company told dont have to tell her anything STAND YOUR GROUND tell her to resend papers without insurance on.
Did just that she didnt like it said she couldnt/wouldnt proceed without details.
Went to another lender no problems BUT...... first company had registered a intention to put legal charge on the property...... the date??? ..The day my partner first went to the office!!! I didnt recive papers of quote payments etc till about 5-7 days after this date the second company cant proceed till they have a original letter stating the first company arnt proceeding with legal charge the new company are ringing everyday to hurry it up but shes dragging her heels. Was this a legal move anything I can do to put a rocket some where??
Thanks in advance

Stress

AMILLIONDOLLARS

Here's my opinion, but you may not like it!!

To take out a secured loan for £6000 on your property is just plain stupid, should you miss a couple of payments you risk losing the roof over your head. I think this situation is a blessing in disguise and I thank god that it has driven you to this site. Pop over the the DFW board quick, explain your current financial situation and list a Statement of Account, they can best advise you on how to reduce your loans and credit cards debts without resorting to this very very drastic step.

The general advise on this board is that Consolidating your debts is not a good idea, snowballing instead is the way to go, see the link below and have a look around

http://www.whatsthecost.co.uk/snowball.aspx

DON'T DO IT, THERE IS ANOTHER WAY OUT OF DEBT!!!

Stresshead_4

Hi amilliondollars,
The reason It was secured was that we both had ccj from the past,
couldnt get a personal loan
it was also so that i could clear my very high apr cc and other loans from the past we actual saving £200 a month this way.
We could more than afford the repayments before but we wanted to make it even easier with 1 smaller payment we both work etc and it will be insured (not by the provider).
I thought we were doing a good thing maybe even pay it off early???

AMILLIONDOLLARS

Have a look at the links below, you could be easily suckered in. I am not saying you are going with a company like First Plus, Ocean, Picture, but they are in the same ilk, especially, as you already have ccjs,

Besides, do you really think that they are going to let you pay it off early without some severe penalties!!

Please go the DFW section and have a word with the folks there, they can really help you

http://forums.moneysavingexpert.com/showthread.html?t=235314&highlight=firstplus

http://forums.moneysavingexpert.com/showthread.html?t=195450&highlight=firstplus

http://forums.moneysavingexpert.com/showthread.html?t=164658&highlight=firstplus