Secured Loan Nightmare!

Wickedkitten

Get your PPI back and pay down your loan.

BLT_2

Fiona84 wrote: »

obv ur just in this for a fight?! iam taking on what people say and if you read the threads you will see i take blame and say iam looking for a way to sort my self out and my situation

There is no resolution to this situation. You have collateral which you have used to secure a loan which was given to you in good faith by the bank. The bank is not going to write this money off on the basis that you felt you shouldn't have been given a loan.

Your options, as advised throughout this board are to attempt to reclaim the PPI, and I suspect you will need assistance with this. This would reduce your monthly payments and also provide a small amount to cover a number of payments.

You will probably have to live with this negative equity for some time to come, given the current financial climate I do not forsee a massive rise in house prices, and in all fairness flats are never the easiest to sell or rent out as people want their 'own space" not a share of a large concrete box.

You do not say whether you are having problems making the payments, merely that it is stopping you moving to another property. If this is the case may I suggest that your problems are somewhat inconsequential compared to that of a large part of the nation, and probably rank as a 2 on the 1 to 10 scale.

immoral_angeluk

Fiona84 wrote: »

erm i asked for help apples not abuse, iam aware i went to the bank for help n advice, and did i spend that money on rubbish, no i didnt so dont presume and dont have a go at me when I kno that I am responsible but THEY lent it irresponsibly with like i say no risk assessment and no valuation of my property. So I gues WE are both to blame for being irresponsible, like u have never made a mistake right!

Irresponsible borrowing is a term frequently batted about. Fact is it often goes hand in hand with irresponsible borrowing.

If you were mentally capable of making such a financial decision you will struggle to get it written off as it is your responsibility to check what you are getting yourself into and the possibly implications, so long as you are mentally capable.

Freddie_Snowbits

Fiona84 wrote: »

omg iam not saying iam a victim, i hadnt a clue to what was best financially, i was younger and not advised

So I would also get your school involved here, because clearly you have left the presence of the gates without being able to add up and string a sentence together.

In the end of the, you are here to make money and you took the £25,000. The bank is also here to make money, and it has made money on you.

Fiona84_2

its amazing how many nasty ppl can be on 1 thread, personal attacks now?! grow up, if you have nothing constructive to say, dont say anthing and keep you insignificant opinions to yourselves, the mind truley does boggle at some people

R0bert_Sterling

Fiona84 wrote: »

its amazing how many nasty ppl can be on 1 thread, personal attacks now?! grow up, if you have nothing constructive to say, dont say anthing and keep you insignificant opinions to yourselves, the mind truley does boggle at some people

I agree with you..

It all started in Post #1 with someone asking for help in trying to steal £38,000.... oh! hang on.......

WhiteHorse

There appears to be little to choose between Barclays and the OP. Unfortunately, both appear to have been irresponsible.

Aside from the possibility that the PPI may have been mis sold, the only way forward would appear to be to hunker down and repay as much as is necessary to be able to move.

magpiecottage

In theory, you could make a complaint to Barclays and then, if you wanted, take it to the Financial Ombudsman Service.

I think, if you do that in respect of your PPI, you are likely to win because it was added to your loan - though they probably stand a good chance of persuading FOS that they should offset the cost of a monthly premium policy because the consequences of not keeping up repayments would be the loss of your home.

As far as the loan is concerned, it is different. The loan is not covered by the FSA rules (though it will fall under FOS jurisdiction) and Barclays will probably be able to successfully argue that it concluded that you could afford the repayments (logical with debt consolidation as the monthly payments will fall even if the overall cost may be higher). The argument that the total borrowing exceeded the value of the property would be explained as an exercise of its own commercial judgement and therefore outside of jurisdiction.

amersall

halifax71 wrote: »

Bit harsh.

Re the loan: -

Was it with Barclays or did they pass the loan onto their subsidiary FirstPlus?

Is the APR variable or fixed?

If variable as with most secured loans have they passed on any of the base rate reductions?

What does your interst rate clause in your terms and conditions say?

Step 1 - reclaim the PPI

Step 2 - try and answer the questions above.

Hooray, someone with very good advice. Thank you xxxx