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Advice please regarding a loan
greenpixey
Posts: 2,806 Forumite
I have now got most of my debts under control with the help of CCCS and I'm on a DMP. There is one thing that is worrying me that CCCS couldn't help me with.
My husband took out a secured loan with a company in May 05 in the amount of 12,300, with an interest rate at 10.71%. We are paying them 167.00 a month the loan is after 18 month now at 11,443, most of the money we give them is just paying the interests.
Considering our financial situation is there any company that would accept to take over this loan for us and put us in a better situation with a lower interest?
My husband took out a secured loan with a company in May 05 in the amount of 12,300, with an interest rate at 10.71%. We are paying them 167.00 a month the loan is after 18 month now at 11,443, most of the money we give them is just paying the interests.
Considering our financial situation is there any company that would accept to take over this loan for us and put us in a better situation with a lower interest?
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Anyone?? please....0
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is the house/loan in his name only?
is the loan secured on the house?
is DMP in your name only?
are you financially linked on your credit reports?Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Have you asked CCCS for their advice?I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Emmzi wrote:is the house/loan in his name only?
is the loan secured on the house?
is DMP in your name only?
are you financially linked on your credit reports?
Everything is in joint name.
I have not checked our credit reports so I dont know what they look like or what they say.rog2 wrote:Have you asked CCCS for their advice?
I have not spoken to them for the last two month. I'm pretty certain they told me they cant help out with secure debts. I could give them a call though....0 -
greenpixey wrote:Everything is in joint name.
I have not checked our credit reports so I dont know what they look like or what they say.
Worth checking your credit report. For a free credit check, depending on which part of the country you live in, you can try : https://www.annualcreditreport.co.uk
I have not spoken to them for the last two month. I'm pretty certain they told me they cant help out with secure debts. I could give them a call though....
They should be able to advise you.:beer:I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
greenpixey,
the bad news is that if everything is in joint names and your DMP means you have defaulted on the original credit agreement (not your renegotiated payment plans) then your credit rating may be shot for a while.
My other question is, who is secured loan with? I know some people have had awful problems with early repayment charges from some of the big names who advertise on tv, which meant it just wasn't worth refinancing. What does the credit agreement say about early repayments?Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
You'll probably find that it's a front-loaded loan meaning that the interest for the full loan is applied at the start. AFAIK lenders must give a rebate for early settlements but even then I doubt if it would be worth refinancing even if the interest was a lot lower.[strike]-£20,000[/strike] 0!0
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