advice on secured loan

diddygez

Hi there I had a secured loan of £55k with picture which has now transferred to webb resolutions , the thing is I am paying £489 per month & the balance is not going down , I think the term is 18 yrs & Ive had it for 6. I cant see any way out of this so any help would be much appreciated , I can just about afford the payments but the idea it is not reducing the debt seems crazy? thanks J

king100

diddygez wrote: »

Hi there I had a secured loan of £55k with picture which has now transferred to webb resolutions , the thing is I am paying £489 per month & the balance is not going down , I think the term is 18 yrs & Ive had it for 6. I cant see any way out of this so any help would be much appreciated , I can just about afford the payments but the idea it is not reducing the debt seems crazy? thanks J

Personally start off by sending loan company asking for a copy of your CCA.

KingElvis

Looks like Webb Resolutions buy up loans for other companies. As above, I would hit them with a CCA request.

Sounds to me like they've got you forever with that one.

ctrcoa

I am in the same position. I stupidly decided to consolidate my debts with Picture and within months the rate started to rise. They have gone bust and the debt is now "managed" by Webb Resolutions. I never signed an agreement with them and I didn't (I think) offer them a charge over my house, although they seem to think they have one. The rate has stayed the same since Jan 2009 and they say they will not reduce it because it is a closed loan account and they are not lending more money in order to access lower rates in the market. Basically they are back to back on the credit monies with a margin in the middle and unwilling to shift on this. Surely there is some regulation to address this? I have asked them for a settlement but they are not prepared to negotiate on it. I am waiting for it in writing to see if they are applying the same T&C's as Picture had. I am really sickened by this and it was a huge mistake and it seems I have no control over it. Any ideas would be appreciated.

RAS

Secured loans are nor covered by the COnsumer Credit Act, so a CCA is irrelevant.

Hanky_Panky

RAS wrote: »

Secured loans are nor covered by the COnsumer Credit Act, so a CCA is irrelevant.

Not strictly true RAS however definately true in this instance.

There are Secured Regulated Loans too but they have to be for a sum below £25k.