secured loan unregulated

christined558

Hi can any one help me with a problem with a unsecured loan.

I stuidly took out a unsecured loan with PPI 7 years ago the loan has been sold on a couple of times, After a serious car accident nd my husband unable to work we have got into difficulty and now going to court. The company will not hounor the ppi they say it expired and i have been told we have no course to claim back the ppi from the original lender as they were unregulated so FOS will not look at the case the intrest on the loan works out at over £70,000 on a £35,000 loan as we were talked nto consoldating other loans. is there anything i can do as im just being told not the current lenders responsability as they never sold the loan,

[Deleted User]

to avoid the prospect of losing your home you need urgent professional/legal advice NOW

Layman22

Dear All.

It is an honour to be here: a cache and conduit abundant with financial products knowledge and advice.

My Predicament
1) Moved from Natwest to Halifax :Feb 2011
2) Halifax Ultimate Account :Overdraft £600 mostly used
3) Two Part time Jobs: Net 1100
4) Rent 410:Council tax inclusive
5) Beneficial Finance first loan £4000,monthly payments £289 settled with no defaults. Top up £3000 ending this December 2011 .No defaults yet.


6) Barclay card limit:£350 defaulted once 03/11 , for 7 days.
7) BT option 3 :never defaulted
8) Orange mobile :never defaulted
9)Dell Computer :£629.89 ,06/11 .Payments £27.78
10) Wonga Loans :Never defaulted
10) Disposal income £300
11) 480 Eqifax current score

Twice this year Halifax have refused me a loan and even underwriters appellant process for £7000.

I wanted to use the loan for :
A) Christmas holiday two weeks long haul flight:1100
Son medical bills £3000
c) Consolidates existing loan and Barlacy card
d) 1000 Savings with Halifax
e)Remainder rainy day

Open loans useage are expensive ,ie, Wonga and seldom pretty .And have been using them to pay for my son's medical condition.

:(What do I need to do ? ,is there any lender who can provide required amount .?Or I should forget about borrowing?. This year December I was looking foward to kick off ,Beneficial Finance agreement shackles .

Debt management will impede my credit file.They have been in-contact through , referral by openloans. In my case Wonga.And acknowedged it is not a panacea in my case.But a loan.

I really need this loan even £4000 .What are my chances.?

Many thanks in advance

paddyrg

@OP, you need real legal help, not a forum - ask at your CAB if they can suggest a solicitor who can give you a free 30 minute consultation to work out how they can help you.

@Laymman, forget the loan - holidays are a bad thing to borrow for, medical expenses you have the NHS for, and 'rainy day' is not what loans are for (although I agree you do need to get yourself a slush fund so you never touch pdl companies again). Your credit report is not great, I don't think you'll find many lenders wanting to lend at their headline (low) rates, and so you would be paying over the odds if they agreed at all. Instead, have a year of austerity, get rid of those other debts, and get saving, it will be hugely cheaper in the long run.

Layman22

@paddyrg

:beer:Thank you for a prompt response.

My Credit Report on Equifax is rated 480 Excellent and has only one default this year B.card. Beneficial finance is £1483 @£233 per month ,ending this December . And the recent credit line from Dell of £629.80 @27 per month.

Should I wait for December and complete the £1483 and have a go again with Halifax?.

:)What do you think M8?.

Layman22

:beer:@paddyrg

M8

I am not having difficulties paying all my credit agreements .They are ring fenced by two sources of income 1100 net . Direct debits BT and Orange ,Beneficial finance loan and Dell.I will take the NHS initiative and desperately need a holiday this Christmas . Saving now won't help with travelling costs .Victoria falls as the destination .

:rotfl:Once again many thanks

Tixy

Layman

If you have been using payday loans quite a bit and use your overdraft regularly then any potential lender would be likely to view you as someone who is not managing their money well and so will likely consider you high risk.
This is confirmed by the fact that halifax have declined you twice for loans this year. And if haliax, who know the most about you and can see your income & outgoings through your main account won't lend its unlikely anyone else will at the moment.

Whether or not you are having problems paying your agreements is not as relevant as whether it looks to a potential lender that you might be having problems and whether they think you'll be able to service another loan on top of your existing commitments.

Layman22

@ Tixy

Many thanks .It has to been austerity definitely this remaining 7 months.

paddyrg

Hiya, sorry I mean the default (albeit for just 7 days, should be no defaults at all) and wonga loans are warning markers to lenders. The credit score itself means little, each lender will have their own scoring system, some of which will be more jumpy about those warning signs than others.

Hope it all goes well, but borrowing is rarely the best answer (and this is on the loans board!)