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Secured Loans: cheapest lending of last resort
Comments
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Hi there
Sorry to hear your going through a time of it and hope all works out okay in the end.
However, I am not experienced in this field here and it maybe worth checking on another forum here, if you click on loans then start your own thread where you will receive some individual help.;)
While I am posting though hun I would not contact them by phone and request in writing for the calculations of this, the breakdown then to see how this is sort of thing, obviously post by recorded delivery for your proof and tell them you would appreciate a response to your letter within 12-14 days, if your not happy with the response then complain to them, give them 8 weeks in which the Financial services would expect you to do, and if they have not resolved this then go to the Financial Service ombudsman.
Hopefully someone will come along to give some help here with experience of dealing with these issues.
Also if you don't mind me asking, it may also be worthwhile checking to make sure your O/H have not been mis sold Payment Protection Insurance, if this is the case another letter of complaint and reclaim can be sent in order to get this back, this of course then will bring down the payments, will leave that one for you to decide here.
Good luck and please let us know the outcome of this, cheers, all the very best with it all.;)
Di
Thank you so much for this help , she has since been on to them and spoke to a different person , who has explained that its now over 21 years because she hasn’t met the payments each month , apparently its a variable rate and they are not obliged to tell you whether your meeting your payments , apparently its down to the payer to phone up and check each month what interest rate they are being charged and adjust the payments accordingly
Madness – thank you for your prompt reply, I will as suggested work out how to create my own thread.0 -
Hi, apologies if this has been answered. We are in the process of obtaining a secured loan for building work that has been done. The broker is asking for £300 for a property inspection even though they have received confirmation from the estate agent of its value.
Is this just a con to get us to part with £300? Should I use a different broker or is that a commonplace practice?
Thanks0 -
GE MONEY !!!!!!!!!!!!
Hi all, Just a warning to you all. whilst interest rates in the U.K have tumbled, GE money are still raising theirs. I had a letter this morning to say that they are increasing their rates by a whopping 1.95%. this has added another £48 per month to our payments. They state that as they are not U.K based their lending rates are different and they are not eligible for any of the funding being made to U.K banks.
This is crippling us. PLEASE PLEASE be careful when taking out a secured loan and check the facts first as I did not and it's costing me dearly.0 -
LeGrandChien wrote: »Hi, apologies if this has been answered. We are in the process of obtaining a secured loan for building work that has been done. The broker is asking for £300 for a property inspection even though they have received confirmation from the estate agent of its value.
Is this just a con to get us to part with £300? Should I use a different broker or is that a commonplace practice?
Thanks
Probably not, esate agents give approx figures, they are not NCIS registered valuers. They seem to pluck figures out of the air so lenders are reluctant to use their figures.
If you have a recent valuation say 12months old, might be worth asking if you could use that?0 -
Imabout to have an awfull time with my secured loan because the interest rate isnt fixed its gone up by 1.5% and as a result 64 quid!! when i rang to complaint it was pointed out that another "review" is due in Jan !! GUTTED!!
I took it out after my husband left last year and left me with the debt and joined the Army!
Im sure i was sold this loan saying it was linked to the libor rate and now with things already tight im begining to feel like im being SCREWED!!
I'd never take one out again, I was suposed to incorperate it into my mortgage when it was reviewed 2 months ago but the credit crunch put paid to that idea.
Grrrrr NEVER< NEVER< NEVER.0 -
:eek: :eek: :eek: :eek: :eek: :eek:GE MONEY !!!!!!!!!!!!
Hi all, Just a warning to you all. whilst interest rates in the U.K have tumbled, GE money are still raising theirs. I had a letter this morning to say that they are increasing their rates by a whopping 1.95%. this has added another £48 per month to our payments. They state that as they are not U.K based their lending rates are different and they are not eligible for any of the funding being made to U.K banks.
This is crippling us. PLEASE PLEASE be careful when taking out a secured loan and check the facts first as I did not and it's costing me dearly.
Me too. all i can do is sympathise, but I am going back to my own lender befor house prices get any lower to see if it can be incorperated and have my housemates rent go towards paying some of my mortgage off early so I'll have some room....... not alot mind you. x0 -
HI,i wont go into all the details but does anyone know if secured loan lenders will take a reduced payment for a while due to being in massive debt and having arrears on the account?0
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I dont know about loop holes but I do know one or two legal issues that the lender might have gotten wrong that may be of assistance
Usual questions
Was a broker involved?
Was PPi included?
Do you have a copy of the agreement?I am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
ive been apprached by jd law re unenforceable loan and claiming on a no win no fee basis. I am thinking of doingit but it takes about 8 months should i be sucessfull.
No ppi but taken through a broker, i have a partially signed credit agreement. its for 35000 but settlement figure is 40not sure what to do about it all0 -
I am in the process of remortgaging to pay off a secured loan - I have had this loan for 3 years and 3 months and after paying back over £19,000 owe them nearly as much as when I started. I have a penalty for repaying early - I am absolutley dumbfounded that I owe them practically what I borrowed. Can the penalty for repaying early be claimed back?0
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