Secured Loans: cheapest lending of last resort

WOTWELSH

sam_b2bl wrote: »

Fluent Money are new to the market. Their directors used to run another Loan company but it went bust... decide for yourself...

ta am a bit put of by the whole principle

ratbag1

sam_b2bl wrote: »

it is possible. who is the loan with? How has you payment history been so far? How much in negative are you?

not sure if you got my previous response as I am quite new and didnt know the correct procedure on replying!
The loan is with GE Money and I have never missed a payment with them to date. I still have approx 6 years to go on the loan and about 10,000 outstanding but I wouldnt have that amount to offer. Do you think they would take a final settlement offer?

sam_b2bl

ratbag1 wrote: »

not sure if you got my previous response as I am quite new and didnt know the correct procedure on replying!
The loan is with GE Money and I have never missed a payment with them to date. I still have approx 6 years to go on the loan and about 10,000 outstanding but I wouldnt have that amount to offer. Do you think they would take a final settlement offer?

based on those details i would doubt it. But it might be worth a shot. if not, see if you can re-negotiate your payments to a lower monthly amount if your struggling but this might have an adverse effect on your profile.

ratbag1

sam_b2bl wrote: »

Ok. How are you raising the £6k? Are you selling the property or are you raising it another way?

hi sam, thanks for your reply. The money I was proposing to use was part of my redundancy settlement. I will give it a try, nothing to lose I suppose by asking, they can only say no! and if not I will just continue with the monthly payment and hopefully find a job in the meantime.

WeeTel

hi i am looking for some advice.
approx 15 months ago i had entered into a secured loan to pay off some debts,
the amount of the loan i got was £25,500
after paying the loan for 15mths at £335 per month, i phoned last week asked for a settlement figure and it was £29,900.
would this be normal.
i did have adverse credit when i took out the loan but i did not realise i was involved in this outrageous rate of 14.9%.
at the time this seemed like a good option but recently it is geting me down, and i am unsure if i am better off to try and get a better rate secured loan to clear this, but i have been told if i get a better rate secured loan then i will end up paying fees for the 1st 2 years and will be in more debt than i am in.
can anyone please advise how to get out of sticky outrageous loan rates if there is a way.
thx.

weejee1

Hi wonder if anyone can help, i took out a secured loan with g.e.money nearly 60months ago, have 4 months left to pay, i have recently found out that i will owe nearly £3000. in charges for a couple of payments being late? is this legal? for being late they charge you £40. and once they have done this your always in the red, these charges run along side your loan and are never discussed! other charges are for letters and telephone calls etc etc... the original loan was for £15000. 60 payments of £380.pm total of £228000 ! all payments are up to date but they say i will have to take another loan out in 4 months time to cover the charges?

adamharwood

Im thinking of getting a bigger mortgage but have no savings. What weve looked into is getting a loan from a bank for the 15% deposit needed for a bigger mortgage. is this safe? The mortgage is for 120000 so will need to borrow about 18000 halifax said theyll lend us the mortgage if we get the deposit of 15%. Please need some advice as unsure how safe this is. Thankyou to anyone who can help

tubby210

I have £2500 loan,£5700 on credit cards and £1500 overdraft looking to get a secured loan to pay off debts.I have a mortgage with £50000 left to pay value of house is about £120000 and I have a3 years lft to pay.Would I get a secured loan and does anybody know a good company

Marqueec

You probably could get a secured loan tubby210 but they are very pricey right now. Maybe try an unsecured loan first as they are cheaper and quicker to get agreed.

melanie1985

hi,

i have a mortgage for 55,000 and took out a secured loan for 12,000 a year and half ago, they never took a payment for a year and are now saying that i am in arreas by nealy 3,000 due to there error, they are now saying that they will take me to court, could i lose my home due to this??
many thanks