Secured Loans: cheapest lending of last resort

techmax76

I have just finished paying my loan. Loans are loans whether its a small or big it will still accumulate interests. Sooner or later you will realized that you depend on money lenders whenever the circumstances arise. This is based on my experience.

moneymouth77

The man above makes a very good point. Loans should onyl be used in desperate times, or for purchases that will never be affordable to you. Just be aware that you will be spending a lot more than the actual loan cost, because of the interest. Add up what the interest will be over the years, and see what the actual price of the item is, before purchasing!

bellasam

I got a flyer advertising argos secure loans this morning (variable 9.6% apr), we have 20k on credit cards and store cards and pay almost 700 per month, with no real impact on amount owed, just interest! a secure loan for 25k over 120 months at least gives us 400 a month more and a finite amount to pay off. is this the right choice?

credit rating of 473 as of today, own 2 homes and work for fire service (so no redundancy looming)

tried a 'consolidation' loan with own bank in january (25 year customer - never missed a morgatge or loan paymant) they refused.

is it worth trying an unsecured loan?

crispin

Hello to all!

This is Crispin from UK!
Im new on this forum!
The mortgage lender does have a say . !normally they have a restriction on your property which means that any company wishes to register a subsequent charge must get their consent.

Have a nice day to all!
Thank's!...

bakerdvd

In my view a mortgage is a secured loan based upon part or all of a property. If you are going to take out loans that give other parties a claim on the principal asset then you are inviting a conflict if a disaster should happen.

dominicbowen01

If your credit rating is good, you can easily get unsecured loan and I can suggest you a great online network where you can find angel investors who are ready to lend easy money.

bakerdvd

I have just finished paying my loan.if we sell the house at the reduced price it seems it is now worth.

SkintFlint73

We have a £10k loan with Central Trust which we have been paying for a couple of years, never missed a payment.

They have recently written to us 'suggesting' we move the loan to another provider because they 'may have to increase our rate to reflect their increased cost of borrowing'.

Are they just trying to scare us, or will this happen? Can they do that?

We're not in a position to move the loan. I had a good credit history until a year ago when I got a CCJ. I'm not sure if I try to move the loan, that I will be able to because of the CCJ.

Help!! :mad:

halifax71

I thought Cental Trust were brokers not lenders? Are you sure your loan is with Central Trust itself.

I used them 3 years ago and the nice people introduced me to FirstPlus (what a nightmare).

Anyhow, you need to look at your terms and conditions. If it's a variable APR like mine then currently the lender can do what they like. There are many people currently awaiting judgements from The Financial Ombudsman and the OFT re: Unfair Contract clauses.

techmax76

Secured loans are easy to obtain and even if your credit score is not good you can still apply and they would help you at some viable rates.