Secured Loans: cheapest lending of last resort

wendywelsh

Hi, this is my first time on the forum. I need help/advice for my fiance. He has a bad credit rating and got himself a £10,000 secured loan less than 2 years ago. With missed payments and fees etc the debt is already £18,000. i am trying to see ehat options he has to move the debt to a decent company with a more reasonable interest rate. Any help would be greatly appreciated!! Many thanks.

GarryTaylor

MSE_Martin wrote: »

Absolutely Ksrao, if you've a good score - secured loans should never be taken - unsecured is almost always cheaper - 'loan of last resort' as i say!

martin

This is not true, for example trying to find a personal loan for £40K is near on impossible even with perfect credit. The lender will always want security. Also if you do manage to get a personal loan for £40K the lender and still repo your house if you fail to make payments. Therefore in the end, every high loan amount is secured. Also sometime personal loans are unfair.
To get the best picture you should look at every option available to you. Never dismiss any option, even if this is secured. At the end of the day you want to make the payments and you want the best deal. If you keep your finger in your ears about other loan options you might miss out on that low rate loan!

GarryTaylor

Adverse is a big factor when placing secured loans. Anyone with over 2 missed payments or 2 current CCJ/Defaults are not going to find credit with a secured loan unless they have an LTV below 60% and let face it. Not many people today have that.

mel_the_feline

Help! My husband and myself have a secured loan with Firstplus for a stupidly large amount of money and are having serious problems. We missed one payment and because we also have IVA's they could only divide the missed payment into six and add them on to our normal monthly payment. Anyway now we have missed a second payment, I have called and explained the situation but obviously it's their money and they want it. I have tried on two occasions to cancel our payment protection but for some reason they have failed to do this (I've read the policy document and can't find anything anywhere that says we can't cancel if we've missed payments). Any advice? And if we cancel our PPI can we get a cheque made out to us as in the bumph it only says "any refund of premium may be credited to the loan account".

halifax71

At the risk of upsetting MSE can i suggest you go to http://www.firstpluscomplaints.co.uk/ or if that gets removed Google First Plus Complaints.

You'll get advice on PPI reclaiming, Interest Rate complaints etc.

We're in the process of drafting a Super Complaint - see http://www.oft.gov.uk/advice_and_resources/resource_base/super-complaints/

We have over 500 members (all Barclays First Plus customers) who have come together to take on this disgrace of a company (they are Barclays not a back street lender)

Shaza40

Hi

I received a secured loan offer from Ocean for the amount we requested to clear off debts. We duly signed off the forms and posted the relevant documents. Everything is going fine but now hit a problem.

My husband is very ill, and lost all his confidence a year ago. Since then, he his now a house-husband and doesn't really go out. He doesn't talk to people (his illness affects his speech and he is very embarrassed about it) expect close family.

Ocean now want to talk to him to confirm his is happy with the loan (he signed off so he obviously is) and he doesn't want to talk to them (or anybody). Now in a catch 22 situation, where I can't push him and obviously they wont pay out.

Is this normal for all loan companies to do? I remember a few years ago when we had a loan, we didn't have to go through this?

Thanks

SkylineDriver

Can anyone tell me if they have had any dealings with Enhance Financial Services or have heard of them?

Thanks

iamahakhtar27

Shaza40 wrote: »

Hi

I received a secured loan offer from Ocean for the amount we requested to clear off debts. We duly signed off the forms and posted the relevant documents. Everything is going fine but now hit a problem.

My husband is very ill, and lost all his confidence a year ago. Since then, he his now a house-husband and doesn't really go out. He doesn't talk to people (his illness affects his speech and he is very embarrassed about it) expect close family.

Ocean now want to talk to him to confirm his is happy with the loan (he signed off so he obviously is) and he doesn't want to talk to them (or anybody). Now in a catch 22 situation, where I can't push him and obviously they wont pay out.

Is this normal for all loan companies to do? I remember a few years ago when we had a loan, we didn't have to go through this?

Thanks

please do not take secured loan, its sound good,but its not fisible for longer time, with my personal experiance you should go for debt management proramme to finish your debts. i will not recomend for secured loan

iamahakhtar27

iamahakhtar27

SkylineDriver wrote: »

Can anyone tell me if they have had any dealings with Enhance Financial Services or have heard of them?

Thanks

never hard before

shepster81

SkylineDriver wrote: »

Can anyone tell me if they have had any dealings with Enhance Financial Services or have heard of them?

Thanks

never heard of them are they brokers or lenders ?