Secured Loans: cheapest lending of last resort

8mav*

Hi, this is probably a stupid question and sorry if it's been answered earlier - but I just want to clarify it.. If you have a secured loan and then sell your house, and don't buy another house, presumably the loan has to be settled in full?

Also, what happens if the funds from the house sale aren't enough to clear both the mortgage and the secured loan?

intokyo

....the only reason I am now considering a secured loan is that I am selling my house, last time I did this thru Ocean Finance and only paid maybe 500 quid on top in terms of the settlement fee, had only made 6 months of payments before sale.

The property is in the UK, but I live and work in Japan.....I see a number of secured loan companies only deal with UK residents.....any ideas which ones I should approach?

Lionel0709

Hi,
Has anyone heard of a situation where a secured loan company blocks early repayment of their loan- trying to sell my house and the secured loan firm have refused to allow this?!?!

gdard

Why secured loans usually have variable interest rates?

gdard

Why secured loans usually have variable interest rates? I really can't figure it out.

harare

Hi,

I have a secured loan with Citi and my wife and I have just manged to get our money back onthe PPI which was missold to us on this loan, however we are now trying to pursue to get the loan nullified due to the 1974 credit act having flaws in it. We took out the loan back in 2004. I also have a legal document from a lawyer stating that the loan is no longer secured to our property. Would this document stand up in court and would we be able to get the loan nullified at all?
Look forward to your comments on this

Regards
Harare

Debbie4_2

I have today tried to make an offer of a monthly payment to a debt company that good old Lloyds TSB have asked to act on their behalf and they are telling me they won't accept a monthly payment but have offered me till noon on tuesday 15th december to come up with £3,000 nearly 2 and a half grand of the original debt!!! or else they will put a charge on my property, what does this mean as the person who was patronising me on the phone would not give me an answer!!! Is this a bully boy tactic or what? I have just recently gone back to work after being on the dole for a year and am trying to get everything back on track and these people are the only ones that are being obstructive! I never had any joy at Lloyds as I could only speak to people in India who didn't understand and when I did get to speak to a person at Lloyds solicitors she told me to wait until it went to the litigation department , will I lose my home? Please can somebody give me some advice, thanks

CAPMguy

mortgage lenders have certain restrictions on thier property i think

margymuggins

hi can anyone help we have secured loan total £14375 incl ppi we have paid 5yrs and still owe £14637 and paying £168 pm with 20yrs left looking to get rid with another loan but cheaper and less term time what would i put as not really consilidating a boat load of debts it was originally for home improvements credit score is good last time checked oct 09 nothing has changed so presume still good confused how to apply ?would like unsecured as heard they are cheaper any advice and guidance would be mostly greatly received

AMILLIONDOLLARS

bellasam wrote: »

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?

You are not guaranteed to get the advertised rate, I would think very very carefully before you proceed.

AMD