Secured Loans: cheapest lending of last resort

Apples2

naddlywood wrote: »

A company has approached us and promised

That is quite enough to know you are about to be ripped off

If

naddlywood wrote: »

It all sound too good to be true

you know the rest....


NOBODY is going to call you and make your life better.... NOBODY!

live'n'learn

What happens if you have secured loans on a home that i own but then i go bankrupt, would the companies that give me the secured loan get any of the money after the bank takes the house?

My house like many is in negative equity also!

thy

I have a poor credit history, due to unavoidable circumstances ( nothing dire no ccj's or anything, just late payments which have been sorted but they still stay there on the credit rating for years) but because of that I cannot get a loan of £10K - £15K to expand my business ( although I haven't said its for that) . I have income, and although a large mortgage (with my husband) equity in the house of around £400K. Banks ( lord love 'em) don't want to know, and I have tried other bona fide sources to no avail

I can easily pay the repayments, but its impossible

NOte: By the way re the above posts, don't touch anyone that wants payment up front you are not likely to get it back and they prey on people ( such as myself lol, but I know better) who are desperate to get a loan. Dont also ring back a number when they say yes we can do it, but you need to ring this number, which happens to be a 0900 number , again a nasty way of trying to get money out of you.

Wutang_2

thy wrote: »

I can easily pay the repayments, but its impossible

I know what you mean!!!!

Jemi

Surely that's illegal!! I've got a secured loan, It's only 21,000, but I'm hoping to pay that off at the begining of next year. Am I going to get stung as well? Thats stupid! I can't believe it! Jem

King_Drax_I

I still don't understand how a loans company can have a loan secured on your house when it doesn't fully belong to you, it also belongs to your mortgage lender. If you default on your loan, and the finance company want to cash in on your security (ie your home - how did our society sink this far??) then surely the mortgage company will have something to say about that?

King_Drax_I

notshrewd wrote: »

We have recently repayed in full a secured loan of £45000.00 On doing so we paid the loan plus two months interest extra as a penalty for repaying early and an additional £8000.00 for cancelling the payment protection plan that went with the loan as we now no longer required it. On complaining i have been offered a payment of £3000.00 as peacemeal from the bank. In effect i have had to pay an additional £5000. On top of the loan and on top of the extra two months payment for a facility I no longer needed just for paying this product off early. NEVER TAKE OUt a secured loan. Does anyone know how i can get this money back?

Wonder if you have a case for mis-selling of payment protection insurance? Also there's no way you should be penalised for cancelling an insurance policy! I reckon you should seek advice on this. The £8000/£3000 trick looks like a ruse to get £5000 out of you. I would like to add a very descriptive swear-word regarding these people but out of respect for my fellow forumers I will not

L111MSY

Hi All,

I am in the process of buying my first house and am wanting to get a secured loan to pay for renovations needed.

The property was on the market for £140k. I have managed to get it for £125k. I have a £100k mortgage on this.

Would I qualify for a secured loan? or would it be worth approaching my mortgage lender?

Cheers

Haryer

So many difference arises in between secured loans and an unsecured loans but main difference is that Unsecured loans are normally offered for smaller amounts of money but in secured loans huge money offered but against a property or other asset.So its very risky also.

CAF

Hi, We are the Consumer Advocacy Foundation. If you feel like you got ripped off and need help?, Do not Hesitate to contact us.
We are a new foundation that helps consumers fight for their rights.
Visit us on the web @ consumeradvocacyfoundation.org