Secured Loans: cheapest lending of last resort

smithkline

The Secured Loan are the cheaper loans. These loans are obtained from the banks easily against the deposit. This deposit is released after the loan is paid back to the bank.

neomieB

Yeah. But, in spite of preparing and the best of intentions, sometimes people discover themselves unable to repay their payday loans when they come due.

Nelson01

Secured loans are are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral, and a lien can be placed on such purchases.

dusky777

I am after some advise on secured loans please.

My husband works full time and i went self employed july last year. We wanted to remortgage to raise some extra money for a car and home improvements but as only my husbands wage is being taken into consideration they say we cant afford the extra money!

So we have looked at a secured loan until we can remortgage next year then we can add them together.

Is this a good idea or not?

Alekjenderbo

"Sercured I can get a loan on my property, I have mortgage of £ 130,000 and the property is worth 160 thousand, I've only been a month do not have bad credit but want to pay £ 22.000 or store credit cards and two loans over 25 years I earn £ 23.500 a year, does any body know if it's worth the trouble to make an appointment, I pay a lot less each month than I am today.

AMILLIONDOLLARS

dusky777 wrote: »

I am after some advise on secured loans please.

My husband works full time and i went self employed july last year. We wanted to remortgage to raise some extra money for a car and home improvements but as only my husbands wage is being taken into consideration they say we cant afford the extra money!

So we have looked at a secured loan until we can remortgage next year then we can add them together.

Is this a good idea or not?

A VERY VERY BAD IDEA:eek:

AMD

nursingassistant

I thought I would try reposting as I'm new at this maybe I put it in the wrong area, but if any one has any idea on how to contact Cedar Holdings i would be very grateful. Need Advice re Secured Loan
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My husband took out a secured loan approx 18 yrs ago and have just found out from him that it wasnt paid in full. My mortgage ends in August and the loan companys name Cedar Holdings is still on the title deeds. I have tried to find a phone number for Cedar Holdings, but to no avail. My other half says that they havent been in touch for over ten years, but I would like to find out how much we still owe them so that I can pa it off.
I have struggled for years with debt finally get it paid, get near to my mortgage finishing and now I'm hit with this. Can anyone give me advice.
It seems the loan was for £1,000 over three years.
Thanks

Apples2

nursingassistant wrote: »

I thought I would try reposting as I'm new at this maybe I put it in the wrong area, but if any one has any idea on how to contact Cedar Holdings i would be very grateful. Need Advice re Secured Loan

first result in Google gives this

http://www.192.com/atoz/business/bournemouth-bh8/credit-and-finance-companies/cedar-holdings-ltd/70ecfcadc1026ee220d6635dda1aca242706024b/comp/

Cedar Holdings Ltd
Credit And Finance Companies
Finance House
51 Holdenhurst Road
Bournemouth
Dorset
BH8 8EP

Oops, Second result gives this:

Property TypeOffices - Office
Tenure: To Let
Size3010 - 38500 sq ft
Price -
Location 51 Holdenhurst Road
Bournemouth
Dorset
BH8 8EP

Third result gives this

Black Horse Finance

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(01202) 298999

Fax: (01202) 293022
51 Holdenhurst Road Finance House, Bournemouth, BH8 8EP

ashaput

I don't think secured loans is the cheapest lending; it is the easiest I think. However, have heard some stories in which many people are overwhelmed with the interest rates come along within this loan. Therefore, this should be the last option.

salsta4324

My husband and I are in the process of looking into sorting out our finances. My husband has adverse credit and when we bought nearly 4 years ago, we took a mortgage from a sub prime lender with a high interest rate (6.3%) for the first 3 years but it is now down to a manageable 2.3%. The house is worth £240 and we have a balance on our mortgage of £141,000. We would now like to consolidate some debt and extend the house but a financial adviser has suggested that we sort out my husband's adverse credit (which is now only worth 5 1/2k)and my credit card of 7 1/2 k before re-mortgaging as we will not get a good deal on a new mortgage with our debt on a debt management programme and a credit card. I am therefore looking at a secured loan as a way of sorting out my husbands credit rating and bringing down our outgoings for about a year so we can re-mortgage next year with a good credit rating. We have been offered a secured loan of £16,000 (which will cover the debts and a car that we desperately need) at 17.5% (due to husbands adverse credit) over 12 years at £253 per month. The set up fees will be added on top and are £1,920 which I find extortionate and I also am trying to get my head round how much more we will have to pay back, over what we have borrowed, if we re-mortgage in a year or so's time and pay off this loan? Any help would be greatly received.