Secured Loans: cheapest lending of last resort

Tixy

minxtress wrote: »

The ccj was for £1600 and has been gone for a year, it was for water rates off 10 yrs ago that my ex partner didnt pay, thats irrelevant tho....i just twitter on lol. I want to borrow £11000 which will include paying off the other loan i have as i dont want to be making two payments a month.
Thanks for replying

The CCJ has been gone for a year? you mean its gone from your credit file (ie its 7years old) - if so it won't be affecting your ability to get credit anymore.

You want to borrow £11,000. How much do you earn? how much is outstanding on the current loan (any potential lender will view the new loan as on top of your existing one, regardless that you intend to pay it off).

minxtress wrote: »

Black horse are only doing motor finance, could i pretend i wanted a car or will they make it payable to the car dealership i wonder!!

No - never a good idea to write something fradulent on a credit application.
And they'd only do secured finance on an actual car you were buying.

pjproctor

ksrao wrote: »

My recent experience seems to be different.I have halifax mortgage and asked for a secure loan to buy a car.They qouted me 6.9% +£95 arrangement fee.I asked Lombard national the same amount as an unsecure loan,They offered it for 5.9% fixed and no arrangement fee. So in my case(with very good track record,a secure loan is costly and interest rate is variable!!!

The advantage of going for a secured loan is that you can have a longer repayment period and because of the security you are more likely to be accepted.

Rustic_Ron

True. What company / bank is highly recommended for secured loans. Is it best to stick with the mortgage company or a 3rd party.

juliemur_2

I have lots of big debts, HUGE! I have just been told by one of my credit card companies that they will discount my total from £11,800 down to £9600. They suggested I ask what all my others "best offer" is on discounts and then see if I can get a secured loan against my property to pay them all off. The logic being I may get £10,000 in discounts off a £42,000 debt. By the way I have just told my debt management firm to sling their hook as they were useless and charged £150 per month for sitting on their hands. It's the 1st positive thing I've done in 6months.
Anyway back to secured loans any help or info would be much apprieciated.

PhillipaRo

Unfortunately we took out a 70k secured loan with Ge Money in 2007 to invest in a business. The business has since gone bust and we are paying a hefty monthly payment to Ge as well as a mortgage on our home. The mortgage is with Alliance & Leicester on SVR which we are considering changing to a fixed rate, should we try to consolidate the mortgage and Ge loan as it would work out less per month?

Manmade

Hi All,

I have just realised that PPI was added to a personal secured loan I applied for about 6 years ago. My question is the loan is not from a bank but a finance company. Can I re-claim the PPI?

Thanks

Lagher

Hi guys, have gotten myself In a bit of a mess. House worth £320k mortgage £228k, unsecured debts of £42k. Mortgage rate is 0.49 over base so am keen to leave this in place. I need to get my outgoings down short term but should be able to repay the £42k off over the next 2 years or so. My current lender can't lend me enough so I'm looking elsewhere for a second charge mortgage, who is good who is bad what's the pitfalls? The early repayment charges is the biggest worry, please help

alicetia

Secured loans are always available against the security of some property having equity value. You must know that your property can be reposes by the lender in case of non repayment of the loan amount in time. So, you must try to repay the amount in time to avoid such type of financial difficulties.

danielpapa202

Hi this may seem like a silly question? I took out a loan then a year later I have found I can pay off the remainder with another loan at a lower rate. My question is, would I be losing out by taking the new loan the only charge I get is £100 from paying my old load off early. Thanks

DCFC79

Apples2 wrote: »

Can you believe this clown has even used his real name to register on here?? :rotfl:

http://maps.google.co.uk/maps?q=SY3+8XP&hl=en&ll=52.713286,-2.788918&spn=0.002603,0.006968&oe=utf-8&client=firefox-a&channel=rcs&hnear=Shrewsbury+SY3+8XP,+United+Kingdom&t=m&z=18&layer=c&cbll=52.713315,-2.789026&panoid=o4QCoIIDBmn78IMTODGL_Q&cbp=12,190.46,,0,6.72


http://www.192.com/people/search/?sk=07b0f127-e3d0-4f8c-9314-d9ee23593d7b&location=SY3%208XP&looking_for=Bowen

Cant be that bright then can he