Secured Loans: cheapest lending of last resort

shahalam

Thanks for participation in discussion

alen27

Sometimes I ask myself why can't we live a life without loans and debt is it that hard can someone give me a good answer to this .

kangaroo321

Mortgage is obviously a secured loan because the home is kept as colateral and in the event of default the outstanding amount can be collected from sale proceeds of the house

kayleemegn

If you are going to apply for mortgage after a foreclosure, there are two things that will be considered in your case. One is the date when your foreclosure will end and another is your credit scores. You should consider your credit card payment to raise your credit score.

Get your credit score at Creditscore.com

Sarena01

you will have to check online for the quick details. google will show you right direction where you want to see.

Long Term Payday Loans

rodz

Hi
Im about to consider a secured loan as I want to borrow £28k to purchase a wind turbine. My monthly loan repayment is £199 for 25 years but Im expecting an income from the turbine of c £5k a year so it will bring in double the loan repayments each year. Ive asked for 25 years to reduce the repayments amount but Im expecting to pay it off after 12 years once I build up a decent surplus on the income from the turbine (not including the free electricity I will be getting).
Do you think this is a suitable reason to go with a secured loan as I cant get an unsecured one at this value (£28k).
Im a bit nervous in taking one out having read the threads on secured loans (loans of last resort etc)
If the wind blows well I shouldnt have to worry about repaying the loan over the 20 yrs the feed in tarriff is guaranteed to pay out.
The advice on this forum is brilliant and I tend to think forums are the only honest advice out there these days.

Kerfuffle5

Husband took out a secured loan for his business. secured on our home as he thought an investor would come in and the loan be serviced or paid.
The lender has called terminated loan as there were a few payments missing. we are seeling our home and can pay the debt easily BUT my problem is with the interest that they still expect to be paid.
The term of the loan was 7 years. It had a break at 3 years , to give the opportunity to pay it off , if able then.
Having to pay monies , which theoretically brings it all up to date, am going to be paying the debt off, but they won't negotiate on the interest !!!!!
Any ideas on this PLEASE ....what to say? What to do?.....why should I pay the interest in full for a debt that is being settled early ????

LondonMarkster

My credit history is appalling, mainly through several years of unemployment and I have outstanding CCJs totalling thousands.

Things have changed and I’ve been in a reasonably paying job for coming up to a year.

One of these debts, for £21K, has offered to settle for £7K. To do that, I would need to borrow maybe £5K and use the £2K I have from saved wages. Their offer to me is limited time (3 weeks) but if I can extend it or get monthly payments, I will – but I don’t expect to be able to get that.

It’s taken as read that no high street lender will help but I’ve seen a couple of companies that say they will lend to those with bad credit histories. They charge a rate of about 50% APR (some even up to 500%!). And I’d borrow for a year. I haven’t approached the companies yet – just read their website – as I want to be informed before I go further.

Maybe £7.5K (loan and interest) + £2K capital to pay a £21K debt is a deal I can’t afford to miss, if possible. I own my house. (I appreciate secured loans are far worse that unsecured loans – but still).

Does anyone know of any site (or companies) that may help? I want to get that 50% APR down if I can?

I have looked through this thread but have seen no info about such lenders; there doesn’t appear to a be a ‘bad credit’ lender list or similar. If I am missing this, I would be very grateful to be redirected.

Many thanks,

Mark

Apples2

You can't be your own guarantor, it makes no sense and would be pointless.

It would be a miracle if anyone would lend a penny to someone with your history, secured or not.

captchadesigner

Ditto never take out a secured loan