Secured Loans: cheapest lending of last resort

LondonMarkster

Thanks for all your advice.

I appreciate now that you 'can't be your own guarantor'.

But I have found a couple of comparison websites which link to companies who suggest they do lend to people in my situation - for about 50%APR. (I haven't given the links to the comparison sites here because I don't know the rules about doing so.)

Now I haven't yet applied - so I will see and maybe they won't.

I also take the point about a secured loan - but I reckon it's worth it. I have a permanent job and I could afford any loan repayments (I have a low mortgage),

I appreciate that you can lose your house if you default, but I reckon that defaulting is most unlikely and I would knock a lot of money off my debts.

Mark

kajiee

Hi, I own my home outright, however am in £20,000 of debt.

I haven't ever missed payment but have very high interest rates.

Can I mortgage to clear the debt's or am I better off with a secured loan.

Even though I haven't missed a payment my credit rating is poor !

What should I do, am I likely to be accepted ?

brenda10

PEER TO PEER LENDING - ZOPA

I am just an ordinary worker on low wage who have managed to suffer for past 8 yrs and save very hard, looking at every expenditure and it has worked, I have managed enough to pay off my mortgage and have a few small pounds left over. I just loan out £1000 to Zopa to help others. I want to help my daughter who is 23 and thinking of saving a downpayment to get a mortgage for a home. I encourage and support her and boyfriend to save and not be WASTEFUL.

I loan money to people at the lowest rate through Zopa. It is peer to peer lending and I only loan £10 to each person who are assessed, other people who loan give £10 also so you are not loaning all your money to 1 person therefore risk is less, on the other hand the people who needs loans get them at a decent price ie <10% (banks 18-19% or more). the saver wins and the person who takes the loan wins and Zopa charge a small amount to loaner and loanee, unlike the rip off the fat bankers would get. Great idea.

Pharaoh

Hi to one and all

Does anyone know if you can reclaim PPI and charges for Legal aid public funding loans. I had a secured loan under the name of public funding in 2004 that was paid off in 2009 with heavy added interest costs to cover those years that it was in force. I'm running blind at the moment as I need to find the paperwork so as to get the finer details. So, I'm not certain if a protection insurance was involved, I doubt it. Meanwhile, thanking you in advance for any help.

DCFC79

Pharaoh wrote: »

Hi to one and all

Does anyone know if you can reclaim PPI and charges for Legal aid public funding loans. I had a secured loan under the name of public funding in 2004 that was paid off in 2009 with heavy added interest costs to cover those years that it was in force. I'm running blind at the moment as I need to find the paperwork so as to get the finer details. So, I'm not certain if a protection insurance was involved, I doubt it. Meanwhile, thanking you in advance for any help.

Well you could call and ask them.

Pharaoh

DCFC79 wrote: »

Well you could call and ask them.

Thanks for the inspiring advice. Seeing that I haven't found the paperwork yet, as mentioned in my post, I'm going to have a task phoning them without a phone number. But don't worry, I've just found the crystal ball and I'll try to see if I can contact them that way.

Jasmhayes

Can anyone tell me if I am able to make overpayments on a £10,000 pound 5% fixed loan over 5yrs???

_Andy_

Jasmhayes wrote: »

Can anyone tell me if I am able to make overpayments on a £10,000 pound 5% fixed loan over 5yrs???

How are we supposed to know based on that? Why not just ring your lender and ask

bacchusvalkyrie

Hi, I took out a secured loan about 6 years ago with my then partner. We have since split and he had an accident meaning he couldn't work. He has since returned to work though in a lesser paid job.
What I want to know is - was the bank right in allowing us to take a loan out against a property that is solely in my name? Or was it miss- sold? I am the only one with the security against this loan and now I have to pay back the whole lot by myself for the next 19 years.
Is there anything I can do to get the 50% that he signed up for before we split? The loan itself was to pay off debts incurred due to a failed business. I have already relieved him of a car and caravan to cover some of what he owes but he has no more assets. I am quite able to cover the payments by myself but now we are not together i don't see why I should!!

yorkermiles7570

I would never borrow money off an organisation again, not since the banking crisis and all that fractional reserve banking,its disgusting and corrupt.