Secured Loans: cheapest lending of last resort

Stix75

Hi,not sure if this is the right place for this, but I've scoured the site and can't find anything else... this is my first post so please don't shout if I'm in the wrong thread...

My husband and I ordered a new conservatory through Anglian Windows and the loan was agreed through them with GE Money.

My husband and I have since separated and his sister has bought me out of the house. I rang GE Money to request that I pay off my half of the loan and have my name removed from the credit agreement. They have said that I cannot do that and must remain on the agreement whether I pay off my half now or not.

It also transpires that the credit agreement is incorrect, as the Anglian Windows sales rep incorrectly wrote my husbands name down wrong, David **** instead of Richard ****... I asked GE if this meant technically that credit agreement was null and void but they insist it's fine because it's being paid from Richard ****'s bank account.

Is there any loophole anyone knows of to get me out of this? I don't want a credit agreement for a conservatory in a house I no longer live in hanging over me and even if I pay off my half, if my husband defaults on any payments I am liable.

Thanks in advance

herdeep

I hope this is the right forum for my question.
I have a HP agreement with Honda Finance which related to buying a Honda car.
The HP is pass its half way mark and has about £4000 outstanding.
I have recieved a sum of £1000 and wanted to part reduce by HP.
My approached to Honda Finance has been rebuffed.They want me to settle the whole HP (with a rebate) and will not accept the £1000.
I have been told by Honda Finance instead to keep the money in a interest bearing account.
Can some one please advice if Honda Finance response is correct in law.
Herdeep

jon.jackson4

i have a secured load with first plus, we cancelled the ppi on the loan for various reasons, our payment went down from £452 per month to £371, we were just about to make a payment they say they have put the rate up, i asked why, and they said that market trends and increasing costs and my new paymentis £421 the percentage was 9% now gone up to 9.3%...

I asked how this is possible as bank rates are falling, i asked her for proof, she said its not the bank rate they go on, but the finance base rate, which she said has remained the same for Jan/feb 08...

I asked her why if the rate has stayed the same is our rate jumped by nearly the ammount of difference between ppi when we cancelled it...

was really quite rude, i asked to speak to a manager, no luck 48 hour call back

can anyone help we are at our wits end!!!

im_comet

HI, IM SORRY TO HEAR YOUR SITUATION, JUST TO LET YOU KNOW ABOUT MINE WITH FIRST PLUS,
WE BORROWED £35000
PAID ROUGHLY £400 A MONTH, FOR 4YRS,. ESTIMATE £20,000 PAID
WE SETTLED THE LOAN WHEN WE SOLD OUR HOUSE, HAD TO PAY BACK £34.101.87!!
PLUS OUR PAYMENTS INCREASED TOO, A COUPLE OF TIMES OVER THE PERIOD.
I TOO WAS FURIOUS, HOWCOME YOU PAY SO MUCH OVER THE YEARS, TO STILL OWE, ONLY APPROX £800 LESS THAN ORIGINAL LOAN FIGURE!!
PLEASE LET ME KNOW IF YOU HAVE HAD ANY HELP ON THIS MATTER I WOULD BE VERY INTERESTED,
MANY THANKS

im_comet

kellymundy

Last April i took out a First Plus loan to combine some debts but since that time our property has gone up in value so we decided to release the equity we've got in our property to pay it off and in doing so saving a bit of money and keeping all our debts in one place; sounds simple enough!
I wrote to First Plus to get our redeption satement (we had one last year and it stood at £19,850, the original loan was £20,000) and nearly fainted when i opened it and found we now owe them more than we borrowed in the first place (£20335.90) after we'd made around £2000 worth of payments. According to my statement the breakdown was £20,185.90 for the loan (?) and £150.00 admin charge. I phoned them up to ask them to explain how that was possible and they told me my loan stood at £19,862.02 plus early redemption charge of 1 months interest (which we knew about) £170.14 plus the £150.00 admin. Now i was more than a little confused at this as there is £153.74 difference between what they told me and what i had recieved in the post. On asking about this i was told that i'd have to wait another week for a breakdown to arrive in the post as they didn't have the information to hand. I then asked if they could send me a breakdown of the admin cost to and i was told that they didn't do this and that i on signing my agreement i had agreed to pay this fee. Am i right in thinking i should be entitled to this breakdown?
Basically what this means is that i am now stuck with First Plus as i have no way of paying this extra money off as i am around £1000 short on my equity. We based our figures on the redemption statement that we got last year and the fact that we'd payed a few more payments since then so surely it would be less.
I just don't know where to go from here because First Plus just doesn't want to make my life easy and help me sort this out and the only thing my mortgage company has told me to do is go to citizens advice.

hollydawn

Has anyone any experience with loans.co.uk?

I'm being pushed in their direction for a secured loan by a credit card company. While I understand that this may be my only option I'm really put off by the pushy manner of the loans.co.uk people, especially when they just brushed aside their fine for mis-selling PPI

I have an appointment with the people from the Credit Counselling Service this afternoon and I'm putting off any decision until I hear what they have to say.

Any recommmended alternives to loans.co.uk?

kellymundy

loans.co.uk is only a middle man, and yes they are very pushy (this is who pushed me into a first direct loan, see above). When it comes to secured loans i would avoid middle men like the plague and go straight to the citizens advice or a financial advisor.
Good luck.

christywilliam_2

Does someone tell me the site which provide easy loan for education.

presentationmall

Thanks for your information.

Savvy_Sue

christywilliam wrote: »

Does someone tell me the site which provide easy loan for education.

There's a resource bar at the top of this board - is it a student loan you are after, or a Career Development Loan, or a loan to pay for a child's private education? There are definitely links there for the first two. As I'm still feeling my way in this Board Guide malarkey I hope that will help, or that someone who knows loans a bit better will come along, but if you say what kind of education it is you're after we'll be in a better position!