Secured Loans: cheapest lending of last resort

lucid2008

People are spamming this thread with affiliate links.

Savvy_Sue

lucid2008 wrote: »

People are spamming this thread with affiliate links.

Please report such posts to abuse (red triangle at the bottom left of each post), board guides will do the same and delete posts as and when we see them.

banarus22

MSE_Andrea wrote: »

The following is the area to discuss or ask questions about the site article on secured loans, which you can click here to read.

Good loans rates i like in this interests of the loans which is very low.

smallperson_2

I need help/advice.... I have a secured loan with First Plus which has now become unmanageable, due to them putting up the payments due to their non explanable interest rises... do I cancel the Payment protection??
What if we cant pay it their monthly fee anymore, we cannot even release the equity in our house as they wont grant it as we havent paid them enough apparantly....I havent called FP as I am scared they will want to take our house....not sure what to do, could we change to another provider that can offer a cheaper rate for a secured loan as FP seem to be ripping us off and I am going to be paying them off till we die.

Please help, I am a stressed out mum to be

Stephb1986_2

Hi i need to borrow 14k which would be the best way to borrow it, it would be short term as in a few months any advice appreciated

Steph xx

si1306

i took a loan with welcome finance for £10000. It was £282 a month over ten year, after three years of payments (£10152) i asked for a settlement fee which was to my astonishment £13095.99p more than the original sum. Is this legal it semms extortionate.

harra187

Hi

I am with NR for my mortgage and I added a secure loan to my mortage about 3 years ago. It was for 10k. I am coming to the end of my mortgage deal with NR and want to remortgage with another lender.

What problems will i be faced with when trying leave NR as I have a secured loan on my mortgage?

thanks

JAnimalR

Hi
My hubbie and I, in our infiinte wisdom, decided to try and get a secured loan as it was a last resort (poor credit, not been in current mortgage very long, I'm self-employed etc etc...).
Anyway, we went through Ocean Finance and got offered a decision in principal with White Label Loans. Their minimum loan value is more than we really wanted, but we're going to do more home improvements than we originally planned to make full use of the money. We're spreading the loan over 12 years to keep the payments down (they've loaded the borrowing rate of course due to my self-employment!).
Anyway, we've now signed the agreement and sent it back, and the loan company keep coming up with criteria before they'll release the funds. I have to say I read that they do this, but was sort of Ok, but now it's really beginning to jar us off ...
Please can anybody advise - can we still cancel our application even though we've signed the agreement, got the mortgage deeds signed and witnessed (they're saying they won't proceed until we meet their further lending criteria, which at the moment, we're not) ... ? We've passed out eighr days consideration period, but are wondering if we'll still be legally bound to take the funds now if we decide not to go ahead ... ???
We still have no choice with other lending, but are just feeling edgy about the way they operate already ... not a great start ...

PLEASE PLEASE HELP ...

Tegan

Hi, we have a problem, and wondered if anyone can help, please.

In 2004, my husband and I took out a secured loan. We have been paying the monthly payment for 4 years, (which keeps going up and up). We enquired about repaying the debt off completely. We were sent a settlement figure which was more than the original loan, because they had added the whole term's interest onto the original figure! So, we have paid £300 on average for 4 years, and still owe more than we borrowed in the first place.

I think that this could be the rule 78 referred to, although the amount borrowed was over £25,000.

We need to know if this is correct. It's not in the signed contract, although some sort of explanation does appear in their leaflet that was sent with the contract.

Does it mean that it would be cheaper in the long-run to have this debt around us for the full 25 year term??????

Please help us.

Tegan

Tegan

si1306 wrote: »

i took a loan with welcome finance for £10000. It was £282 a month over ten year, after three years of payments (£10152) i asked for a settlement fee which was to my astonishment £13095.99p more than the original sum. Is this legal it semms extortionate.

Hi there

Did you get a reply to this post? Are these meanies allowed to get away with this?

Tegan:eek: