Secured Loans: cheapest lending of last resort

steve22

I read the post Secured Loans: cheapest lending of last resort. It is very informative.... Thank you for the site article on secured loans.....

falken

Hi
We are thinking about taking out a secured loan for £25000 to clear debts. We have about that equity in our house. We unfortunately have a bad credit rating due to not paying creditors as we decided to become self employed and didn`t earn enough to afford to pay them. Instead we agreed payment plans which we keep paying every month but this has still affected our credit rating. We cannot get a standard loan and are desperate to pay them all off. I have heard ocean finance might help and can give a 3 months off until payment starts. We are still self employed and will draw a wage in 3 months time. Can anyone offer a better alternative, or is ocean a good option? Also if we take a secured loan and keep up payments will this improve our credit rating? We just want all our debts cleared up as we are trying everything we can to get back on top.

Thanks for your help

makinprogress

HELP!
We have £40,000 debt in Credit Cards. We have a mortgage o/s of £75k, and a secured load (due to end in 3.5 years) of £15k. There is equity in our property of approx £45k. We applied to our Mort. provider for a Further Advance (secured on property) but were declined due to our 'low' earnings.
Credit Score was fine, but they decided we couldn't afford the further advance. We are getting to a situation where we can'f afford the Credit Card Payments anymore. We don't know which way to turn. Any advice would be really greatly appreciated.
Tia.

marshallka

smallperson wrote: »

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

My experience of Firstplus was that they put up their interest rates each time i requested a settlement figure. I eventually paid them off and ridded them in 2003 but it was the worst 3 years of our lives and we are still suffering now because of that "loan".

Where you say the cacel the payment protection did you actually want this protection at the time? They have a policy called cashback and if you cancel you often only get a tiny amount back from it anyway and it does not reduce your payments much. If you could give more info on the loan/ppi someone may be able to help.

There is a thread about reclaiming ppi insurance and its often the sorts of policies that firstplus sell that are missold and therefore people are actually getting all of their policies back and interest. Maybe you could post on the thread ppi discussions or at least have a read through and there are plenty in the same boat as yourself and you may get the help you need.

marshallka

Tegan wrote: »

Hi there

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

Tegan:eek:

"Rule 78" on settlement. I got caught with it too. It is now banned but if your agreement was prior to 2005 they can still use this method for calculating the settlement. It is wrong and nowadays they are only allowed to charge you two months interest i think. It is challengable though but a long shot.

marshallka

makinprogress wrote: »

HELP!
We have £40,000 debt in Credit Cards. We have a mortgage o/s of £75k, and a secured load (due to end in 3.5 years) of £15k. There is equity in our property of approx £45k. We applied to our Mort. provider for a Further Advance (secured on property) but were declined due to our 'low' earnings.
Credit Score was fine, but they decided we couldn't afford the further advance. We are getting to a situation where we can'f afford the Credit Card Payments anymore. We don't know which way to turn. Any advice would be really greatly appreciated.
Tia.

I wouldn't up the secured loan if i was you. It might seem to work for now but at least the credit cards are not secured to your home. I would perhaps let citizens advice take a look. They have a debt advisory bit and its free.

makinprogress

Thanks for taking the time to reply Marshallka. Will do!

in2deep_2

If someone did need/want a secured loan who would you recommend.
There are so many ripoffs out there where would be the better place to visit.

kellymundy

Because of what is going on with First Plus at the moment I'm really worried about them putting up their interest rate because they now don't need to protect their reputation.
Stupidly 18 months ago my husband and I took out a £20,000 secured loan with them thinking it was our last resort. We know it will cost us slightly more than that to pay them off even though we've been paying £171 a month for the last 18 months but we are trying to come up with options to raise the money to clear it just to get away from the (we can't afford for them to hike up the payments)!
Has anyone ever paid of a secured loan with a couple of unsecured ones or does anyone know if this is even possible?

peter133

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