G E Money Secured Loan

Gemmzie

From way back before I kicked the parent's up the bum for shoddy finances.

It's £25k so over £29k with interest. It's just gone up to 12.75% and it's secured.

My dad's credit rating is shot to bits, three defaults recently.

My mum's income is lower but her credit rating is much better.

Is there anyway out of this disgusting loan? Or part of it? Any better options than paying this off for the next how many years?!

Gemmzie

Anyone got an alternative?

jonesMUFCforever

Is there scope to re-mortgage?
If there have not been any missed payments on the mortgage they might consider a further advance if 1. there is sufficent equity in the property 2 if they can convince the lender that they can afford the new repayment.

I find that mortgage lenders will lend to less creditworthy people than credit cards and unsecured loans because they have security.

Gemmzie

Yes there is, our current mortgage is pretty terrible too. Would this be the best option then?

There is about 100k equity I think.

jonesMUFCforever

Gemmzie wrote:

Yes there is, our current mortgage is pretty terrible too. Would this be the best option then?

There is about 100k equity I think.

I'm not sure what you mean by 'our current mortgage is pretty terrible' is it that you have an above average interest rate or have you got arrears on that too?
If you are in arrears then your chances of getting a further advance from your present lender are very slim.