Secured Loan - £7000 in charges due to interest

Cannonball

Hello.

I have a secured loan on a house. In 2003 it was a £23K loan and £30K would be paid back after 30 years. Unfortunately I lost my income and nearly lost the house. After bailiffs and court visits, this loan had fees of £1000 added. At this point the interest on the fees started accruing. The company charged £30 a month if there remained any arrears, then charged interest on that - there were arrears for years due to the debt hell I was in. As a result the fees alone have gone from £1000 to £7000 in seven years and I only just discovered this (don't ask, it involves divorce etc) - I estimate 70% of this total is the interest, not any actual charge.

Is there anyway I can ask for the fees to stop accruing interest? Am I able to argue that the fees plus interest is unfair? At the moment I've accrued it through ignorance, which doesn't help anyone, but would like to do something about it now.

I have copies of the entire history of the fees and interest if that would assist.

Thank you for any and all advice.

dunstonh

Is there anyway I can ask for the fees to stop accruing interest?

Pay the debt

Am I able to argue that the fees plus interest is unfair?

Very few have succeeded on that front. Some have but the cases are rare and the lenders are happy to go to court in most cases and usually win.

Maybe it is time to approach the lender to discuss it with them. If you have financial problems they may do something. If you dont then they probably wont.