Stupid Secured Loan

Deep_In_Debt

Teen_the_Drama_Queen wrote: »

Snap FiatFan, ah yes good old Firstplus, when we stopped our monthly payment as we were about to go BR, they loved us so much they rang us about 6 times a day

Firstplus! I owed them less than 2k (unsecured) when I went on my dmp. You would think I owed them 2 million from the amount of harrassment I got from them!

Lou67

kalk wrote: »

Looking for advise here. I took out a secured loan in February 2005 to consolidate various borrowings. I missed a payment (my fault) so the loan company got arsey and threatened me with a repossession notice. It was an oversight on my part so I have made the payment but what's doing my head in is that I have made approximately 96 payments to this lender £605 per month. Lets do the math shall we:

96 x £605 = £58,080

We borrowed £45,000
They added £10,000 (PPI - yes there is a claim going through)
Total £55,000

The repossession notice claims I still owe them £51,000

How the hell can I STILL owe them £51 grand when I have already paid nearly £60 grand !!!!!!

What can I do????

So you've been paying it for EIGHT YEARS? And you still owe more than you started with? OMG! :eek: That's awful... I am so sorry for you. Unfortunately, I think that it's probably right, and this is why I am against long-term, secured loans. We took a 20 year loan in 2005, (for £35,000,) and it was one of the biggest mistakes we ever made.

We paid about £300 a month for 5 years: (so that's about £18,000,) and when we checked the balance (because we were planning on selling our house and paying off our debts,) the balance was £36,500! We felt sick to the pit of our stomach: all that paid off and the balance was almost 2 grand more than we bloomin' well borrowed!!! I never could/did figure out why, but when I asked citizen's advice, they said it's 'probably right.'

It was an Asda loan, but they sold it to another - rather unscrupulous - company, who treated us like cr*p when we were struggling financially. It gave me great pleasure to tell them we had gone bankrupt, and they have to contact the O.R. if they want their dosh! hahaha

Hope you get your PPI back by the way.

arcon5

Dave101t wrote: »

let them take you to court, you have the receipts. counter sue for emotional distress, and company badgering of vulnerable persons.

What emotional distress have they caused?
In what way is the company badgering op?
How is op a vulnerable person?

-1

kalk

Lordy lord !

I just received a statement of account. I feel sick. I knew it was going to be a hefty whack of interest but :eek:

So I think realistically I should apply the following steps:

1. Stamp feet, pout, whinge and moan
2. Sort out the arrears (done, through gritted teefs)
3. Persue PPI and any additional interest due
4. Offset PPI / interest against stupid secured loan
5. Reschedule stupid secured loan (reduce the term)
6. Remortgage (to get rid of stupid secured loan)
7. Pay off mortgage as fast as possible
8. Sulk for the next twenty years

kalk :mad: