Picture loan / Webb resolutions

diddygez

I think you may have misunderstood my initial gripe I'm not looking to make a claim for a Mis sold loan I'm well aware that I'm a grown up and indeed signed the agreement I was just after some advice on ways to reduce it if at all possible , I do however feel the IFA took advantage of our situation when advising us on our mortgage. Ultimately any money was spent by us and we are responsible I'm just looking at ways to put my finances in order now I'm in a better position to do so .

Apples2

Overpaying is the best way, the more you can bring the capital down, the less interest you pay overall.

Consider the same situation poppasmurf outlined earlier, but this time it is working in YOUR favour. Pay £10 extra today, save £30 overall.

It's obvious you won't be borrowing any further money at ANY interest rate, let alone a better rate

jonesMUFCforever

I take it you tried the banks and they turned you down?
You went to an IFA and he suggested a loan which you signed for and used the money to repay debt - in what way was the IFA taking advantage and what should he have done?

You are limited to what you can do now due to the CCJ with Northern rock. Do you still have this property and is the secured loan also secured here?
Is there any equity in the property?

diddygez

The northern rock mortgage was paid off but we kept the "together loan " running , the picture loan is secured on our current property whereby we probably have £30k equity

jonesMUFCforever

Who is your current mortgage with? Have you asked to see if they will take over the secured loan as a further advance?

diddygez

It's with accord , do you think it's something they would consider?

jonesMUFCforever

diddygez wrote: »

It's with accord , do you think it's something they would consider?

If you don't ask you don't get.
Check out the rates and fees etc first.
I would even ask my local bank or building society if they can help - the worst thing that can happen is that they say no.