help with secured loan from equifinance

dealer_wins

That has got to be one of the most horrific secured loan agreements ive ever seen!!

Even if he intends to pay it off within a few months, I wouldnt got near that company. You just know settling it is not going to go smoothly and will cost dearly!!

Daedalus

Apples2 wrote: »

I think you missed my point, people claim it was mis-sold only when the repayments dawn on them.

When applying they think it is a great offer even though the charges are clear.

So people claim it was mis-sold when the loan company ask for you to make the clearly outlined repayments? Legally competent adults are expected to understand how a straight forward loan works. It is not mis-selling if you claim later you didn't understand.

mrcraigyd wrote: »

thanks for the replies people, we have realised now its the 30+ k interest over the term on top pf the 11k thats makes his payment what it is.. i have tried to convince him not to take it but he states he has been told he can settle early with only a months interest payable? does this sound right? he is due a sizeable inheritance and thinks he can settle this loan when he gets it.. to be honest i should of read the loan agreement before i signed his witness form.. if the variable rate goes up how much would that effect his payments? he says hes tried everywhere for a loan and has been declined after decline due to several defaults and missed payments.. ive told him i wouldnt of signed as his witness if id known hes said he would of just got someone else to do it! also apparently they do a drive by valuation on his property, what does that mean?

We don't know, you will need to check the credit agreement. It is unlikely that you will be able to get out of the remaining interest. So if you took £11k out today on the terms above, you couldn't pay it all back next month just paying £11k + £260 interest. It is likely they would want the full £50k, maybe a little off, but not alot.

Apples2

What do you mean " due a sizeable inheritance?"

Is this being processed? In which case, wait until it is.

Or, are we all waiting for some poor soul to go belly up, which could take years?

He has defaults and missed payments, he doesn't understand how to handle money, are you absolutely sure you only signed as a witness?

Apples2

Daedalus wrote: »

So people claim it was mis-sold when the loan company ask for you to make the clearly outlined repayments? Legally competent adults are expected to understand how a straight forward loan works. It is not mis-selling if you claim later you didn't understand.
t.

Welcome to the MSE loans forum. I could list a few pages of links where people have done exactly as you consider unlikely.

If you were to question their competency on the board, you too are likely to be yellow carded and threatened with expulsion from the board guides.

CLAPTON

mrcraigyd wrote: »

thanks for the replies people, we have realised now its the 30+ k interest over the term on top pf the 11k thats makes his payment what it is.. i have tried to convince him not to take it but he states he has been told he can settle early with only a months interest payable? does this sound right? he is due a sizeable inheritance and thinks he can settle this loan when he gets it.. to be honest i should of read the loan agreement before i signed his witness form.. if the variable rate goes up how much would that effect his payments? he says hes tried everywhere for a loan and has been declined after decline due to several defaults and missed payments.. ive told him i wouldnt of signed as his witness if id known hes said he would of just got someone else to do it! also apparently they do a drive by valuation on his property, what does that mean?

presumably he has bothered to read the T&Cs of his agreement and see how he can settle the debt early?