How to get rid of Secured Loan??

Tixy

Hopefully the previous answers have made it clear the consequences of just stopping paying.

If you are struggling with your repayments, or just want some advice and suggestions on money management to make it easier to repay the loan quicker then perhaps try contacting one of the debt advice charities for some free impartial advice.

_Andy_

opinions4u wrote: »

I couldn't read the post due to the terrifyingly awful choice of font.

Also their space bar seems to be somewhat problematic.

Tommelise

My advice is that you look at what you spend apart from your loans to see if there is anything you can change

Take a look a the Debt free wannabe board:

http://forums.moneysavingexpert.com/forumdisplay.php?f=76

Thrugelmir

olivia84 wrote: »

i really, really don't want to sound harsh to the OP but no wonder the credit hangover happened in this country. i do think he is not totally at fault here though. for a decade or so, we have all had money and credit thrown at us irresponsibly by lenders

There were irresponsible lenders. Likewise there are irresponsible borrowers. So people have to accept personal responsibility for their own actions. As those that manage their affairs properly should not have to subsidise that don't.

Personally I blame the Nanny state .

iolanthe07

What happened to the original post?

gb12345

iolanthe07 wrote: »

What happened to the original post?

Looks like a board guide has merged it with the OP's other post on the same subject, but left all of our replies here.

Apples2

Original Post copied back here again so this thread makes some kind of sense.

hachiman wrote: »

HiHi
My wife and I havehad an interest only mortgage for the last 7 years. To be honest the mortgagewould probably never have been approved on our salary’s, but we went through adodgy broker who against all the odds managed to get us it. We put around£15,000 down at the beginning, but like I said earlier the remaining mortage isinterest only. However we also later took out a secure loan with WelcomeFinance about a year or so later as we needed to buy things like a car for work,a holiday etc etc.

And it’s basically okat the moment as the mortgage is probably about half of what the property’scost to rent around here monthly. However we are now starting to think aboutthe future. What happens in 18 years time when all we have done is pay intereston the mortgage and no capital. We have a special needs son and want him tohave security when we are gone. My wife and I are not big earners and we canjust about make ends meet at the moment. We can just about afford the capitaland interest payments if we change to this, and if (And this is the big IF.) wedidn’t have the loan from Welcome. Welcome are an interesting company as theyseemed to go through some sort of buyout/administration a couple of years agoand were always phoning us asking if we wanted to pay their loan back sooneretc etc which we politely declined. They also seemed to have closed theiroffices and opened up new one’s elsewhere and also no longer do loans(Accordingto them.) We have more than paid the original amount borrowed, but they stillhave their claws in us and if we stick to the original agreement we will havepaid back approximately 3 times the amount borrowed at the end of the term. Ihave called them and I know we could end the secured loan sooner, by increasingtheir payments, but it means we then have less time to be in a position tostart going Capital and Interest with the mortgage.

So the reason I amposting this message is to ask about the secured loan.

If we stop(Yes bumpthem, Stop paying) paying the loan whatcan they do?. Our mortgage is interest only so we don’t really own any of itapart from the £15k we put in at the start. We don’t care about credit scoresor anything like that. We just want to be able to have our mortgage paid in 18years for our kids and especially our son.

Thanx

Clive_Woody

Is it too late to add a Poll to the thread as I feel this would add clarity?

LeeSouthEast

_Andy_ wrote: »

Got to love when people ask for advice, ignore the thread, don't thank people for responding, then start another thread. Wonderful.

You can lead a horse to water

DCFC79

Clive_Woody wrote: »

Is it too late to add a Poll to the thread as I feel this would add clarity?

Oh yeah we need a poll.