We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Secured Loan Shortfall
PeterO
Posts: 2 Newbie
Does anyone have any experience/useful advice in relation to dealing with Paragon Finance when you have a shortfall when your property is sold?
I'm extremely nervous about this company. The internet offers plenty of worrying cases of really quite outrageous and excessive interest charges being applied. Paragon have supplied a settlement figure and my ex and I will be about £10K short.
Amongst the various conditions they are seeking to apply is continued interest whilst I try to pay down the balance. I already have a Debt Management plan in place to address the various other debts arising post divorce.
Without interest, I can clear this balance in 3-4 years... With the kind of interest that Paragon appear infamous for, I can see this turning into another long running debt that will never be cleared.
I'm extremely nervous about this company. The internet offers plenty of worrying cases of really quite outrageous and excessive interest charges being applied. Paragon have supplied a settlement figure and my ex and I will be about £10K short.
Amongst the various conditions they are seeking to apply is continued interest whilst I try to pay down the balance. I already have a Debt Management plan in place to address the various other debts arising post divorce.
Without interest, I can clear this balance in 3-4 years... With the kind of interest that Paragon appear infamous for, I can see this turning into another long running debt that will never be cleared.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards