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secure debt want to repay quicker
Zero-point
Posts: 17 Forumite
Hi, we took out a 55k secured loan about 10yrs ago on a 25year repayment with endeavour- big mistake i was only 20
This has been sold on to another company who is managing it when they closed endeavor. I am not in arrears but I need to pay this off asap really.
I'm not sure how to go about it, I currently pay £270pm. I was thinking if they would accept 25k as full and final, I know its secured and they don't have to but if they did I can get a loan that I can repay in about 5years. other option is to repay more each month effectively clearing the borrowed amount quicker??
I'm not sure of best procedure, we have a Halifax mortgage of about 60k that's not in arrears. How can I approach the situation as I do not want to pay this for the next 15years.
Consolidating both loan and mortgage is not an option for me unfortunately.
thanks for your time reading.
This has been sold on to another company who is managing it when they closed endeavor. I am not in arrears but I need to pay this off asap really.
I'm not sure how to go about it, I currently pay £270pm. I was thinking if they would accept 25k as full and final, I know its secured and they don't have to but if they did I can get a loan that I can repay in about 5years. other option is to repay more each month effectively clearing the borrowed amount quicker??
I'm not sure of best procedure, we have a Halifax mortgage of about 60k that's not in arrears. How can I approach the situation as I do not want to pay this for the next 15years.
Consolidating both loan and mortgage is not an option for me unfortunately.
thanks for your time reading.
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