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Central Lending - Secured Loan

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weeziewoo
weeziewoo Posts: 10 Forumite
in Mortgages & endowments
Hi - Took out a secured loan in 2008 with Central Lending (was Central Trust) for £26,000, paying £379 p/m for 180 months. We received a letter recently stating that there will be a shortfall at the end of the loan term and they need an extra £97 p/m for the remainder of the loan to cover this - can they do this??

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  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    weeziewoo wrote: »
    Hi - Took out a secured loan in 2008 with Central Lending (was Central Trust) for £26,000, paying £379 p/m for 180 months. We received a letter recently stating that there will be a shortfall at the end of the loan term and they need an extra £97 p/m for the remainder of the loan to cover this - can they do this??

    what do your T&Cs say?
    what is a variable interest rate loan?
  • weeziewoo
    weeziewoo Posts: 10 Forumite
    Haven't read all the T&C's as yet - it was a fixed term loan thou
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So, the term is fixed, is the rate fixed?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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