G e money

Nunnie1977

Today just lost out in county court judgement to ge money over house repossion order place on my house on the 12th of October,I have outstanding charges of £3600 to pay ,this is for a loan of £6000 took out in 2007 , I have already paid £1264 to them so the grand total for this loan is going be nearly £ 16000 this firm is totally in human operate and advice everyone to steer clear of them when it comes to loans

James_B.

OK, thanks.

CHR15

What was the £6k loan used for?

Nunnie1977

The loan was put into a small business I run , it turn out to be the worst thing I have ever done,

PeacefulWaters

So you borrowed money against your house, didn't make the contractual payments when due and have been repossessed, owing capital, interest and legal costs.

Is that a fair summary?

Nunnie1977

Not been repossession yet the outstanding about is £3600 this all charges as loan was paid off 18 months to stop a early repossession

CHR15

Where are the charges from if the loan was paid off?

It says in the first post you have only repaid £1264

Nunnie1977

Yes already paid £1264.00 to them charges was for late payments and interest plus legal fees

Nunnie1977

That's £12064 .00 sorry

James_B.

Yes, this sounds about right. If you take out a secured loan, then don't stick to the agreed payments, you can find your home being repossessed. This is the system working as it should.

Thanks for sharing your story though, hard as that must have been for you. It hopefully will serve as a warning to others about the dangers of borrowing secured.

Apples2

Securing a paltry £6k against you home, as you have discovered, was not a good move.
We do see posts from people securing against their home to buy a car and other such horrific ideas.

You need to find a meagre £3,600 or you lose you home?
It may seem a lot when you don't have it but you must have enough "stuff" to gather that much.

You should be selling everything you own, cars, lawn mowers, furniture, TV, Hi-Fi the whole lot or else you will need a bigger lorry to help move.