pressured into finance?

woppo26

hi everyone,

Quick post.

I got a mortgage on my house back in 2007. At the same time we decided to have new windows installed. Anglian home improvements sent a sales rep out and after about 4-5 hours of pressure selling I "agreed" to have to windows installed by them at a cost of just short of £7000. Now my problem is we had about half the money to pay for the windows and needed finance to fund the rest of the purchase.
The sales rep convinced me that id be better off letting the finance company fund the entier project. like a naive idiot i agreed.
Anyway 3 months later i lost my job and nearly lost my house.
the finance company (link finance) didnt give 2 hoots about my circumstances, didnt help one bit and took me to court for none payment. the courts allowed them to have there name on my mortgage and to continue charging me interest. as it stands now, i currently owe link finance over £15000. Im currently paying a contribution payment of £5 a month but they are charging me anywhere between £125 and £175 per month interest. what im asking is, is there anything i can do to stop the interest whilst i try and pay off what i owe.

I find it unfair what they are charging me in interest.

David301

Are you working now?

woppo26

David301 wrote: »

Are you working now?

yes i am :j

David301

do you know what rate of interest they are charging to you at the moment?

did you take out any insurance with the loan?

PaulW922

I presume that Link Financial have taken over the loan?

woppo26

David301 wrote: »

do you know what rate of interest they are charging to you at the moment?

did you take out any insurance with the loan?

they are charging me 21.5% interest

I am unsure if i had any insurance at the time of the finance.

woppo26

PaulW922 wrote: »

I presume that Link Financial have taken over the loan?

yes and i believe it is link finance that has there name on my house...

David301

you need to find out if there was any insurance, any PPI or any of that, could have covered you for loss of earnings or if it was mis-sold ppi then you can claim that back.

are your wages high enough to get a loan at a better %?

Do you have equity in the property to re-mortgage for the amount and pay it off?

woppo26

David301 wrote: »

you need to find out if there was any insurance, any PPI or any of that, could have covered you for loss of earnings or if it was mis-sold ppi then you can claim that back.

are your wages high enough to get a loan at a better %?

Do you have equity in the property to re-mortgage for the amount and pay it off?

to get a loan against my property would i need links permission as they own a steak in my house?

i currently can not afford to pay the interest that they are charging me let alone any repayments off the capital i owe...

and as we speak iv got my wife looking for the original finance deal, so i should find out if i had ppi or any type of insurance.

woppo26

woppo26 wrote: »

to get a loan against my property would i need links permission as they own a steak in my house?

i currently can not afford to pay the interest that they are charging me let alone any repayments off the capital i owe...

and as we speak iv got my wife looking for the original finance deal, so i should find out if i had ppi or any type of insurance.

as for capital in my property... no!

i brought the house at the peak of the property boom.... then it all went t*ts up.... if i have any equity it will be about half of what they say i owe...

David301

they would have to be notified as a further charge would be against the property but if there is already negative equity then that option is out