secured loan

angelene1959

10 years ago I took out a £3000 loan secured on my house.
I now owe £12000.
after a stuttered due to husbands unemployment I have been paying back at £50 per week.
Is there anything I can do
I realise this was stupid of me to take out a loan from a newspaper
i feel almost suisidal when I think about it.
The morgage company have sent a chap around
I have made an appointment at the cab
thinking of wonga is this a similar case
anybodies help would be very very gratefully accepted

Pixie5740

Why would this be similar to Wonga?

You're in a bit of a jam because unlike unsecured loans this one is secured (I'm guessing to your home) and if you don't keep up with the repayments then your home could be repossessed.

What exactly is the issue? Is the loan company not accepting your repayment of £50 a week? Do they want to call in the loan?

I think the National Debtline might be a better port of call the CAB.

lee111s

You borrowed £3000 and you now owe £12000? How on earth does that work? Have you not been making nay payments for a number of years?

bouncydog1

Probably go over the debt free board and post a full statement of income and outgoings as depending on your overall financial position there may be options available that will freeze further interest.

PeacefulWaters

lee111s wrote: »

You borrowed £3000 and you now owe £12000? How on earth does that work? Have you not been making nay payments for a number of years?

Interest rolling up. Possibly at a very high rate.

High fees for failed direct debits and account remaining in arrears month after month.

Possible legal costs.

Head in sand syndrome.

Some secured loan contracts have thoroughly evil terms if payments aren't made when due.

National_Debtline

I think it would help to post a SOA to see what sort of payments you can afford….it may also help to post a few more details of the loan itself – i.e. is it interest only or repayment?

You will need to pay the normal monthly payments plus enough extra to clear the arrears before the term of the loan finishes. If your lender has taken you to court or sends you court papers then I would suggest you get full, free advice as soon as you can – this will help you to consider all of your options. These situations can be worrying so make sure you are getting support for your own peace of mind, perhaps try speaking to your GP.

Laura
@natdebtline