Secured loans

Lighto45

Good evening,my husband and myself took a secured loan out for debt consolidation,the financial advisor that got us the loan told us as the interest was high (30%),he would put this loan in with the mortgage which is only 4% at a later date,so the payments would be more affordable,he never did.I ended up leaving my job due to ill health so we ended up getting arrears on the mortgage and secured loan .Our mortgage lender consolidated the arrears on the mortgage over the remainder of the mortgage term ,however the secured loan did not do this they started a new loan in a different companies name in the same person that owns the company,when we got the statements about the arrears came before they had started this new loan,they had added a penny on one payment and added £300 on top.Anybody else experienced this kind of thing please.

DCFC79

Hindsight is wonderful but there are other options than a secured loan.

Lighto45

Thanks for your comment.

[Deleted User]

I don't quite follow the complaint.

Xbigman

In summary

You ran up debts.
You consolidated the (now secured) debt at 30%.
You became unemployed.
The mortgage company absorbed the arrears into the mortgage.
The secured loan company charged you extra interest and fee's.

Is that right?
If it is then you must realise that consolidating and securing debts at 30% is insanity.
And yes, this is normal practice with secured loans. I doubt you will get good news from anyone likely to reply. I suggest you go over to the Debt free wannabe section and start reading it. After that start preparing an SOA. All explained in that section.



Darren