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Secured loan
countryside
Posts: 1 Newbie
in Loans
I have a secured loan on my property. I was told what I wanted to hear at the time and because we needed a quick fix went with it.
Started out as 13,000 now £20,000. How can I get out of this. Have a mortgage so could remortgage.
Company whom I got loan from doesn’t exist any more.
On tight budget so need help.
Started out as 13,000 now £20,000. How can I get out of this. Have a mortgage so could remortgage.
Company whom I got loan from doesn’t exist any more.
On tight budget so need help.
0
Comments
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Presumably you signed for it to say you were happy to receive it?
How has it managed to go from £13,000 to £20,000? Have you missed payments?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
how much are the monthly payments? APR? duration?countryside wrote: »Started out as 13,000 now £20,000. How can I get out of this. Have a mortgage so could remortgage.
have all the payments been made on time? if the outstanding amount has increased is this some sort of equity release?0 -
What did you buy with the £13,000?
Only way to "get out of it" would be to pay it off. Sell stuff, overpay where you can, down value your car, change lifestyle.
If you want to remortgage then you need to know equity in your current home and how much the lender will allow you to borrow. Assuming your secured loan is secured on your property, that lender may need to agree you can release equity.0 -
countryside wrote: »I have a secured loan on my property. I was told what I wanted to hear at the time and because we needed a quick fix went with it.
Started out as 13,000 now £20,000. How can I get out of this. Have a mortgage so could remortgage.
Company whom I got loan from doesn’t exist any more.
On tight budget so need help.
More likely you only listened to the bits you wanted to which was most likely just what the monthly payment was and not what you'd end up repaying in total.
Your only options are to refinance at a lower APR, either by loan or remortgage or continue to repay.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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