Secured loan into pension age

darjeeling

We took out a secured loan(2nd charge) some years ago and always thought it would end 2021, but now shocked it actually is 2031,by which time I will be 73 on a state pension. Do we have any claim on this as a missold product? originally First plus

[Deleted User]

No. There's no reason why a 73 year old can't have a secured loan or mortgage.

diggingdude

you could always pay it off this year?

Ben8282

darjeeling wrote: »

We took out a secured loan(2nd charge) some years ago and always thought it would end 2021, but now shocked it actually is 2031,by which time I will be 73 on a state pension. Do we have any claim on this as a missold product? originally First plus

Could you perhaps give some more information about how this misunderstanding regarding the term of the loan came about?
You say you took out this loan some years ago. Did you not receive statements and realise that the balance was not decreasing sufficiently for the loan to be fully repaid by next year?
Also looking at your previous posts, especially https://forums.moneysavingexpert.com/discussion/4215237/renting-in-retirement, I am curious as to what this 'secured' loan is actually secured on.

[Deleted User]

Mis-sold? sorry no, mis-purchased possibly, remember if you don't keep up the payments then your home might be re-possessed.

foxy-stoat

https://forums.moneysavingexpert.com/discussion/5054399/settlement-offer-and-halifax

https://forums.moneysavingexpert.com/discussion/4881998/dmp-and-barclaycard

https://forums.moneysavingexpert.com/discussion/4346821/barclaycard-have-wrong-name-on-account

https://forums.moneysavingexpert.com/discussion/4215237/renting-in-retirement

Dont bother - the OP never comes back after the first post.