Secured loan

stelios75

Hi I am new to the forum and would like some help, back in 2006 me and my wife took out a secured loan for about £30000 to clear some dept we pay about £400pcm, till this day we are still paying and made a phone call the other day to see how long we had left to my surprise they said I have still 7yrs left and still owe £27000 we have worked it out and we have payed over £100000 so by the time I pay this off I would have payed over £180000, I think it’s daytime robbery it is affecting my life and my kids. At the time we was under so much pressure and seems like we was forced to sign. 

Pls if someone can advice 
many thanks 
stel

foxy-stoat

What was the originally term/interest rate?

If you came on here asking for advice for turning £30,000 unsecured debt into secured debt you would of heard nothing positive.

You have been paying £400 for the last 14 years, bit late to complain about being forced to sign I am afraid.

stelios75

Ok I understand but I have complained and they won’t help I just don’t won’t to pay any more. 

They have had more then there fair share 

stelios75

This is a secured loan not a unsecured 

foxy-stoat

Agreed, can you down value your house/car sell stuff or have any savings you can overpay?

Looks like the interest rate was north of 15% - for me I would try and see if I had any money transfer deals on credit cards to make some head way.

stelios75

That’s hard as I am on a IVA

foxy-stoat

stelios75 said:

That’s hard as I am on a IVA

You will have to sit it out then....even if you got the loan payment reduced you wouldn't really benefit......Wait you took out a secured loan in 2006 for £30K of unsecured debt then 14 years later you racked up enough unsecured debt to warrant an IVA?

How many years left on the IVA and are you managing ok on the tight monthly budget?

stelios75

I have had my IVA for two years. 

No we are not managing  at the moment as I am still on furlough and my wife’s work is low  

[Deleted User]

You need to get a handle on your finances.  Your figures in your opening post don't add up and you need to find out the rate and term of your debts. 

Then go to the DFW boards for help on working through your options.

stelios75

Thank you for all your help I will look into it. 

[Deleted User]

stelios75 said:

Hi I am new to the forum and would like some help, back in 2006 me and my wife took out a secured loan for about £30000 to clear some dept we pay about £400pcm, till this day we are still paying and made a phone call the other day to see how long we had left to my surprise they said I have still 7yrs left and still owe £27000 we have worked it out and we have payed over £100000 so by the time I pay this off I would have payed over £180000, I think it’s daytime robbery it is affecting my life and my kids. At the time we was under so much pressure and seems like we was forced to sign. 

Pls if someone can advice 
many thanks 
stel

Your numbers don't make sense. You borrowed £30k over a 21 year term with monthly payments of £400.  £400 x 12  x 21 = £100,800 not £180,000+.

Who forced you to sign?  Sure, you could stop making the repayments but the debt is secured against your home.  If you don't pay you could lose the roof over your head.