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Mars Capital Secured Loan
Morgan8080
Posts: 6 Forumite
in Loans
Ill try shorten this as its a long story
secured loan taken out 17 years ago for £35,000 with Advantage , sold to paragon then Mars capital. at one point has had a suspended possession order , when this was granted Paragon sold it to Mars capital..the judge did scold paragon for letting such big arrears add up.
My arrears are £34,000
balance of loan is £56,000
I pay £575 a month inc of an arrears payment
The interest on the arrears is added and the arrears on the capital too and these are more than my payment each month.
The amount just goes up year after year.
Ive added up the unlawful charges and interest which amounts £29,300
I have no idea where to go with this.
secured loan taken out 17 years ago for £35,000 with Advantage , sold to paragon then Mars capital. at one point has had a suspended possession order , when this was granted Paragon sold it to Mars capital..the judge did scold paragon for letting such big arrears add up.
My arrears are £34,000
balance of loan is £56,000
I pay £575 a month inc of an arrears payment
The interest on the arrears is added and the arrears on the capital too and these are more than my payment each month.
The amount just goes up year after year.
Ive added up the unlawful charges and interest which amounts £29,300
I have no idea where to go with this.
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Comments
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Being realistic, these charges / interest are not unlawful - if they were, you would just report them to the police.
A secured loan is always a problem, particularly given how long ago you took this out and what you are paying back and your arrears, I am guessing a high interest loan too?
What is your question here? Have you spoken to a debt charity like Step Change?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Are you in a position to downsize and clear some of the debt? What equity do you have in the property?No free lunch, and no free laptop
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you cannot report unlawful interest charges to the police they need to be dealt with by the ombudsman.and yes they do make unlawful charges .0
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Charges for arrears and paying interest on loans is not illegal. If they have a valid contract, valid CCA etc there is nothing the ombudsman will do, especially not pay OP £29k of interest backarlene_Jones said:you cannot report unlawful interest charges to the police they need to be dealt with by the ombudsman.and yes they do make unlawful charges .Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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