loans.co.uk

wallopadonkey

recently had a conversation with them about a £23,000 loan

they all try to sell pp1 but they are saying that you get all the money back after 5 years of a 15 yr loan if you dont claim in the meantime (about £4500) is this a con or are they being straight up havnt signed up yet cos a bit suspicious

thanks in advance

Rafter

Right to be suspicious.

Loans.co.uk is a broker. They will be making £1000's in commission on this type of loan.

Even if the PPI is on some moneyback arrangement, you will still be paying interest on the £4500 over the first 5 years (£2000+), and because of inflation £4500 now will only be worth about £3800 in 5 years time too.

If you have sufficient equity in you home for a secured loan, and have no alternative, please think about remortgaging before taking out this type of loan - It will probably be cheaper.

Good luck.

R.

wallopadonkey

equity in house about 35,000 however abbey wont mortgage to that amount only a percentage of the total value so no joy there as we mortgaged to 110k

one further note we have never had any problems gettin loans of any type however recently were refused by black horse and also mbna who passed our info to loans.co.uk whom they now own apparently

who say our credit check shows a few loans outstanding ???

one at 6K and 1 at 7K now we have the full experian credit service nothing showing there all i can think is that they are old hp or loans that have been paid off by us and not closed by the lender

all a bit worring really

johannamse

Why do you need a loan for 23 k when you only have loans of 6 & 7k??

wallopadonkey

sorry those two are loans we actually dont have they were old ones we assume had been paid off definatly have not defaulted thembut still came up as being live on our credit check

23k due to credit cards gathered over a number of years and unfortunatly our living beyond our means for the last 2 yrs as my wife had a baby (had to leave well paid job) then caught again within 3 months hence mat pay for nigh on 26 months with a short spell of 16 hr per week work in between (credit cards ended up being a cruth to help when things got really tight as we had about 5 or so with zero balances (someone inthe family said that credit ratings shoot up if you have the cards and dont use them which we didn't untill wifes wage dropped from 1300 p/m to 400 and we got stuck)

lol life history there for ya

any way happy with 2 boys 18mnths and 6 months

daveboy

There's nothing better than paying for those cheesy adverts, and of course the wages of Phil Tufnell - and risking your house into the bargain.

Rafter

If loans.co.uk are the only people who will lend to you, make sure you don't get the PPI insurance from them. You should be able to buy it far more competitively from an insurance broker.

See whether Abbey will lend you up to say 90%, that would at least give you 20k to pay off credit cards and reduce your interest bill and outgoings.

Otherwise, start playing credit card shuffle, freeing up credit on cards when you can, getting good 'existing customer' offers etc.

Unfortunately because of the amount of unsecured credit you have, getting more cards or an unsecured loan is going to be really tough for you.

Good luck.

R.

wallopadonkey

we have now got the information from equifax and experian and there are no real bad things between myself and wife it shows 34 accounts (most of which are settled i might add) with a total of five -1 late payments listed all showing up too date now over a period of 18 months and a few searches including zopa scored (366 bad i guess!!??) 3 searches from 02 in 1 week for me to get a mobile phone cos they messed the contract up once near the end and processed it again and then at the end of the second one to be told i couldnt have the terms i wanted cos it was an online tariff so i had to ring a different 02 dept who did the search again (DOH!) dunno what else i should be looking for as we only found 2 accounts not used that need closing one was a jjb creation store card not used for 6 years and one a newlook card again not used for 3 years any thing i should be looking at ?

dodgy dave

wallopadonkey

ok here is a good one
title of this thread loans.co.uk

they all try to sell pp1 but they are saying that you get all the money back after 5 years of a 15 yr loan if you dont claim in the meantime (about £4500) is this a con or are they being straight up havnt signed up yet cos a bit suspicious


now on all the questions answered by myself in the phone application i answered no to all the questions about whether i need cover for unemployment benefit critical illness cover etc 6 items all answered NO then on the next page it says the recomendation is still to take a ppi for £45 per month surely being missold here i havnt taken the ppi from them but took 34 min to get her to agree to send out the new loan agreement minus the ppi
it is a good job i am relatively strong in the end i told her i had spoken to first choice the loan supplier and they told me the insurance ins't compulsary so if she didnt comply i will cut loans.co out and go direct to first choice so they lose their commission

oh and have asked morgage supplier to consider 90% loan on mortgage so i dont need to use them at all (fingers crossed)

been on to payprotect and they want £16 per month for the 30 day claim version £4 cheaper if you take the no claims for 60 days after accident/whatever option

Rafter

Good work!

Glad the plan is working so far and hope that Abbey give you a mortgage extension too.

Final thing to do is get a big pair of scissors and take them to your credit cards.

Good luck.

R.

blacksta

loans.co.uk --- you dont need them shady company