Hi Guys I was wondering if someone could give me any help/ideas/info.... I will try and keep it as short as I can with as much info as I can remember.... I have had a couple of BlackHorse loans in the past which for one reason or another got topped up or rewritten. I think these had PPI on but were a long time ago 10-12 years maybe. The last time I consolidated was perhaps 7 years ago I removed any PPI on the loan but they did request that it be a secured loan which they did. I think it was between 12000/150000. I paid for a few years then I lost some income and stopped. They sent me letter for a while and kept adding interest which ended up being more than my original payment. I couldnt afford to keep living in the house so moved out and rented it out and into a flat. The rent covers the mortgage but nothing else really. I have heard nothing for 18 months now. no calls letters nothing and while I had it in the back of my mind I just (foolishly) did nothing about it. I have received a statement last week dated July 2013 off them saying the balance was now 270000! the last activity on the account from this statement is from August 2011 at which point they were adding almost 500 a month in interest which looks like it stopped in August 2011. There doesn't look like there are any other movement on the account since then? but says the balance is as of July 2013. Im not sure what has happened between 2011 and now? Today I received a letter of assignment to Marlin Europe asking to contact their solicitor. It says they have the title interest benefits and security (i.e the charge on my house?) Im not sure what to do now? My income currently is over 80% less than I used to earn and I take home maybe 600 per month now total so there is no chance I can afford really to offer very much at all. Certainly not for the next 12 months or so. Can/Will Marlin now start adding interest? My house has no equity it in my mortgage was a 95% interest only and my house price dropped because of the market soon after I bought it so there is absolutely no equity in it which would be easy to demonstrate. But how likely and hard are Marlin likely to push me now? What are my options? what can I do? As I hadnt had any contact I never pushed any PPI but there would be some from older agreements but im guessing its from too long ago to do now? and as the agreements rolled from one to another I wouldnt have any idea if/how to do anything? If they went for a possession order would they get one even tho there isnt any equity and in fact serious negative equity? Will my Tenants find out anything? Sorry for all the questions just really scared me. My own foolish fault I know. Any advice of what to do would be really appreciated. Thanks.

Hi we took out a secured loan with welcome for £10k a few years before 2005 this was when my wife had a brain tumor and we both had to give up work we carried on paying the loan for about 18 months more by this time we owed just over £10,k. we were finding it hard to make payments we spoke to welcome and they agreed to rewrite the loan at the balance it was at with no interest on it we are know paying £92 per month to try and pay it off, they have 3 times applied interest and 3 times i have fought it and got it refunded but i am fed up with them now ringing all the time how can i find out what i have paid how much i have to pay and because of there messing us around can i get this account put into any disagreement or anything like that. Also when they rewrote the loan they did not change the charge on the house with land registry. Any help would be great. Thanks Dave

Hi, I'm hoping someone can give me some advice here. I'm currently trying to help my dad sort out his debts. The main thing he is having problems with is Welcome finance. Him and his then wife took out a loan secured against the house about 7 years ago. they have been making payments every month until a year ago when his wife left. My dad was then left trying to pay the mortage, loan, and all other bills. When the wife stopped paying anything he called Welcome and told them he wouldnt be able to pay the full payments each month but the house was up for sale so he would be clearing soon anyway. He has since then had nothing but problems from them, they have refused a payment agreement, they keep increasing the amount he owes by more than a months payment each time, they constantly harrass him at home and work-one day they called while he was at work 6 times in an hour and every time I told them he was at work!. He told them last week he has accepted an offer on the house so he will sort everything out soon. Their next move was to contact the estate agent the house is with and try to get details of the sale from them -even told the agents who they were and why they wanted the info...data protection?- Personally I feel he should offer them a settlement amount and hope the accept to just get rid of them. Is there a best way to do this or a certain amount anyone thinks they will accept? Any other advice for dealing with these guys? The seem to be complete cowboys? Should I write direct to head office or to the branch he has been dealing with?

Hi. I am a new user and would really benefitfrom any help and advice. Thank you. My name is Ian, I am married and with my wifehave been directors of 2 limited companies for many years. Company A for 10years and company B for 5 years. Each company had its own overdrafts with thesame bank and were run simultaneously. Our personal finances are a small mortgage, (40k)a small loan (2k) and a small overdraft (2k) all fully and properly servicedwith no failings or defaults at all. Indeed, these are still being serviced, ontime and as per agreement as we speak. Company A's overdraft was in the region of20k and company B's was in the region of 10k. Both of these were secured onPG’s. During the bank’s good times, funds were often offered without beingasked for. Now with things having changed for the banks as they have, with theawful bad press they are currently receiving, the bank withdrew its support, inmy opinion, without due care and attention and without proper negotiations.This made the running of both companies impossible and company B was liquidatedat the end of January. With trading for both companies being predominantlyseasonal, the bank wanted to reduce the overdrafts at an alarming rate, at atime when historically, we have little or no income. During the last negotiations with the bank Imade it clear that the removal of support at such a critical time would dountold damage to both companies’ finances and that of our personal. Following a final phone call the bank it wasagreed that they would only take 2k and the rest later. This was never done andon 24th December the bank called in 7k from one account and wantedto take 3.5k from the other before any substantial income Despite my protestations, the bank went aheadand withdrew its support. As it stands, we are on a debt management programmewhere all personal credit cards and our personal overdraft (2k) are beingserviced by an agreed amount. Our personal mortgage (40k) and personal loan(2k) are currently serviced and in order. Without success, we have tried to makecontact with the bank to commence negotiations with a view to offering arepayment schedule for both the limited companies. It would appear the bank wouldprefer to put all accounts together in one pot whether they are in default ornot. This I am loathe to do. Indeed, I am meeting great resistance to preventthis. The fear of losing our home is making me and my immune suppressed wifereally very ill. Satisfactory arrangements have been made forthe repayment of the personal overdraft, the personal loan and the mortgage butthe bank continues to harass for payment. On the 11th January I instructedthe bank to cancel all standing orders and direct debits from all accountsuntil further notice and still they continue charge us for failed paymentshaving not cancelled them. Despite continued efforts to inform the bankof our dilemma, they continue to absorb BACS payments from customers trying topay the liquated company in error. This is not showing on the bank statementsas this account is in the hands of the receiver. The bank has continued toinsist that it takes time to close the account despite the receiver havingcharge over it. So, I am desperately seeking 3 separatepieces of advice to my issues, please. Issue 1. The bank has prevented me fromcontacting a responsible person to discuss my unsecured company debts with and,I feel this is an attempt to secure a default allowing them to follow adifferent course of action. How does a default change the status of my debt andto what end? Issue 2. If, as I believe, the reason for the bank trying to group myloans together is the fact that my good loans are secured and my bad loans arenot. How do I prevent the bank from doing this? Issue 3. In view of my belief that the bankacted irresponsibly by removing the increasing overdraft when it suited themand not the service user, I feel I have cause to consider a court actionagainst the bank for damages. How do I quantify and start such a process?

Hey everyone I'm new to this and really need some help! Please direct me to the correct place if needs be! I took out a 'secured' loan with Welcome in April 2008. I put the word 'secured' in inverted comas as i recently went to the land registry office to see of there are any charges on my property and the only charge is my mortgage provider! Since taking out the loan, every payment has been made on time until January 2013 when my husband lost his job. After doing some jigging about with our finances, my husband looked at my credit agreement and statements etc from welcome and saw that they have charged me for things I said no to on the original credit agreement such as healthcare, etc. This loan is in my name only as I took it out before even meeting my husband. I decided to send a SAR and received a letter saying they aacknowledged my request and would be in contact soon. Yesterday I received a letter saying they need me to verify my ID which I find strange as they have always communicated with me at the same address. I'm wary of sending a copy of my passport or driving license as I read on here that when SAR'ing Welcome, you shouldn't sign with your usual signature as they are fond of scanning it and using it without your consent. Not sure what to do and need some advice. My husband thinks the agreement is unenforceable and this is what we want to look into hence the SAR in the first place. Please help me!! Madison's Mummy

Hi there just wondered if there is any advice out there ,my husband and i got a secured loan in january 2006,it was a consoidation loan,we had no ppi has my husband had medical problems and retired through ill health i didnt work at the time due to anxiety and depression ,our only income was benefits and my husband had a small ocupatinal pension,the money we borrowed was to pay sill debts we was charged a fee too . the total ammount of loan was 30,684.81,we owe around 16000 now we are struggling with the payments and asked if i could lower them ,but was told we couldnt,could anyone tell me if we may have been missold this loan and what we should do thankyou

Last year we had a successful claim for the PPI on this account, the story is in my thread at http://www.consumeractiongroup.co.uk/forum/showthread.php?324408-PPI-Paragon-and-eLoan(Twopart-Ltd)-***-SUCCESS-*** OK, quick explanation. In early 2006 we took out a consolidation loan, paying back several old debts and having a small sum to ourselves to have some urgent work done in the bathroom, everything in there was broken! The company who brokered the deal went bust, hence claiming the PPI via FSCS last year. Paragon have been a pain in the rear as they started repossession proceedings last year because we were in arrears. We borrowed some money to bail ourselves out of that and when we got the PPI we paid them another lump sum, as well as paying the family member back we'd borrowed from to take the case out of court. The PPI only ever covered the first 5 years of a 10 year term, and only ever covered my wife's employment, never myself. Even if we had not reclaimed this, it would have been useless by now anyway. I had gone through several periods of having to work without pay, or only part time, for a few years. This was to set up a community project which eventually went full-time in late 2009 and I actually got full time pay for a year too. But, that ended in September 2011 when the funding ran out again. I found myself unemployed and falling into serious ill health. I'm now in receipt of ESA and DLA and classed as disabled, I have COPD (Chronic obstructive pulmonary disease), which means it's not curable, I'll be stuck with it for the rest of my life. My chances of employment are slim as I can hardly get out of the house. Paragon have been made aware of this and have had I&E details, but have again taken the court route for repossession. I had to attend a hearing earlier this month. Thanks to being out in the cold air I was then struck with pleurisy, which has limited me for the last three weeks as the antibiotics and steroids do their stuff. The hearing was adjourned as they had failed to serve some paper or other. It's been rescheduled in April. So, Paragon annoyed me enough that I started to look at their paperwork. I also consulted an old thread - http://www.consumeractiongroup.co.uk/forum/showthread.php?171037-Multiple-agreements-falling-within-section-18-CCA-1974 (WARNING: 107 pages !). I realised that their 'unregulated' agreement was actually wrong, under the CCA it should have been multiple agreements. Added to which was the PPI and a selection of unlawful charges they've thrown into the pot over the years. Paragon have not submitted a copy of the agreement as part of their court case so I've taken the view that I should ask why they are taking action against me. The agreement is unenforceable and flawed. How can they impose 'arrears', 'balance' and other terms ? I realise that there is a danger of taking this route. Judges have been know to ask the simple question' did you have the money' and I would answer yes, we did. However, we are not looking at debt evasion here. The loan we had was £25,500, we've paid them over £34,000 to day, that's over 133% return they've had and I object to giving them any more, now that I am aware of the dodgy agreement. So, I've written to the solicitors acting for Paragon and told them how I see it inviting them to withdraw the case and send me a letter to say they've closed the account. Nothing like making it simple for them to understand what I'd like them to do. A previous SAR brought only limited information, no copies of letters Paragon claimed they had sent, no information about why they made two doorstep visits they charged me for, no information on the broker used or their fees either. I told them at the time that I considered the SAR insufficient, but (as usual) I never got a reply. From what I've read on S18, we had a mixture of restricted use and unrestricted use. Indeed a list was drawn up by Paragon for the cheques to be raised and issued by them. As neither exceeded £25,000 I have declared the 'unregulated agreement' to be at fault. Paragon have tried to tell me that they will take away the home I have lived in for the last 17 years. My wife and her daughter have lived here for 30 years. I cannot help my medical condition, it has been verified by doctors and even ATOS. We have struggled to survive since I lost my income. They have been calling and leaving message daily, despite being told that we will not discuss anything by telephone, we want it all in writing so there's no trying to make out we said anything we didn't. Too right I'm going to stand up to them ! In February 2011 Paragon took a much higher DD than normal, which prevented other bills being paid from the bank account. A letter arrived afterwards, thanking us for agreeing to the new amount. We never agreed to anything, so we clawed the payment back via the bank and cancelled the DD. We paid the amount we normally paid at the time and lodged a complaint with Paragon. Despite reminders they have failed to respond to the complaint and I put the account into dispute pending this being resolved. It never has been. Thanks to having some time on my hands to do a lot of reading, I'm convinced that Paragon don't actually have a valid agreement on which to claim anything. They've taken court action when there is a dispute pending, as well as being ignorant of many letters sent to them. I just wondered if anyone had any thoughts on potential brick walls I may hit here? I am only following what I believe to be correct and I am quite prepared to explain this to a judge if the case is not withdrawn. Remember, we have already reclaimed the PPI on this account successfully. Had it not been for the negative side of unenforceable agreements being well documented here, I had even thought of suggesting that Paragon may like to pay back the £34,000 they've had off us so far...

Hi, I really need some advise please re a loan secured on my home. It was taken out 5 yrs ago, still 5yrs to run. It is in mine and ex husbands name, but secured on my home. He was paying in full up until 1st March, and suddenly stopped paying - and since then I have had numerous calls and letters from them. I have agreed to providing an income/expenditure, which will show I am unable to make any payment ( just lost half my work hours, and struggling to survive). Question, should I talk on phone to them, or ask to correspond through letters? I am already feeling pressurised by them, and only 1 payment missed so far. Is any small offer of payment beneficial? Any advise would be appreciated, many thanks.

Hi All My wife and I are in the position of many others on this and other forums who wilfully and short-sightedly took out a secured loan with Welcome Finance, in 2007 to start with. The original loan was for £8000, we then inceased this to £12,000 in July 2008 with a refinance, not thinking about the consequences of the high interest they charge, and blissfully unaware of the arcane ways they work out the interest. Suffice to say, over the last year or so we've had various financial difficulties and this loan has become very prohibitive. We feel that the amount the are charging us is extortionate to say the least - by my working out, we have paid them approx. £18,000 since the loan started, and if we continue the payments as they are it will be another £15,000 before it's done with. The payment of approx. £260 per month is far too high but I'm concerned that a) they won't be very amenable to reduced payments and b) even if we do reduce payments for a while, we will still end up paying more than ever because the amount of interest we'll have to pay will only increase the longer it takes us to pay off. Indeed, 3 years ago we defaulted on one payment, which we later caught up with via overpayments, but for a while the amount we owed them was actually increasing, even though our payment amounts stayed the same! I doon't understand how that can be legal!! Anyway, to get to the point, do I have any way in finding a way out of paying what they say I still owe? I know there's no PPI on the agreement, and it looks like the acceptance fee has not been included as the credit element, so no comeback there. I do know that they increased my interest rate wityhout giving 14 days notice under the terms, and the interest rate has increased from 24.5% to 31.29% - can they increase the interest rate this much? If anyone can help with this, please get in touch on this thread - we are losing the will to live with this abominable loan, we have a young daughter and I recently lost my job so suffice to say we are in dire straits at the moment. Thanks for anyone who takes the time to read this and offer any advice/solutions - there may be no easy or simple way out for us, but you never know unless you put it out there!! BR S.

Can a secured loan ever be Statute barred?

Hi, I have an flat in UK which is in huge negative equity. I moved to US a few years ago. I am not able to pay the mortgage anymore and I am planning to give the keys back to the bank and apply for bankruptcy. I understand that mortgage is a secured debt. Can I apply for bankruptcy based on the negative equity on the mortgage? Will that be written off in bankruptcy? Or should I wait for the bank to sell the house and send me a shortfall notice before applying for the bankruptcy? Thank you very much in advance.

I posted another thread but I really need information at the moment, I have spent the last two days now trying to figure stuff out. I had an eviction hearing yesterday for a secured loan with SPML it was originally taken out through Ocean finance 7 years ago for £6000. Due to ill health I have fallen way into arrears they stand at the moment at £2300 and the charges are now standing at £9500 yes you read right... they tried for possession for arrears of £11,800. The judge was horrified at the amount of charges on the account, and said so to their solicitor, but he said that because the loan was governed by the Consumer Credit Act that they were intitled to ask for the whole amount. The judge said to me that something had to be done about the amount of charges on the account, he gave me breathing room to pay off the arrears at £25 per month but for the next three months, by that time I should have the money to actually pay off the arrears in full. Now the trawling about.... from what I have read the secured loan comes under the OFT because its under £25K and the date it was taken out... I have looked at the second charge lending guidance and its rules... I obviously need to do something about the charges, they are actually standing £3500 more than the original loan was Now the help, I really dont know what how to start to handle this, I need some help because the MCOB rules dont actually apply here do they? Is this the same sort of thing as reclaiming credit card charges? are the charges lawfull? Can somebody please help get me started on this thanks

Hi, I have just successfully completed an IVA and I now want to focus my attention on the secure loan that is attached to my property . This could not be included in the IVA due to the charge on my property. Details: 45k secure loan plus 140k mortgage equals 185k debt. House worth £160k 25k approximate negative equity. I want to be out of debt as quick as possible ie. get rid of the secure loan. I do not see a mortgage as debt as long as I have equity in my property. I would also like a bigger house for me and my family - have 3 kids now and had only 1 when we first moved into the house. I have never been in arrears and I am not struggling with payments. However there is no room for luxuries like a holiday aborad per year etc. I am considering selling up and renting a family members house. Do not at the moment even know if this is an option. I would just like some guidance / thoughts on options that may be open to me.

Hi - I have just sent off a SAR to Welcome Finance to their Nottingham address with a £10 unsigned postal order. I did not take out ppi cover on any my loans I believe ( as I wished to keep the monthly payments down) but you never know if one pops up , that I failed to spot. What I would like some advice on is what other charges should I be looking for within the data I get back that have been unfairly levied and can be reclaimed. Inevitably I expect there to be late payment charges and extra interest. Apart from a small personal loan outstanding all my earlier secured loans have been cleared. If I do have a legitimate claim will/can they use this refund to clear the small current debt Any advice would be gratefully received.

Mortgage Arrears and Simple Interest - Is it fair? Took out a secured loan for £10,000 6 years ago. After initial application was accepted we were offered an extra £6000 which we agreed to. At the time I was concerned that we had been issued with two loan separate loan agreements - I wasnt happy with this and voiced this to the loan advisor and was basically reassured that this was just an administration technicality and would not make any difference. He even sent me argos vouchers as a sweetner. 12 months later my husband left me and our business collapsed leaving myself and 30 of our staff redudant. I was absolutely financially destitute. He financially abandoned me and ever since I have been fighting one legal battle after another, keeping the wolves from the doors. I have single handedly paid off all our joint debts. 5 years later and I have made the necessary 72 repayments but I am left with a balance of just over £4k. This includes interest, charges and simple interest. What I need to establish is it it all fair. Loan payments where late from December 2007 to May 2008 by around 2/3 weeks. I was charged £50.00 collection charges on each loan. From May 2008 - June 2009 I could not make any payments whatsover.House was put on the market as I saw this as my only option. £50 charge on each loan per month was applied. June 2009 agreement was reached, I reinstated payments and started to pay off the arrears. Continued to apply charges, but agreed to reverse them if I maintained the agreement. April 2010, cleared the arrears. Asked about the charges and they advised I could pay them off at the end of the loan. Im now at the end of the loan and still owe just over £4k. They have reinstated the charges made from June 2009 - 2010 but no more. I have several questions: Was it fair to charge me on each loan account - I was paying £100 per month in charges? Surely there is no more work involved in chasing payment for two accounts as oppose to one account? Was the amount that they charged me a fair amount - it seems very high? Also because I have had so much information off them (in one month I had 10 pieces of correspondence) I have overlooked that they have also been charging simple interest on the charges! As a result, I didnt realise that by leaving these charges until the end of the loan period, I was still being charged interest on them. I was treated appauiling by this company, I was never shown any sympathy, in fact I almost felt bullied by their "callers" and felt that they "harrassed" me at an extremely difficult time. I responded to every call they made - I gave them every bit of information I could, but unfortuantely for a long period I could pay them no money and therefore did everything I could to sell the house. When circumstances changed for the better I offered them the maximum I could afford which included paying the full monthly payments plus a further payment towards the arrears . I was advise that it was not enough and that the arrears would have to be paid within in minimum period of 12 months. They therefore took me to court for repossesion. Thankfully it was not granted and was adjourned on the terms I had previously offere them. Despite this however there are legal fees also on my statement, which could have been avoided had they accepted my proposal. Any advice would be greatly appreciated.

Hi all I'm after some urgent help please. My ex partner and I took out a secured loan with Paragon a few years ago to cover some debts we had. Then we split up and I took over the loan so that I could keep the house. Everything was going fine, even when I lost my job in 2011 as I walked straight into another one so could keep up the monthly repayments. Then in Feb 2012 I lost my job and couldn't make the payments, so I was making token payments each month of £10 or £20 depending on savings against the monthly due of £156. I applied for help from DWP with my mortgage and my loan and at first they said no to to the loan but then agreed to make payments to the loan but only of about £11 a week. I have been suffering from depression for about 2 years and battled alcoholism on and off for nearly 10 years. I've also been receiving bereavement counselling following the death of my mum in Nov 2011. At first I used to talk to Paragon on the phone and I regularly completed their income/expenditure forms and they seemed ok but acknowledged that my debt was increasing. Unfortunatley recently I've buried my head in the sand over it and ignored their calls as I got more and more depressed about applying for lots of jobs and not getting an interview or getting to the interview stage feeling pretty confident but then getting turned down. Last week they sent me a letter saying that they may pass my account to a their field agent to call from Excel Counselling Services.. .I know that this is just a posh word for a bailiff! Today he knocked at my door whilst I was out getting electric put on my key card and he put a note through the door. The letter doesn't mentioned the amount that is outstanding but I think it's around £2k. His note is all friendly about we need to talk about it or he'll have to tell Paragon he's not talked to me and I could risk losing my home. Can I send him the following letter? Dear Sirs, Re: Account reference Paragon Personal Finance Ltd................ I refer to your visit dated 18th February 2013 informing me that your company has been instructed by Paragon Personal Finance Ltd to visit me, in respect of arrears on the above mentioned account. The purpose of this letter is to advise your company that I believe that my circumstances fall within the category as contained within the National Standards for Enforcement Agents of “vulnerable situations”. The reason for this is that not only am I a person who has suffered a bereavement in the family with the death of my mother in November 2011, for which I am receiving counselling for. I am also currently unemployed having lost my job and am in receipt of benefits. I am also receiving treatment from my GP for depression and alcohol dependency. Accordingly, I would like to request that you do not visit my property again as this would cause undue stress and anxiety. Instead, I would like to request that you return this case back to Paragon Personal Finance Ltd. I would be grateful if your office could confirm safe receipt of this letter, and confirmation that the case has been returned to Paragon Personal Finance Ltd. I am copying this letter to Paragon Personal Finance Ltd. Yours Faithfully I was also going to send the letter to Paragon, along with another income and expenditure form and a cheque for about £20 with an offer to keep paying £10 a month by dd. Is that ok? Should I be doing something else? He says in his letter he's going to come back so I was hoping to get the letter in the post to him today to stop him calling again as my Dad is coming to see me tomorrow and I really dont want him to get dragged into this and I've recently started seeing someone who I really like and I'd be really embarrassed if he turned up whilst he was here. Please help, I'm now sat in tears as I'm scared that I fought my ex really hard to get the house and stop him taking it over with the woman he left me for, and now i'm scared I'm going to end up homeless. I hope this all makes sense. thanks Mary

Hi all, having read through a number of similar threads I thought I would start my own to seek some assistance. Had a GE Money secured loan for 64 months, £217 per month = £13888 paid to date. Borrowed £21700, owe as at January 2013 £21,800!!! I have asked them repeatedly why no capital has been paid back in 5.5 years and they cannot provide me a suitable answer. Received a statement to date, there have been £1243 worth of charges, of which half are solicitor fees and the rest £40 admin charges, £25 failed DD charges, £30 missing instalment fee charges, £30 default notice & £25 calling in notice?? In the last 2 years I have been on the phone to them repeatedly explaining that I was in court due to a separation and custody hearing for my two young sons, this ran up solicitors fees of over £4k and had put me under great financial pressure and led to the arrears. Please not however that we have never been to court to date as all arrears had been cleared before it got to that stage. I remortgaged at the same time 64 months ago and despite similar issues , I have still seen my mortgage capital significantly repaid in the same time period so I cannot understand why the loan hasnt followed suit. I have set up a meeting with the financial advisor this Thursday to run through it all because at this rate I will never pay the loan off !! I have seen the letter re: charges on another thread so I will be sending a copy to GE Money this week, I have also read the thread on county court although this seems a more stressful route to take? Any thoughts or advice greatly appreciated, the last two years worth of financial problems added to the custody court case for my children is bringing me to breaking point, I need to be able to see that these loans are getting paid off so I can refinance and save significant money in a few years one my loan to house value increases ( currently 20%) . Thanks

Hi folks, been reading about welcome and MKRR this afternoon as getting up to speed on this little issue I will have to resolve sooner or later. I took out a secured loan about 5 years ago with welcome and fell into financial difficulty a couple of years later due to sickness, no ppi. Debt has defaulted and ended and I have received Noa from Welcome and a company called MKDP LLP who claim to be the new legal owners of the debt. They have asigned MKRR as DCA and I have received a letter from them asking to make contact with them to resolve the matter. Im just wondering if I should be SAR'ing welcome just to see what they have because i dont have a copy of the CCA, can I still do that? Cheers in advance..

Hi, Hoping someone can help. I received a letter stating my PPI claim was being upheld, brilliant! I didnt make the application it has been instigated following my soon to be ex-husbands bankruptcy. I will be entitled to 50% of the claim so a bit of a bonus! Anyway how do I work out how much I could expect to receive, will come in very handy in relation to the debts he has left behind! I have tried to access the calculators on here, but I dont have excel access, it opens in excel but I cant input any figures. Is anyone able to assis me? Thanks in advance

Hello everyone. I am looking for some help on a secured loan (second mortgage) with GE Money.... The loan was taken out mid 2005 for consolidation of credit cards.. Figures are: Amount Borrowed £44,800 fixed at 6% above base rate over 180 months less Broker Fee £500.00 less PPI £4800.00 (yes, we were told we had to have this in order to qualify for the loan!) Processing Fee £500.00 Amount Received £39,000 Monthly payments have been maintained to date, albeit many times payments late so there are loads of charges, (approx £3000 + interest on charges of £800!) The trouble is as of today, having paid GE just over £42,000, they have told us there is STILL £32,000 to go! So we end up paying just short of £75,000 for a £45k loan. I know taking this loan was probably the worst thing we could have done, we were under a lot of stress at the time and wanted to pay off a load of credit cards and other finance. Can anyone tell if this agreement is 'legally' fair? or are there any options available to get our agreement looked at? It would be great to get PPI back/charges or even see if the ridiculous total repayment can be lowered Thanks in advance, J

Hi guys and girls, i wonder if anybody can help me i'm looking for some finance by using my property i have for a secured loan of around £10,000 to £15,000, problem is i have poor credit. I own the property with no mortgage or debt owing on it. I did try a pawnbroker and although they will give a 24 month loan on a property with a very high interest they wouldn't do it for me as the property is in north wales and they only cover england. Any ideas would be welcome.

Hi, We have recently taken a steep drop in our family income and we are having to cut back on everything to survive. We have a secured loan which was originally for around £12k taken out in March 2010. The outstanding balance is now about £6k. We no longer own the goods the loan was secured on, and would like to know, what would happen if we defaulted on this loan? Thanks R

...we are having a little bit of temporary trouble with affording the mortgage ( a long story I will post up later when I have more time) but was wondering about being in arrears. If I paid 50% of the mortgage this month, being the most I could afford at the moment, then 50% next month, would I be 2 months in arrears, having only paid half what I should? That being so, if I pay nothing next month, then a full payment the next month after, would I not then have just been 1 month in arrears, and now up to date? Just seems a quirk of the system. Probably wrong... anyone know?

Hi all, I have a friend who wants to get a secured loan agianst his house but he is unsure of which company to go with. He has a house with no mortgage on there, tenants living in the house paying rent each month they have been living in the house for over 2 years now, He also works full time and has been working for the company for over 3 years so has a stable income, with his income and rental income his monthly income is close to £2000 a month. The only problem he has is his credit score, he has two defaults agianst his name so i know he would probably get rejected by a bank for a secured loan, can anyone with experience of secured loans give any advice on which is the best company to go with and a company who would accept someone with a poor credit score? He is aware of all the risks, he may lose his house if payments are not made on time, but he has worked out all his finances and can manage to pay £400 a month towards loan repayments. Thank you in advance for any help.

Hi Everyone, I was looking for some advice on negotiating with a secured loan provider. We have a flat worth approx 80k - the mortgage is currently sitting at 70k and we have a secured loan of 23k From the sale of the property there will be a shortfall of 13k left on the secured loan - we have asked if the loan company can turn this into a unsecured loan on the same terms as we don't have any other savings etc to clear it off. We plan on renting as we can't afford to buy a new house so it is not possible for us to transfer the loan onto another property. They have said this is a possibility and have sent us an income / expenditure form and asked us to confirm the valuation, sale price etc. Has anyone had any experience of this before? I am just worried that they will see the 13k as too much and block any sale - if there any legal routes to go down if this does happen? I read on a previous post about going to court to get an 'order of sale' i have a lot of unsecured debt (manageable) so i dont see getting another unsecured loan to clear the 13k as an option until well after the sale of the flat when my credit might improve a bit. I'd imagine that there is more and more people in this situation with negative equity etc - when we got this loan they said we could have 125% of the house value - crazy! worst thing i ever done was take it out as secured I'm new to this so if you need any more info please let me know - thanks A