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, 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

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 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

Hi, I have a secured loan with paragon and a mortgage with Nram totalling £161K. I owe Northern Rock £118K and I owe paragon £43K. I am struggling to pay them both every month. I am basically paying two mortgages and I can't cope anymore. I have already paid Paragon £38K over the last 7 years and still have a balance of £43K so £35K of that is interest alone. Our monthly income has dropped and we have accumulated arrears in gas, Electric, Council tax and water as well as other debts. We can't keep up repayments for much longer so I have had the house valued in the hope I could sell up, pay off Nram and Paragon and then rent somewhere to make life a little easier for us to cope financially but my house was only valued at £145K maximum. Has it ever been known for Paragon to accept a settlement? If I sold and paid back mortgage there would be about £20K left for paragon. I have already paid £38k so they would have more than recovered what we borrowed (£46K 7 years ago) I really need to find a way out before things get worse and if we get repossessed they could end up with less. Our unsecured debts total £39K so it's likely we will be made bankrupt which we want to avoid. I don't see any way out. I am at my wits end. My wife is frightenely depressesd with the strain of so much debt and I think she is close to a breakdown (seriously). can anyone offer any advice please. Thank you.

Ive got a secured loan with Nemo personal finance that my brother has been trying to help me with, theres about £7500 outstanding from a £20k loan. My borhter offered them £1500.00 in full/final settlement but they have not accepted, he explained i could not make the repayments and that i was considering bankruprcy but that he was trying to work out a fair repayment to all debtors to save me from going bankrupt. They have now sent a letter to me saying that If I do not pay up they will issue proceedings. What im wondering is if i can bargain with them to reduce the debt to about £4000 and let me repay over 4 years. Do you think they are likely to accept or even consider such an offer or are they likely to tell me to get lost and come after my tiny little house! Im not trying to get out of the debt, I understand ive taken a loan out and following loss of my long term job together with arrival of baby am following hardship trying to keep head above water but with the repayment of £300 a month i just cant afford it. I can afford about £50 ! Any advice here would be greatly apprecited!

Hi all wonder if anyone can help. I took out a secured loan several years back for £15k and have no paperwork other than an agreement number that is on an old bank statement. We paid off the loan when we remortgaged and moved house, is there a time limit as it is over ten years ago that I took the loan out... and if not presumably I will have to write to them for a copy of our loan agreement? Any help would be great x

Dear CAG Desperately need some urgent advice on current predicament. Have been threatened with repossession from GE Money on a loan that I have secured on my property. I'm in arrears with the loan and as I've been unemployed for quite some time now, have not been able to get back on track with them. (reconsolidation loan for £20k, taken out in 2006). The mortgage I have on the property is with A&L and although I'm in arrears with them (and have just had an eviction order stopped), touch wood, a repayment agreement has been made (set by them) and I am now repaying each month what they've asked (as well as a lump sum up front). Even though I'm out of work at the moment, I make up the shortfall I incurr on the interest only payments (DWP help me out with mortgage interest relief payments). I've never missed a payment but because I'd not contributed anything to the arrears as yet and I'd not responded to a recent letter from them, they went and sent me an eviction notice, which was nice. Whilst speaking with them to resolve this matter, they did state that GE Money had been in touch with them regarding any arrears I had with them (they said they have the authority to do this). I didn't go into any further discussion with them at the time as I wanted to get my eviction notice with them sorted and have an agreement put in place. Since then, I've now received a notice from GE Money a few days ago, stating that they too want payment of the arrears upfront otherwise they'll apply for an eviction notice (crap timing or coincidence?). There are a couple of things I wanted to seek advice on from yourselves, if anyone can help. I've read a few threads on here about GE Money (yes, they're a lovely bunch of people). Since being out of work, they've not given me any breathing space at all. I get the usual £40 fee applied to my loan each week (just for being in arrears) and they continue to send loan counsellors around for a cup of tea and a slice of cake, at £80 a visit. Every time they call, we have the same conversation, we do an income and expenditure list and they leave and I feel like s**t. Then I started to get really wound up as I've told GE Money that as soon as my situation changes (ie when I find another job) I'll tell them. Yet they still send the men in suits around. So it's costing me £80, just to tell them I'm still in the same situation. In regards to letters from them, I get around 30 a month (borderline harrasment?). I don't pay what I should each month, simply put, I can't afford to. I pay what I can, when I can and I pay over the counter now as I can't bear to phone them up. Last time I did, they said they'd happily accept the usual montly installment (£250) plus another £200 towards the arrears. In all, £450 a month from a currently unemployed single mother. Hilarious. A few times when I rang up to make debit card payments they actually refused to take anything from me as I wasn't offering the usual amount (I insisted they did, rather than it look like I'm not trying). I understand the situation is now precarious but I've had conflicting advice from two of their loan counsellors (on the quiet, must be the nice cake I provide). One has said that in order for a respossession to take place, they would have to force the A&L to sell the property from under me. Another has contradicted this, saying it isn't necessarily the case (but didn't go into further detail). The letter I've just received is worded different too. It states that if I pay all the arrears up front (can't do that) then all action cancelled. If not, they will seek an eviction order from the courts and once I've paid, they'll happily give me my house back. Does anyone know where I stand? If GE Money seek an eviction notice, is it the same as any normal procedure? I'm not trying to get out of paying what I owe, but at the moment, I can't pay them what they want. And the more I think about it, the more it's confusing as to what will happen. Can they enforce an eviction? Will they liaise with A&L? Technically, the A&L own the house, so I don't understand how all this would play out or where I stand. Before I got this notice I was gathering info on Time Orders as that was originally going to be my next step, as well as looking at any PPI claims I could make (and if successful, put funds towards any arrears I have). Any help you could offer would be greatly appreciated. Many thanks.

I currently have a secured loan on my house which there is about £37,000 outstanding. The loan had been taken out whilst I was still with my husband but since we are in the process of getting divorced he hasn't paid anything towards the loan for over a yr. I had been paying half the monthly repayments until I lost my job around xmas. I then got notification of court proceedings due to there being about £3000 arrears. I managed to borrow the £3k from a family member so stopped it going to court and agreed a reduced payment with them until the end of aug. The reduced payment has now finished and they are hassling me to make the full payments which I can't afford as I'm not working, and to make up the arrears which again have built up as they continued to add interest and charges on. I have sent a sar asking for a break-down of the charges and interest put onto the account but havent heard back yet. I possible have managed to borrow some more money off family as I really would like to make a full and final offer, ideally for as little as possible. My mortgage is £150 and my house is prob only worth £170 max so I was wondering what to offer as a f&f? Also if anyone had any experience of Nemo personal finance accepting f&f offers? Thanks

Hi, I'm looking to re-claim the letter and telephone call charges from Paragon on a secured loan I have with them. Can anyone give me any advice please? I don't expect them to pay them back easiif anyone had any tips? Any ideas what template letter to use? Is the bank charges template suitable. Many thanks in advance

Hi I am new to this so please bear with me. I have been trying to find out some information regarding Picture home loans (now Webb Resolutions) and the legality of the loan in the first place. I took out a loan with Picture back in February 2007 and fell into arrears within 6 months. Got back on track for a while but have been struggling for about 3 years now since my husband was made redundant. We have filled in at least 3 income and expenditure requests and have offered to make a nominal payment but they have ignored this and just want the arrears plus the normal monthly payments. I have been a bit slow on the uptake of weather the original credit agreement is legal or not as I did not want to be one of those people who takes out a loan and then tries to get out of it. We are in serious financial hardship at the moment and now have an 8 month old child. We successfully reclaimed our PPI on this loan about 3 years ago which is what we used to pay off the previous arrears. Please could someone give me some advice. Many Thanks

Hi there everyone, as you can probably tell I'm new on here, don't want to bore you with too many figures etc so will try to keep it short........here goes A few years ago I made the grave mistake of taking out a secured loan with Welcome Finance, recently i have struggled to pay them but always wrote to them to inform them of my outgoing and incomings. I currently have just set up a debt management plan which has really helped with the unsecured debt but obviously Welcome finance is a secured loan and they won't care about this. I am an honest hard working person who doesn't want to just stop paying Welcome but they will not under any circumtance give me a payment break or consider lower payments over a longer period, they have seen my income and expenditure and know it is a struggle for me to maintain my current monthly payment. I have a mortgage but no equity in it. My questions are how quick would they start court proceedings? Do you know if this firm tends to prefer to thrash out a deal before going to court? Will the fact I have no equity in the property be taken into account? Please help me with advice, i'm scared stiff, i work full time and have stopped smoking and reduced everything i can but i just cannot afford to pay what they require, i have tried to offer them a sensible monthly payment but they will not listen.

How can I find out if Welcome actually have a charge on my property. I have a loan with them which I have been unable to service for some time now and have not had a great deal of contact from them. It appears on only one of my credit reports also

Hi I have a CCA from an old secured loan with igroup. On the CCA it says I have paid insurance. Can I claim this back? If I remember correctly this loan was paid off when we remortgaged about a year after this was taken out, can I still claim interest on this amount? What is strange is this form has been filled in by them, they have also ticked the box for single cover even though this CCA is for a joint loan in both our names and we have both signed it. I obviously saw it as we must have signed it and sent it back but I musn't have noticed at the time. Regards igroupcca.pdf

Hi, Please can someone help me, I really cannot cope anymore and if I don't get help soon I think I'll have a nervous breakdown but I don't know which way to go or who to turn to for advice. Here's a quick idea of my situation. I'm married with 3 kids, both myself and husband work, my job is not very well paid though as I have no qualifications to get a decent paid job. My husband and I have unsecured debts of £41K between us. We also have a mortgage for £118K and a secured loan on top of that which was for £46K. Total debts around £200K. We are paying all our unsecured debts off very slowly. The interest is frozen on them but as it's such a huge amount the balance isn't going down very quickly. Just this alone stresses me out, I know it's being paid but I can't see any end to it and that makes me feel ill. I don't want to live the rest of my life in so much debt. My other worry is the mortgage of £118K and secured loan of £46K that we took out for refurb in 2005. The loan was for double glazing, loft conversion and drive. The secured loan is basically like a second mortgage and it is crippling us. So far I have paid them £38K in repayments over the 7 years but my balance is still £43K. I've basicall paid £35K in interest. I can't ever see this going down or being paid off ??? I just don't understand why the balance won't go down. I had my house valued yesterday, I was hoping that we could sell, pay off mortgage and secured loan and then either one fo these two options: a) be mortgage and secured loan free and rent somewhere saving us a few hundred pounds per month and not having to worry about property maintenance (things like heating, plumbing, roof tiles etc) b) pay off secured loan and buy a small 1 bed flat as rental property to keep us on property ladder and rent somewhere for our family to live. The risk here being that we would need to ensure the flat was rented 12/12 to cover mortgage payments and also costs to maintain a rental investment. c) see if any lender would be foolish enough to give us a higher mortgage to pay of secured loan and buy another house (I really can't stay in this house anymore so would definately need to move instead of remortgaging this one - I am too unhappy here. The area is getting rougher and rougher. We have prostitutes and drug addicts using the woodland area to do their deeds and there is nowhere safe for my kids to play, there aren't een any other children around for them to play with anymore) I was devastated to be told that my house is worth £145K so I can't even sell up and pay off the mortgage and secured loan! I really don't know what to do. I just feel like I want to let them take the lot from me and go bankrupt becasue I see no toher way out! Please someone can you advise me how I can get out of this mess? If I didn't have the secured loan I could pay more off my unsecured debts to lower them. The secured loan is hundreds of puonds a month of pure interest! at least my unsecured creditors have all frozen interest so my balance does go down (although it is slow at moment) I know I need to take responsibility for my debt but I feel like debt is ruining my life and I just wish I had been more aware of how quickly interest and charges can accumulate. I really feel like there is no way out of this mess. Any advice would be greatly appreciated thank you.

Hi All, This is my first post and not sure if I'm in the right place, but hopefully someone will be able to help. I have a mortgage with a balance of £161,000 and a secured loan (with Firstplus!!) with a balance of £49,000. I am self employed, but am getting less and less work. The secured loan is our biggest problem, so for the past year and a half I have been trying to sell the house. Have had no offers despite reducing the price several times. At the moment the house is up for £208,500 but is still not getting any offers!!! Total unsecured debts are: Personal £5000, Credit cards £4000 and rising. Credit cards are now being used just to survive and as of next month I won't have enough to pay the mortgage and secured loan as I have no work this month!! My husband is in remission from cancer and has had to move in with his parents in Spain, because the stress of trying to juggle everything was getting too much. So far I haven't missed any payments and have never defaulted, but that will all change next month and from there on it will get worse! The house isn't selling and the only option seems repossession as it's just not worth my or my husbands health to try and hang on. What can I do? What are my options..............I know this doesn't sound too bad, but my health is suffering from this and I don't want my husband under any more stress. I can see no way out. I don't want to just walk away from any responsibility, but I'm getting to the point of having no money and no assets. Any suggestions please?? J

Right, I've finally managed to get the agreement scanned, could someone have a look and give me their opinion.

I have a secured loan with approximately 4 years to run. However I now find myself with the problem of maintaining the current monthly repayment due to a substantial reduction in income, caused by my husband going into permanent residential care which I have to partially fund. I will lose his state pension and part personal pension which will leave a gaping hole in finances. I am wondering if I can obtain a reduction in the existing monthly repayment which I realise will add further interest, but better that than facing re-possession. I would be most grateful for any assistance.

Hi firstly hello and i hope this is in the right section i am having problems with black horse finance and my secured loan and require help please it is a long story but im sure you will be surprised at what i tell in fact this is black horse maybe not oh well here goes we took a secured loan out in 2008 with black horse for £10k the way it happened is like this got harrassed of black horse for a loan eventually agreed they sent us forms and arranged an appointment to sign the forms and hand over our personal details bank statements wage slips etc etc. I then ripped up the forms and never turned up to the appointment as i decided not to go through with the loan i then recieved numerous calls to attain why i didnt go eventually i answered the phone and was told i can give you some figures over the phone apr amount etc after listening to these i was surprised at the interest and monthly repayment so i decided to do it. Now here is the best bit they sent the forms out i signed them 10 days later due to the xmas holidays 10k in the bank. We never had an appointment hence they have no proof of income no bank statements no passports and im sure no title deeds as it happened so quick they only have a credit agreement which im not sure if its valid. I have lost my job several times due to the economy and now only have 2 days a week work and cannot afford my repayments i have explained my situation to black horse they have offered no help they have been rude i have stopped communicating as i find myself banging my head against a brick wall strange thing is they have stopped communicating with me i have nearly £3k arrears which amounts to about 18 months missed payments i have missed my last 5 months but they wont take me to court which is what i want to try and get a resolution to this problem could this be because they dont have paperwork to take me to court if so where do i stand if i was to sell my house with this debt as it is suppose to secured could it not be enforcable any help would be appreciated thank you