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OhNo
| 12-05-2007 09:51 AM |
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Joined: 12 May 2007 Posts: 4 | Help! I have been reading your website for a couple of days and I now I need your advice. I have taken out a secured loan for £30k to pay off all my debts and now i think i have done the wrong thing. I'm worried about losing my house and that I can't really afford the repayments. Can I get out of my agreement? Help |
| DW George | 12-05-2007 10:03 AM |
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Joined: 01 May 2007 Posts: 148 My Profile | Hi OhNo Well done for posting. It depends on what stage your loan is at. If you have received the money then I am afraid your are bound by the terms of the contract. This means that unless there are specific T&C's to allow you out of it, then your stuck with it for the duration. Get someone to look over the T&C's but I don't hold out much hope of withdrawing from your contract. That said, you have (hopefully), transferred all your high interest debts to a lower, longer period. Has your monthly payments been reduced? Post back George |
| mallorca | 28-05-2007 02:31 PM |
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Joined: 28 May 2007 Posts: 17 My Profile | DW George - OhNo Check out the T&Cs you can bail from the contract even after you have the funds you will be charged daily interest but the best thing to do is contactthe company direct not the brokerthat sold you the loan and ask them to extend the loanperiod they will do it not problem, the APR might move a bit but it will help you out. |
| fred333 | 06-03-2008 05:09 PM |
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Joined: 05 Mar 2008 Posts: 10 My Profile | I think that is something you need to take up with the lending institution. |
