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| The independent answer to your debt problems | login join |
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nikegolf
| 04-06-2007 09:34 PM |
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Joined: 04 Jun 2007 Posts: 2 | Two years ago a got a secured loan for £30k over 20 years. I've read a lot about secured loans and I now want to get out of the contract and move to a cheaper APR. Current rate is 14.5%. Any help would be appreciated |
| mallorca | 05-06-2007 08:55 AM |
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Joined: 28 May 2007 Posts: 17 My Profile | nikegolf - I take you have a good chunk of equity in your house as you where able to get 30k? Do you have a good credit history? If you have a lot of equity a remortgage would be a good option interest rate is much better for you, speak to your mortgage lender the other option would be to re-finance your secured loan i have been away from the industry for a while but i am sure that Paragon personal finance and First Plus are still the top secured loan companies on the market, go direct to them the re-finance can be complted much quicker than going to a broker, there is also a good company in Wales called Nemo personal finance, all three companies offer very low interest rates. If you have a bad credit history and very little equity let me know i can give you more advice. If you need any more help let me know. |
| James H | 12-06-2007 10:33 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Nikegolf I have just checked the market and you will find an extended list of lenders who could sort you out with a loan at a greatly reduced interest rate than you have at present. Try your current mortgage lender as a start. Good Luck. |
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nikegolf
| 13-06-2007 09:53 AM |
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Joined: 04 Jun 2007 Posts: 2 | So I will be able to exit this agreement without any penalty? |
| James H | 13-06-2007 08:28 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | Any charges for cancelling the agreement would have to be checked with your lender. If there are, compare your savings over the term of any new refinance against the charges for cancelling. You could also ask f any new lender would cover the costs of cancelling your existing arrangement. Check the terms of your current agreement. |
| mallorca | 19-06-2007 09:44 AM |
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Joined: 28 May 2007 Posts: 17 My Profile | nikegolf- i can tell you 100% that you will be charged to exit the agreement. |
