hi all am at end of iva and now have to raise funds against equity in house.But the loan company i have been directed to wants to charge massive set up and interest fees[ £3000 and 18% interest]on a secured loan. i just can't afford these figures and need help.I am back working full time now and could manage a payment plan etc it just feels like im being ripped off and placed in even more debt, what are my options?
Hi Lee. Your first port of call is to your paperwork. What does it say regarding remortgaging ?
There are, on protocol compliant proposals, limits on the amount you can borrow and on the amount and duration of payments. So check this.
Which company is doing the "directing" and where are they "directing" you?
I ask because we have had similar discussions in the past and I wonder if it is the same outfit.
Previous discussions raised concerns that, if your paperwork says you need to seek to "remortgage" then that is a different kettle of fish from seeking further secured lending.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lee.39
hi all am at end of iva and now have to raise funds against equity in house.But the loan company i have been directed to wants to charge massive set up and interest fees[ £3000 and 18% interest]on a secured loan. i just can't afford these figures and need help.I am back working full time now and could manage a payment plan etc it just feels like im being ripped off and placed in even more debt, what are my options?
We had same issue a few months ago Lee. Fees were extortionate and with interest would have been 3 or 4 times the amount we had to pay. We were able to get a variation to pay for a further 12m instead. Much better solution.
