taking out a loan

[julie36]

hi

just wondering if this makes sense, i believe my husband thinks so


in march we had to take out a secured loan for £15000 we took out this loan because we had a shortfall on something we bought on hire purchase. we wanted to keep our credit file good. [it was a caravan] they lose so much money. that loan we took out was 'secured' upon our property,[the reason for this is because we are self employed and they said our credit rating is not good] the end amount for the loan is 26.000 there abouts, but we have been offered a loan from the hsbc for the same amount [15.000]payable in full is17.500 over a 5 year period, the other loan was for 7 year period,

when we approached the loan company to repay this original loan they said the loan would be £18.000[brokers fees and interest] for 1 month of this loan,!!!

now the thing is we have got this loan of the hsbc but cannot clear our other one at this minute because they want more, so before we proceed we think it might make sense to go ahead with the hsbc loan pay of one of our creditors which we make a payment of the amount that the hsbc want monthly and i finished in 4 months anyway [so basically keeping our finances the same] and then put the rest into a high interest account and then next year pay of this loan in full ,the hsbc loan is not sercured on our property , does this make sense i just want to get the original loan off our property as we have a balance on our mortgage of 19.000 does this make sense it, and also we have been told our credit rating is good so i feel we were ripped of with this other loan

would be gratefull for any reply


jue

[sequenci]

Does it mention brokers fees in the loan agreement?
Have you contacted Trading Standards?

[julie36]

Originally Posted by sequenci

Does it mention brokers fees in the loan agreement?
Have you contacted Trading Standards?

aparrentley we went through a broker, it cost us £1500.00 to do this, to get the loan,, apparently we had adverse credit, but have been told a month ago this is not the case our credit file in fine, we are self employed with a business so whether this had something to do with it? everything we have out on credit is paid up and fine, but when we wanted a settlement they wanted nearly £18.000 also when taking out this loan we were not told about brokers fees but here we go, dont think they wanted to tell us,, just seen it when we recieved the documents to sign,,we were in a situation where we could do nothing else, we were in a catch 2 situation, if we never proceeded we would have ended up with a bigger situation. our mortage at this moment is 19.000 with 7 years left on a fixed rate which, in our situation at the time we were told to leave it alone. good rate... so hence the secured loan, now with this other loan being offered we are tempted if only to get the other one of our property, because my husband thinks it makes sense, does this make sense to you

look forward to your reply