Thread: Secured Loan Settlement

Hi All,
I need some help/advice from you consumer champions out there.
About 5 years ago, I took out a secured loan through Ocean - they arranged it through Swift Loans.
My loan was for £28K over 15 years no insurance, no extras.
The rate just keeps going up and up, but I have always kept the payments up to date.
I wanted to see if I could get a better deal, recently asked them for a settlement figure and was told £32K - despite having paid them the best part of £400 per month for 5 years I still owe them 4K more than I borrowed !!!

Is there anything I can do? I feel totaly ripped off

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how long was the loan over?
have you been able to obtain a statement of account from them?

Originally Posted by Marky1701

Hi All,
I need some help/advice from you consumer champions out there.
About 5 years ago, I took out a secured loan through Ocean - they arranged it through Swift Loans.
My loan was for £28K over 15 years no insurance, no extras.
The rate just keeps going up and up, but I have always kept the payments up to date.
I wanted to see if I could get a better deal, recently asked them for a settlement figure and was told £32K - despite having paid them the best part of £400 per month for 5 years I still owe them 4K more than I borrowed !!!

Is there anything I can do? I feel totaly ripped off

Thanks for the reply - It was for 15 years. When you say statement - not sure what you mean there - when I asked for a settlement they replied with a figure simply showing the amount I would have to pay, nothing else

We are in the same situation with Swift. We borrowed £16,000 18 months ago (worst thing we could have done) and the monthly payment on that loan and the mortgage have risen so fast we are now having to sell the house to get rid of the debt. Swift will be taking the loan figure back plus half the collateral in the house as the figure they want for settlement is one and a half times what we borrowed. Its basically legalised robbery.

Originally Posted by Marky1701

Thanks for the reply - It was for 15 years. When you say statement - not sure what you mean there - when I asked for a settlement they replied with a figure simply showing the amount I would have to pay, nothing else

A statement would outline all the payments you have made and the ongoing loan balance.

I think a SAR should be your next move.