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About Wayne2001uk

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  1. So I am another vulnerable victim that was stupid enough to take out an unauthorised secured loan on my house. Here are the facts: 1st Mortgage with Halifax = £170,000 (interest only) Secured loan from Swift = £40,000 (interest only) Payments made to Swift since 2007 = £35,000. Payments made to Halifax since 2004 = £72,500 approx Settlement figure from Halifax = £170,000 Settlement figure from Swift = £86,000 Halifax total cost of borrowing £242,500 borrowed 170k, as a fraction 1.42% Swift total cost of borrowing £121,000 borrowed 40k, as a fraction 3% So I'm very c
  2. On both occasions when Swift took me to court the outcome after was that I managed to get Halifax to consolidate the arrears on the first mortgage, I have spent the last 2 years keeping up to date with the first mortgage payments now and by doing this Halifax have been very helpful. Being in arrears on both loans does not bode well especially if you have no income to support either payment, however you should be questioning the advice you first received, was everything explained to you properly, did you understand the loan, charges, options etc etc. I nev
  3. Oh, it's still on the Gov website, I'm getting help from Financial Ombudsman, but my complaint is excessive interest charges, not sure if they can help also? They are based in London, E14
  4. I'm not sure tbh April. If you are going to be made bankrupt I'm guessing any assets will be taken, I.e secured assets (house). If there is a negative balance still then an arrangementt help in my experience swill be made to pay it off. If you have enough to sell and clear your debt, move into rented I would say you might feel happier this way, no more pressure to meet ridiculous high interest payments to swift, just your rent and food. I really hope it all works out for you, please try and get some advise from a professional or legal expert, forget CAB, they don't help in my experience. Keep
  5. If you are out of work, show them what you are doing to find work etc... Take as much into and evidence you can, it will all help to show you are doing your best.
  6. Humm, not good. I got advice from CCS, consumer credit service, it's free, but maybe you already gone down that path. It's gonna be difficult if you can't prove you can afford the payments plus something extra towards arrears, suggest you either sell your home quick before they take it, or find extra income, sry to be blunt but that's how it will be looked at I think.
  7. I suggest build a case with your solicitor to prove you have an income and explain any shortfalls, redundancy or whatever has caused it. Make a proposal and submit it to swift a.s.a.p, if it's the first time they won't react coz they know the judge will probably make an agreement to spread the arrears over the remainder of the course of the loan. They have to do that as an offer! But swift will want to proceed anyway because once they have the repossession order then the next time it's easy for them to just take your property if you don't maintain payments. Suggest y find a way out a.s.a.p,
  8. Thomson sense would say yes of course! If you no longer pay PPI then the monthly payments should reduce right??
  9. I have just received a settlement figure of £82,000, borrowed £40k 7 years ago with £15k arrears.. They took me to court twice and luckily the judge was on our side as we could prove we were working at the time and made a payment arrangement both times. Unfortunately with these loans if you get made redundant or have financial problems, it's almost impossible to catch up, selling the house to consolidate is pretty much the only way but I don't know anyone that managed to make money from their property after taking a secured loan. It's not fair the excessive cha
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