I have been told by the Pure Legal Limited that interest negotiated at the time and broker's fee may be given unfair disadvantage on my side, and it is true that at the time in 2006 when I took the loan out I was locked into paying monthly fee. I took secured loan of £22,000 and to this date the balance is still £20,000.
Secondly, the reason I took loan out because I had IVA back in 2004 for debt I incurred of £28,000, It was agreed with the Payplan that I should pay about £250 per month for five year to clear my debt.
Meanwhile, I received the letters from loan company saying that even if I pay my IVA the creditors will claim money from your property when you sell.
So offer them a fixed amount agreed by all creditors so they want chase you.
I was naïve and took their advise and paid them agreed amount.
But now I have been told by this legal company that advise given to you is not appropriate and broker and money lenders lock you into paying them forever.
I hope I made it clear but if you need any more info please let me know.