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Secured loan advice needed


snapshot26
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In January 2007 me and my partner took out a secured loan against the property.

 

We went direct and asked for quote for paying back over 15 years and 10 years. We opted for the 15 years.

 

The agreement arrived and we signed and sent it back without really looking at it as we believed it would be right.

 

They have sent a statement thrrough recently (first one ever due to new law) and i thought we are not paying much of the balance and the interest seems really high. So i worked out the 240 months to actually be 20 years!!!

 

We didnt want 20 years, so i rang them and they said they are no longer lending and there is nothing they can do to change the terms of the agreement.

 

I cant get another loan due to the downturn and house prices etc, so now im stuck with this loan.

 

And ive also found out its not a fixed loan like it asked for, its varible after so many years, so who knows what i will be paying.

 

Also on the credit agreement it doesnt state the total payable, it just says charge for credit, but when i looked at it when i first signed it, i thought that was the total repayable charge as they have put it right under the amount borrowed part. So i am actually paying more in interest than the loan amount.

 

Ive also looked at the agreement and even though it was signed it was not dated by either borrower and it says above it must be signed and dated.

 

I feel so stupid for taking this loan out, and now i dont know what to do.

 

Please dont assume im looking for an easy way out. i rang them with a view to pay more to settle it sooner and they dont want to know or offer any help.

 

What should i do now?

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Any PPI on it at all ?

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They sound familiar - probably had a few mentions around these parts.

I was wondering if it was GE and you were in a similar position to Cub and I (see Cub's thread). Possibly your loan works the same way. My term would have been extended considerably had I not paid the rotten loan off.

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