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Endeavour secured loan help


ikle pickle
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Hi every one, i am new to this forum

and if i am honest do not understand a great deal about how secured loans work etc other then the loan is secured on house.

 

If i remember rightly myself and my husband were offerd a secured loan via another company. The secured loan was for 40.000.

 

The broker convinced me and my hubby that when the loan was taken out we could extend the years over etc and lots of other things.

At the time we were struggling and they baffled me that much that i honestly thought it was the best solution.

 

Until recently i had no idea about the high interest charge and the fee the broker was paid amongst other things.

We tried as were struggling after a short time of taking the loan that when we contacted them they were no longer offering loans, or able to.

They could not extend the number of years the loan was over, infact they could do nothing and if i remember rightly

they said if i could not make the payments it would result in proceedings and that if the property was in negative equity they could take the contents of my house!!!

 

I approached our main mortgage who told us that our income was to low for us to extend our mortgage with them and that tax credits, dla etc could and should not be taken into account.

 

Well when we had the secured loan my husband was told it needed to be a joint application and all though i was not working as have bipolar

and two children with severe disabilities they took the dla and tax credits as earnings?

 

At the time i never even thought anything of it, i just assumed that had we not had enough income we would not have got it.

 

Since then due to the pressure of finances, my illness etc my husband had a nervous breakdown which resulted in him going in hospital and then some time after loosing his job of over 8 years!

 

When we spoke with endeavour they could not help.

I tried to plow on through but i missed more payments with all my bills and tried twice to make an arrangement of 400.00

as they would not except less and then with 400.00 on our main mortgage we were dying a death so resulted in missed payments,

however i did manage to pay 300.00

 

Yesterday i contacted endeavour and was told they could no longer make any arrangements with me,

even though they had not tried to help at all,

she was really un pleasant,

did not want to listen to anything i had to say,

she kept saying you are not listening to me,

talking over me,

this is not getting us any were,

 

i explained i had bipolar and all i got was i am sorry about your situation but now going to solicitors were i will have so many days or week,

can not completly remember and i will then get a court letter.

 

I tried to say that i was mis advised when took loan, that when in first difficulties tried to get help but they refused as hsbc was no longer funding them or something.

I tried to explain why we had defaulted. and every time she just talked over me to the point were i got really upset and said,

no listen to me, so what are you telling me, what support or advice are you giving me.

 

She said i am trying to tell you but you keep talking over me, that she can not make any further offers of payments and now was a matter for the courts.

I said yes but although i could not pay the 400.00 as agreed i had been making payments of 300.00 and surely we are showing we are trying.

But nope she was having none of it, until i got that upset i hung up!

 

She then rang me back and just kept saying i am trying to tell you what happens next.

I explained that all she was telling me is that personnel circumstances or not she was not interested would not help us and that was it

and when i had said that i hung up again and burst into tears.

 

Please help, what do i do, were do we go from here?

I really can not take much more xx

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Uping for some help.

 

Looking over the document for the secured loan it states that we have been charged a broker fee of 2000.00 which will be added on to loan and then interest applied!!!

This is in the small lettering at the top of the contract which we were unaware of.

 

As we went through a broker norton finance at no point during the conversation with them about the loan

or in written format did they explain to us that we would have to pay such a large fee to them.

 

As well as this there is an admin fee, again no mention of this took place during the loan being set up.

 

It states on the loan agreement that it is a unregulated loan whatever that means?

It is a variable loan following the financial bace rate but does not state the total cost for borrowing the loan or an explanation of what percent above the bace rate the company follow.

It does however say in the small writing on the back that if the finacial rate goes up or down by one half a percent then our monthly amount will change.

It also says in the small print that they can move the loan to another company if they choose and i am worried now as have been told by norton that endeavour are going into liquidation.

 

We also have another agreement here which says something about land have no idea what this is or what this means.

 

I have however rang norton to ask them why we were not informed about there broker fees and she said they are on the contract and we signed it.

I also asked her why the loan had to be in both our names when only one person was working as we were in reciept of benefits due to having children with disabilities.

She said because we are married?

 

I honstly believe as on the norton forms it states that my income is 1000.00 that i am a house wife but have been working 12 years?

What is this about, i really am thinking that they have used the benefits we have as income for the loan .

 

I really believe that they have set us up for failure and that our financial needs as well as explanations of terms there fees etc were not explained to use properly/

 

Please guys is there any one who can help me with this

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ikle pickle

Until someone else comes along I will try to help, first a few questions what percentage of the arrears are missed payments and what percentage are arrears or litigation charges? if there are any, and what was the date the loan was taken out?, you need to try to save your home what was said at the time that you signed the agreement might not stand up in a court, hopefully someone with a better legal brain than mine will turn up very soon and help, try to find the answers to the above because you will be asked for this information.

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All together e are behind by just over 2000.00 . We are meeting our monthly payment and have been paying fourty pound over but they want one hundred pound extra. I have no idea about the litigation fees, i very rarely get any statement or anything from them unless i ask.

 

Looking over my contract it does not give me an overall cost of credit. It states we borrowed 40,000, but then it says in another box broker fee 2000.00 ( if applicable) to be added to overall undebtedness and interest to be paid upon. But it only says the loan is 40,000 and does not show as a complete figure with these broker fees that we were unaware of. I have requested some statements and it does add the broker fee on to the loan, but even in statement bit were it says loan amount it just says the forty? Also there is no info on what rate we will pay in ref to base rate over term or anything. it just has vat. All the details which are not understandable are in the small print on the back

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I did speak to them again and they have now agreed if i pay the extra one hundred to moniter my account monthly until arrears cleared, i have contacted fsa and ombudsmen and have sent a letter asking for the info they hold on us under the data protection act as well as a letter of complaint. In the small print it states they can pass my debt onto a third party without my say so and it worries me as endeavour are no longer lending as hsbc has withdrawn from supplying them

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You require a statement you need to find out what charges have been applied to the account, and did they ask you to fill in an income and expenditure statement before asking for the extra one hundred?, and was the loan taken out before 2006 or after?.

You need help with this and that help is CAB, go on the telephone Monday morning and get an appointment with a debt councillor, but get the account statement it should be free but argue if its not you will need it for CAB.

Was in a similar position as you two years ago three months arrears eight hundred pounds worth of charges, they tried for repossession but we fought back, nearly all the charges refunded, now pay twenty pounds off remaining arrears and now trying to get those refunded.

I wouldn't bother with the wording of the agreement at the moment get these arrears sorted out first, when you have an affordable payment plan in place and your life is back on track then look at the agreement, have you asked if they would capitalize the arrears might be worth a try?,

And one bit of advice I will give you is when you talk to them always be polite but do not let them push you around and if you can record the calls so much the better.

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