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jackharryjoe

old Secured picture loan - now with webb resolutions - still owe more than i borrowed!!!

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Hi,

 

Im not sure this is in the correct category - please be kind i've not written on here before.

 

In July 2007 my husnad and I took out a secured loan on our home - which we couldn't afford but needed and there wasn't enough equity in our house so now in hindsight we dont think this was responsible lending.

 

We have asked for a settlement quote and on an origonal loan of £29,000 after paying £24,000 already we still owe according to the company £23419.... scandalous.

 

We have written to the company and complained about this and they have as a good will gesture told us they will waiver our accrued interest charge and admin fee if we did decide to settle.

 

They also stated because our origonal lenders went bankrupt and they bought the loan (prope for 10p in the £) they cannot comment on wether it was a responsible loan or not.

 

Is it worth taking this further or shall we just cut our loses (get an unsecured loan - our credit is now good) any advice on this would be gratefully recieved.

 

Thank you

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Name and shame the company


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Its Webb solutions - bought from Picture loans back in the day...

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cant find anything on webb solutions...

 

idem brought most of the old picture stuff

 

i'd get an SAR off to whom you are paying ASAP

 

I bet 90% is unlawful

PENALTY FEES & 'compulsory'

insurances you were made to take out

AAL can be reclaimed at THEIR int rate.

 

something smells here.

 

dx


..

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Sorry Webb resolutions. What is an SAR and how will it help me? thanks for replying...

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click the underlined sar

 

if you've not got ALL the statements

 

then fire one off.

 

that lot simply buy mortgages

 

they cant change anthing

they must abide by the original mortages agreement.

 

they've not got a very good rep

reading around

they tend to try and fleece people with lots

of spoof charges as sonn as they get their hands on a mortgage.

 

get that sar off.

 

have you all your ORG mortgage paperwork?

 

dx


..

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Yeah think so, It all seems correct to be honest - just think the oringonal loans was reckless and they are asking too much...

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Right I get now this is a subject acsess request, but please how will this help?

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i'm doubtful about the figure you owe.

 

doesn't seem right to me.

 

not had PPI or any other stuff lumped on did it?

 

not had any PENALTY charges

or

MIF

or Transfer fees added.

 

have these people been sending you better than a once a year statement

so you can CHECK.

 

dx


..

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No ppi, no late fees (always paid) and always sent a statement. think im clutching at straws tbh. but shocking how these people can take advantage...

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Sounds right to me as took out loan at around the same time for £60,000,

 

after paying £49,000 I had paid £2000 off the loan and as my wife got cancer and is on long term sick

I have only paid £60 a month for the last 6 months and now owe £63,000...

 

. I suspect the only reason they have not gone for repossession yet is the fact is is just enough equity to cover my main mortgage

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Sorry but i do not understand that if there was no PPI and you have paid the correct amount at the correct time (and therefore no late payment fees) how you could possibly owe more than you borrowed. these loans work in the same way as a mortgage ie in early years you pay off the interest first and the principle sum (the amount borrowed) second (so for the sake of simplicity) if you paid £100 - £99 could be interest and £1 off the principle sum so over the years your principle sum would get less and so would your interest and the ratio of interest/principle sum would change so that your £100 payment would be £90 interest and £10 principle sum. so unless they have added some kind of charge or insurance then the amount owed should be less.

 

the only other reason for it to be more is that they are holding you to term for the interest they will lose if you make an early settlement. It may be wise to ask for a breakdown of that settlement figure.

Edited by rdm2006

HTH (Hope This Helps) RDM2006

 

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