Hi, I am from london and would like some advice please.
I took out a £10,000 secured loan with Welcome fiance about 4 years ago but ran into difficulties paying the loan and my mortgage. The house was eventually repossessed and sold. I found out recently that the solicitors are unable to release any surplus until they have paid Welcome Finance their settlement figure which, according to Welcome Finance, is £19,000. yes you are reading it properly! They want £19,000 back for a £10,000 loan even though I have paid about £11,000 to date. Their excuse is that I have not always paid and the arrears stands at £3,600. The monthly repayment is £284.50 but when I don’t pay it they charge £300 every month on the account! I knew i would owe probably owe the some money but I thought it would be somewhere in the region of £5,000.
I would appreciate it if someone could let me know if I can get any of this money back.
I am at my wits end and devastated by what they are doing to me.
Can anyone explain to me exactly what a secured loan is. I have a secured nrewards card through navy federal and was gonna inquire about a secured loan. I read online about it but im still somewhat confused about it. Thanks
byMANILA IMPERIAL MOTOR SALES . . . .
I don’t know where my certificate is. Last year IRS didn’t ask for the certificate number & who issued it. This year they are. I called the bank that issued my mortgage. They said they can’t tell me how to find the certificate number. How do I find out my mortgage certificate number & who issued it.
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I am talking about dh’s credit as he is the sole income provider and would be the main person on our home loan.We foreclosed 2 years ago and just now paid off the collections on dh’s account. He has small items all $100 or less but thats it. So hwo do we boost his score up in the next 6 months? He applied for 2 secured cc’s and a family member just put him on her cc with no balance and I just put him on mine with a low balance. Any other tips? I have heard about getting a secured loan? His score is 570 currently and we need 640. Does anyone know what score they use when applying for a morgtage?
Help me make a list of methods to improve/rebuild credit other than disputing and removing negative items from your credit report to raise your FICO.
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1. Get a secured credit card that reports to all three bearus
2. Get a secured loan
3. ???
4. ???
…
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Yes, paying your bills on time is a big must, but when you start to rebuild.. it is a bit of a catch 22 in regards to the fact that nobody wants to give you credit to be able to prove yourself and raise your credit scores
How exactly does a secured loan work?
If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan?
No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
Best answer:
Answer by gtplayb0y
It seems like you are describing a Home Equity. At the bank I work, if you sell the home within 3 years, you are obligated to pay it off. However, if you purchase a new home and have enough equity in the new home, it can be transfered.
In a Home Equity Loan, you are promising to pay it back or else the bank can take your home.
What do you think? Answer below!
Here is a long story short.  I took out a “Secured Loan” from my credit union earlier this year– like back in April. But things are getting a bit tight here so instead of allowing myself go late on this puppy, I closed it out. What that does as far as my credit report goes is list it as paid as agreed 0 balance.. Nothing negative.Â
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What my plan is, is when I get a few more things paid off, instead of going back to a secured loan, I’m going to open a couple of secured credit cards with $1000 a piece. Â
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In you’re humble opinions…   does this seem like a correct course of action? or did i just shoot myself in the foot?
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a bit more about my situation:   I have 1 loan out for 1000 and a student loan for 10,000 and 879 each..     My revolving debt is eaten up by this stupid vacation network thing.  $4900 was the original amount and we’re paid down to $4600 which is making my revolving debt rediculous.      They gave me a settlement offer of $2600 to cancel the contract but it has to be all in cash.  Because the thing is a scam scam scam, I have filed a complaint with the Ohio Attorney General but lord knows what will happen.  I’m just trying to keep the dang thing current meanwhile and after all the collections on my credit report are PIF I’ll take the funds that i’m paying and dump it on this stupid thing to get that revolving debt down.
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ANYWAY..  does this “seem” like a good course of action to make?  of course i would have liked to have kep that loan open, but I have to focus on fixing first. Can’t lose site of that.  Besides, I can open another once all this stuff is paid off.  Â
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Hi all, and thanks for all your dedicated posting of informatiom.
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Several questions:
1. Citifinancial OC or CFL-Â sold my account to Cavalry CA. So I sent a DV to each. Citi only responded to CRA dispute and not DV, stating that account was sold to Cavalry a CA.
    a.) Should Citifinancial a CFL be required to respond to DV, or do CFL’s and Banks fall under same regs to DV’s ?
    b.) I’m not even sure the loan is accurate from Citifinacial….How do I get them to show any loan contracts or signatures to validate?
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2. Contacted Tidwater directly to discuss SOL with DOFD being 3/01/2003. ( Have zero balance as of 12/2004 with them. CRA’s showing late pay’s during unemployment period)
     They stated that they were a secured loan ( Furnature-Rooms 2 Go) and that the reporting will stay.
     a.) How can that be?
     b.) How can I get Tidwater to Validate payment information for accurate DOFD, then enforce removal?
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Thanks to all!
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I am working on rebuilding my credit and was wondering which i should do. A secured cc for $1000.00 or a secured loan for 1000.00 or would it not matter? I need to work on rebuilding payment history and also need to improve my score as I work on other items on my credit report (c/o, old collections etc.)
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