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Loans Secured V's Unsecured???

PostPosted: Thu Aug 27, 2009 5:29 pm
by DannyBhoy
Hi All,

not posted for a wee while due to broken laptops, studying for exams, (so im on the inside, lol) and fighting DCA's with 100% results, oh and taking on the Credit Card Company who now seem to have just given up, its went from a weekly rainforest to nothing after i slapped down their DCA as well.

I was wondering, Is there a difference between and unsecured loan and a secured loan, i'm thinking the same shennanigans are pulled and they just decieve you in the same way, so is there any difference???

Also, has anyone ever had any dealings with Black Horse of the [Lloyds TSB] Group, they really are true decievers???

Re: Loans Secured V's Unsecured???

PostPosted: Thu Aug 27, 2009 5:34 pm
by BaldBeardyDude
As far as I know, they are essentially the same with one exception - a secured loan contract gives the lender a lien on some property, as surety for the payment of the debt.

Re: Loans Secured V's Unsecured???

PostPosted: Thu Aug 27, 2009 7:39 pm
by MikeThomas
A secured Loan is exactly that. Secured on a 'property' like a house or car. That's the loan guarantee, if you like.

An Unsecured Loan is not secured on anything other than your signiture.

Re: Loans Secured V's Unsecured???

PostPosted: Wed Sep 30, 2009 12:51 pm
by DannyBhoy
Sorry what i meant was, the loan is issued in the same decietful way, so when questioning the validity of the loan is there any difference, obviously they are looking to repossess your property if you stop repaying your own money back to them, but surely your defence would be the same for an unsecured loan :puzz:

Re: Loans Secured V's Unsecured???

PostPosted: Wed Sep 30, 2009 1:38 pm
by BaldBeardyDude
Sorry about that mix up, m8! Yes, they are the same from that perspective, coming from the same pot of 'credit'.

Re: Loans Secured V's Unsecured???

PostPosted: Wed Sep 30, 2009 3:53 pm
by DannyBhoy
many thanks BBD, I am looking at taking on a secured loan, i remember reading somewhere that all loans are basically secured, just that the ones that carry the secured word are tied to your property?

I was duped into making a loan i had into a secured one, and now that ive been duped twice, by even being asked to repay my own money, its time to start asking questions.

Re: Loans Secured V's Unsecured???

PostPosted: Thu Oct 01, 2009 11:30 am
by gepisar
Unsecured: In march this year, I was invited by my bank to have a chat about my finances.

They wanted to sell a loan. I told the representative, I have no job, no income, but I have a plan... I walked out 20 minutes later with nearly as many thousands. For the contract to be valid, both the bank and myself needed to bring consideration. What consideration did I provide? In effect I told them I couldnt repay this loan, but they still offered it. How can I create an affidavidt of my conversation with the representative?