Relationship Split - Struggling With Loan Payments

rhowes2000

Good morning all,

I have recently split up with my partner and moved out on my own, we have a joint mortgage and a loan secured against the house she still lives in. We are both struggling financially and managed to reduce our payments on 2 unsecured loans to 10% of the usual monthly payment on a temporary basis. We have continued the usual monthly repayments (£217) on the secured loan but it would be a great help to us both if we coud also temporarily reduce the monthly repayments. Please would anybody be able to advise if it is possible to reduce payments on a secured loan? If so would it have much of an impact on the mortgage, credit file etc? Thank you for reading.

Richard.

chilli_dog

Your credit file is already being impacted by reducing the loan repayments.

It might be worthwhile getting a copy of your credit file.

The secured loan will be difficult to reduce imo, how long do you think it will be before you both can repay all your loans to their proper monthly amount?

rhowes2000

Thank you for your reply.

I know our credit files will be affected mine is a mess anyway due to this split, main concern is reducing outgoings in the short term. I guess it will be around 4-6 months before things improve for either of us.

chilli_dog

Any chance of selling up? is that an option?

rhowes2000

It will be sold in a few months hence the 4-6 month estimate, it's dependant on my ex partner's relationship.