Writing off a secured loan????????

feisty1

Trollfever....Don't be so cruel! The OP is well aware of what he has done, cut him some slack AND if yr in the industry you should know better than to treat people like this............

morgan8080_2

i was pretty naive and not clued up at all on money at the time had no idea what i was signing to be honesti just wanted the money. its no one elses fault but mine but i was wanting ADVICE on what unforceable loans were, if i qualified etc.

Neillgb

From a purely financial point of view would it not be wise to accept that you cannot pay your way as things stand and that the best course of action would be to sell up and rent?

You say you have £60K equity. Truth is that , to give yourself a chance, you would have to take £30 K after expenses. Think about dealing with your debts rather than trying to avoid them!!

I appreciate that this is not taking into account other personal circumstances but it really is the only way to sort yourself out, short of winning the lottery that is!!

Zelie

"Both" mortgages?

morgan8080_2

Thank you, i am taking advice and dealing with the debts we have spoken to cccs and cap so have a plan and have arrangements in place. I just wanted advice thats all as i had heard things about writing off loans . Theres no need for everyone to keep saying to not avoid my debts IAM NOT! i wanted advice on the topic in hand UNFORCEABLE LOANS

Neillgb

With respect you are trying to avoid repaying a loan, given to you in good faith, by suggesting they are unenforceable.

morgan8080_2

i am not trying to say its unforceable,iam asking what it means and if i qualify?? i am quit aware that the loan is my responsibility to pay just wondered what it all ment. Isnt it worth a try to find out more and if i qualified. Are you all saying you wouldnt look into it if it was you?

FraudBuster

Urban Myth #32,564

You can escape from the liability of a legal document by saying that you did not understand it.

morgan8080_2

am not trying to, perhaps you shouldnt bother trying to make people feel worse when they are wanting advice

silvercar

It may be worth having a look at ridingtherhino.co.uk. People on there claim to be able to negotiate secured loans, on the basis that the money isn't available to meet the repayments, rather than the loan was missold. I'm not convinced how valid the claims of the users of that site are, but it may be worth a look.