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

morgan8080_2

I will have a look, thank you.
If all else fails i will wait and try get through till our credit score maybe improves and we can remortgage and put this loan on the mortgage, no one will give us one now

feisty1

Zelie wrote: »

"Both" mortgages?

ZELIE.........a secured loan is a 2nd mortgage or can be referred to as a second charge, hence the reason the OP used the term both

DawnW

Can I suggest the OP posts a SOA on the debtfree wanabee board for constructive suggestions for how to deal with these problems? Some of the personal stories on that board are inspirational for the way they have turned things around.

feisty1

morgan 8080 How much is yr main mortage for, term, interest rate ..........is it repayment or interest only and who is yr lender

morgan8080_2

we are not in a fixed term for the main mortgage with hallifax, we came out of fixed term 1 yr ago and mortgage went up. i think we pay 490 a month butnits just come down. we dont have good enough credit to apply elsehere. our morgage is 65000 nw and have 1500 arrears

Conrad

Be aware some of these firms want up front fees, and as far as I know thier sucess in over turning these loan contracts has not been tested yet. I can see some of these firms making a lot of money on fees and then simply going bust when they finally accept they dont have a valid claims model

beecher

morgan8080 wrote: »

I will have a look, thank you.
If all else fails i will wait and try get through till our credit score maybe improves and we can remortgage and put this loan on the mortgage, no one will give us one now

This seems pretty vague. How will your credit score improve when you have these arrears? I'd suggest following DawnW's advice, going to the Debt Free Wannabee site and seeing how you can rearrange your finances in order to start dealing with your debts.

kieran1979

morgan8080 wrote: »

we are not in a fixed term for the main mortgage with hallifax, we came out of fixed term 1 yr ago and mortgage went up. i think we pay 490 a month butnits just come down. we dont have good enough credit to apply elsehere. our morgage is 65000 nw and have 1500 arrears

It would help to understand if you can be really specific about this type of information.

How much is owing on your mortgage / and secured loan?

What is your interest rate now?

How much do you pay each month? (the amount exactly, not "I think" - if you're dealing with your debt this figure should be right there on the tip of you tongue)

Mortgage - repayment / interest only?

Mortgage years left?

Roughly what is your household income?

sarah_elton

beecher wrote: »

I'd suggest following DawnW's advice, going to the Debt Free Wannabee site and seeing how you can rearrange your finances in order to start dealing with your debts.

Advice thirded.

Over on the DFW board there are a lot of other people in situations similar to yours. There are people with experience of dealing with loan companies, negotiating lower repayments for a time, etc.

morgan8080_2

ok,i will post there. I am trying to make all contractual payments and will be consolidating arrears from halifax mortgage onto the 650000 if i make 6 payments on time. I will then look at getting a different mortage deal with them but like i said my credit rating is rubbish and so i cant see it getting better while i have so much debt i struggle to pay.
Thank you for all your helpful advice,much appreciated