Secured Loan not collected for 8 years?

Sidekick_2

Radiantsoul wrote: »

They still have an interest and might very well be "resting on their security". This means they will have made a diary note to contact you before the 12 years are up.

I am not sure in your position if I would contact them or not. Conceivably you may have fallen off their radar. But when you come to sell the charge will still be registered and you will need to get it removed.

Was thinking of remortgage as I am stuck with a endowment mortgage without an endowment running ! (ex-wife cash it in when we got divorced)

My main mortgage has about 4 years to run with nothing to pay it off!

silvercar

If you need to remortgage you will need to get the secured loan lender to sign a deed of postponement.

Radiantsoul

silvercar wrote: »

If you need to remortgage you will need to get the secured loan lender to sign a deed of postponement.

Hard to see why they would bother and asking them to do so might just remind them they are owed money.

sammyjammy

I thought if you had a CCJ or charging order there was no time limit and the CCJ could be reinforced at any time?

Radiantsoul

sammyjammy wrote: »

I thought if you had a CCJ or charging order there was no time limit and the CCJ could be reinforced at any time?

Yeah a CCJ does last forever, but they need to go to court to seek possession to enforce after 6 years. The same might apply to a secured 12 year deal.

MABLE

Sidekick wrote: »

Hi all

I wonder if anyone can help with any advice?

I took out a ten year secured loan in december 1988, due to financial difficulties within the recession and the fact that i got divorced i had to take over the loan myself, some years later I becam un employed for a time.

The loan company took me to court and because of negative equity in the property the judge would not grant a posession order, and fixed a rate of £50 per month, this was set for 12 months and the only correspodance with the company since was a settlement figure offered after the arrangement had finished.

I could not afford this settlement figure at the time and I have not heard from them for at least 8 years.

Do they still have any claim against my property or are they time barred?
There is no evidence that this is still on my credit file.

You should have taken contacted them because when they do catch up with you and make no mistake they will do the interest will be astronomical.

Radiantsoul

MABLE wrote: »

You should have taken contacted them because when they do catch up with you and make no mistake they will do the interest will be astronomical.

The interest is likely to be pretty massive. At 5% interest it would be 1.8 times the principle(so £280 total to repay for every £100 borrowed). At 10% it will be £740 for every £100 borrowed.

Sidekick_2

Radiantsoul wrote: »

The interest is likely to be pretty massive. At 5% interest it would be 1.8 times the principle(so £280 total to repay for every £100 borrowed). At 10% it will be £740 for every £100 borrowed.

Thanks for the reply

Most of the principle was paid back (95%) ie Borrowed £10,000 plus PPI £800
paid £9600.
They ask for further £14000 in 1995 but later wanted me to pay £5000 as a one off payment to settle the account.If I could have rised this at the time I would have.

I have been locked into both the main morgage and this one since 1988, both are still in joint names with my ex-wife.
Can't remorgage, can't sell and can't change to a repayment morgage.
In 4 years time will have nothing to pay off main morgage.

hearts

Assuming the house is now worth far more than it was. Can you not remortgage and pay of the debt. Or wait it out and then remortgage and see if the debt is spent.