Money owed to a secured loan

1_in_10_Luke

Last january we had our House reposessed due to the sky rocketing interest rates, we also had a secured loan on the property.After the reposseion had gone through and the house had been resold there was a short comings on the money owed to the secured loan approx £15000. when we moved into rented property we informed the secured loan company (First Plus) of our new address, but we never recieved anything from them about the money owed, Until....
Yesterday we recieved a letter from a third party company saying that they need to discuss with us the outstanding money, but i was under the belief
that if they did not request the money within a year they could not claim it, as it hjas now been almost 15 months?????
The problem is if they try to claim the money from me i will have to go bankrupt due to losing my job at the start of march...

Sorry its long, i just need some advice.....please

~Beanie~

That is incorrect, there is nothing to say that they must chase the money within 12 months or they can't claim! Unfortuately you are still liable for the money and will have to pay.

1_in_10_Luke

Thanks Beanie.

i thought it was a bit of an Old Wives Tale, just hoping it was true .

Well i better prepare myself for a bit of another bumpy ride:wall: :wall: .
Maybe bankruptcy will be my only option.:(

iolanthe07

It would be in their interests to come to an arrangement with you that you can afford. If you go bankrupt they will only get pennies in the pound, so you might find them surprisingly accommodating.

1_in_10_Luke

I don't really want to go Bankrupt but with this possible £15000 plus we have about another £14000 debt (which we do have a payment agreements on) its just too much.Especially having our home repossesed which was awful and now with me losing my job and my 5 children to feed, maybe its my only option ....