We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Secured Loan Company - Being unreasonable?
Gooneybird_2
Posts: 3 Newbie
A neighbour has approched us to purchase a small section of our garden, it is about 10ft x 10ft, and is a small strip that you would presume is not ours as we have left it derelict for 20 years, but it is on our deeds, and we are the legal owners.
Just over a year ago, i lost my job, and we got into debt, which included mortgage and a secured loan being behind on payments.
We have been offered £5000 for this small area by our neighbour and this would allow us to pay off any arrears, on loans, and utility bills etc.
So we have agreed a price, neighbours will meet solicitors costs etc. We have paid a surveyor to value the house and garden, to see if any value will be lost if the sale goes through, his report stated that NO value will be lost.
Mortgage company agreed to the sale, but the secured loan company (2nd charge) have said no, and de-railed the sale. We are £600 in arrears with them, and have offered the £600 plus one months payment in advance from now on but they have still refused. They have stated that if sell, the want the arrears + every other penny left, i.e £5000 to be paid off the loan balalce (£40,000).
any advice please
G
Just over a year ago, i lost my job, and we got into debt, which included mortgage and a secured loan being behind on payments.
We have been offered £5000 for this small area by our neighbour and this would allow us to pay off any arrears, on loans, and utility bills etc.
So we have agreed a price, neighbours will meet solicitors costs etc. We have paid a surveyor to value the house and garden, to see if any value will be lost if the sale goes through, his report stated that NO value will be lost.
Mortgage company agreed to the sale, but the secured loan company (2nd charge) have said no, and de-railed the sale. We are £600 in arrears with them, and have offered the £600 plus one months payment in advance from now on but they have still refused. They have stated that if sell, the want the arrears + every other penny left, i.e £5000 to be paid off the loan balalce (£40,000).
any advice please
G
0
Comments
-
They are quite within their rights.
Why not agree to reduce the loan balance anyway - it should save you interest (check that it will though!)?0 -
It may seem a good idea, but the plan was to get the electric (£800) Gas (£645) and Council Tax bailiffs(£1245) all off our backs :eek:
G0 -
This is a tough one but they have to protect their own interests. Its the way it is at the mo. Will they accept a little less? Meet them half way?"Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
You need to negotiate with them to see reason. Thats the only way forward.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards