secured loan on property i no longer own

helpmepleasequick

hi
i had a secured loan on a property but i no longer own this can i still be chased for this loan

Darnit_2

I m afraid so, it become an unsecured loan once the house is sold. Can you give us more detail so we can see if we can help?

helpmepleasequick

took out loan property repossessed then sold mortgage co repaid mortgage off and repaid some to secured loan but still have outstanding debt what can they do about it

philnicandamy

HMPQ i've sent you a PM

meanwhile ignore the "expert"....:rolleyes:

dollparts

Take no notice of the earlier post, It's easy to judge when you are not in possession of the facts.

Majority of people on these boards will help you in any way they can.

In answer to your question, have you been declared BR? Any advice I could offer would depend on your set of circumstances. So if the cretin above hasn't put you off, tell us a little more about your situation and we will try to help.

helpmepleasequick

dont look like anybody has the answer to this question ????????????????

crowman19

I'm not to sure of the answer to this but as darnit says someone will be along soon who will be able to answer question. Most people on here will be very helpful. You may need to provide more specific information though.

crowman19

If you haven't gone BR and not all the secured loan was paid off when the house was sold then you could still be liable for it.

Darnit_2

You need to post up your statement of affairs, so we can see if you can afford to repay it, can you look at the sticky at the start and provide a list of income and expenditure?

helpmepleasequick

no i have not gone br yet but if this loan does happen to come i may well have to

Darnit_2

You know BR is a last resort, and some of us were "debt free wannabees" for a long time before we gave in and went BR. So if you can avoid it, you probaly should, managing your day to day finances, and repaying the loan is still your first option. Go and do some work and post up your SOA, then we can help you decide. Just find you thread and post again when you have the information.