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secured loan on property i no longer own

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Comments

  • JCS1
    JCS1 Posts: 5,338 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    helpmepleasequick wrote: »
    hi
    i had a secured loan on a property but i no longer own this can i still be chased for this loan

    The secured loan would become unsecured when the property was sold, you can still be chased for this money. Are you considering bankruptcy? Please seek advise from one of the free debt charities.
  • Darnit_2
    Darnit_2 Posts: 359 Forumite
    I just noticed the "six years ago bit", it MAY not be enforcable. Pop over to the debt free wannabee board and ask them, they know all about the six year rukle thing....unless any of you do?
    :D
  • JCS1
    JCS1 Posts: 5,338 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Darnit wrote: »
    I just noticed the "six years ago bit", it MAY not be enforcable. Pop over to the debt free wannabee board and ask them, they know all about the six year rukle thing....unless any of you do?

    Lenders can chase mortgage shortfalls for 12 years, and I think secured loans would be treated the same. But it is something the OP should clarify.
  • sieve
    sieve Posts: 1,095 Forumite
    helpmepleasequick wrote: »
    when you have finished i had no choice in this matter and this happened 6yrs ago so less of the cleverness please i only asked for help

    Have they not been badgering you for those 6 years?
    BR 08/04/09 | ED 02/10/09 :grin: | BSC 255
    I made it through! :grin:
    Don't ignore a problem. Unlike a bad smell, it won't eventually go away.
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