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First Plus loans and Home Moves...?
hudleys
Posts: 7 Forumite
Hi - not sure if this is right thread. My husband and I have low credit ratings due to massive debt problems last year which we have now dealt with with Payplan's help by setting up a DMP last year which seems to be going well.
The problem now is that we have a second charge from First Plus on our property. With house prices falling there is no way that we could now sell off the house and repay both the first mortgage and First Plus.
We are now in a position where we have to move for varying reasons, including a new job, away from the area we live in and have to get rid of the house. I have already contacted First Plus who have refused to 'port' the loan to a new property despite this being a option when we first took the loan out in Feb 2006. From reading on here it looks like there is no way that they will let us sell the house as we are ikely to still owe them almost the full amount we borrowed.
Does anyone have any advice or experience in what, if any, options are open to us? If I were to 'hand back the keys' to my original mortgage compay what would First Plus do - would it force them to accept payments in an unsecured loan from us?
Any help woud be great as we have to move and cannot stay in this house.
Thanks!
The problem now is that we have a second charge from First Plus on our property. With house prices falling there is no way that we could now sell off the house and repay both the first mortgage and First Plus.
We are now in a position where we have to move for varying reasons, including a new job, away from the area we live in and have to get rid of the house. I have already contacted First Plus who have refused to 'port' the loan to a new property despite this being a option when we first took the loan out in Feb 2006. From reading on here it looks like there is no way that they will let us sell the house as we are ikely to still owe them almost the full amount we borrowed.
Does anyone have any advice or experience in what, if any, options are open to us? If I were to 'hand back the keys' to my original mortgage compay what would First Plus do - would it force them to accept payments in an unsecured loan from us?
Any help woud be great as we have to move and cannot stay in this house.
Thanks!
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