help, how can i get out of a secured loan????

becky4575

i need some advise, i have a secured loan against my property for £14,500.
i really want to sell this property as i have had othing but hassle with it, the problem being that i can not afford to pay of the secured loan snd the property will hardly make me anythig so i can not pay it of from the sale either.
i have tried getting a loan from my bank to cover the secured loan but have been told that my credit score is to low for them to lend to me.
my morgage deal of fixed intrest ends this month and i go onto a varible rate if this goes up i will end up not being able to afford the morgage, so sellig and gettig rid of it seems my best option.
i have no problems paying the loan but as secured they will not let me sell propery. anyone know what the best course of ation would be?

jonesMUFCforever

What is your house worth?
What is the total mortgage debt?

Basically if the secured loan company do not get paid off they can stop the sale.

ILW

Sell the stuff you bought with the loan?

becky4575

£74,000 outstanding on morgage and valuation was only £83,000
its only a small flat.

i dont know if going bankrupt might be my only option.

becky4575

if i had £14,500 worth of goods to sell i wouldnt need any help lol.
long story but loan was due to a previous partner and its taken me a long time to get my self straight after our relationship ended and this is just the last thing.

chesky369

On another thread you state you have £4,500 to put into a savings account before using it for property repairs. Why don't you forget the repairs and use the money to help pay off the loan?

opinions4u

Some second charge companies would be delighted to accept a reduced settlement figure.

Ring them up and ask them to make you an offer. Then take things from there.

(I don't recommend bankruptcy or handing the keys in, unless circumstances are severe. If you have savings and can sell the house get the job done and then start over again).

chesky369

Becky - I DEEPLY apologise. I've just noticed your thread was from 2008 - mea culpa. Very very sorry.