Advice Needed on Secured loan Missed Payment

Chuckie1998

I went BR in November, and at the time I was 2 payments behind with a secured loan. My mortgage is up to date.
The OR is aware, and I have managed to keep up the recent monthly payments, although always being the two missed payments behind now.
I have an IPA recently applied, on the new guidelines, and so no surplus to try and catch up etc.

I have written to the secured loan company 5 times explaining the situation, but never get a reply. Telephoning is a waste of time, as I always end up speaking to a 20-something person at a call centre who can't answer any question unless it is on their "Flow Chart" etc.

I have today received a letter stating that unless I make up the missed payments, they "may":

Obtain an Attachment Of Earnings Order,
Warrant of Execution from a Bailiff,
or Repossess the Home.

Any advise would be much appreciated.
The house has a negative equity at the moment of around 5k, and is

immoral_angeluk

Are you in a position to negotiate repayment of the arrears? Really you need to discuss with the OR/Moonbeever about the possibility of amending your IPA to free up some income to go towards the arrears. Really you could do with some advice from CAB as they will also be able to assist you with the negotiations with both the lender and the OR.

Who is the lender? This usually gives a pretty good insight into their likely tactics if the arrears continue to accrue.

sizzler

thanks IA great stuff

best of luck sizz:):)

Chuckie1998

Thanks for getting back to me.
I have no surplus, as under new guidelines the OR obtained 100% of my surplus, which was £50.

Lender is Firstplus, having letters now from Red Castle / Gothia / FRADS Ltd, and then yesterday from Resolution Legal Services, regarding the same missed payments!!

Makes me annoyed that their letters state "if you are in financial difficulty, please contact us and we are here to help", yet they don't answer the letters and can't help when you speak to the call centres.

I have written to all of them stating my BR and the fact that I cannot make any payment. Also advised Firstplus themselves on 4 occasions. They just disregard the letters. Telephoning is no use.

As I said, the arrears were from before my BR (thats how I managed to pay the BR fees). The OR was informed at the time. I haven't missed a payment since, and shouldn't do in future now as financially things are a little easier to manage now.

Just a question.... If Firstplus sold the 2 missed payments on to another company (DCA) before my BR, would the 2 missed payments be an unsecured debt?

immoral_angeluk

Chuckie1998 wrote: »

Thanks for getting back to me.
I have no surplus, as under new guidelines the OR obtained 100% of my surplus, which was £50.

Lender is Firstplus, having letters now from Red Castle / Gothia / FRADS Ltd, and then yesterday from Resolution Legal Services, regarding the same missed payments!!

Makes me annoyed that their letters state "if you are in financial difficulty, please contact us and we are here to help", yet they don't answer the letters and can't help when you speak to the call centres.

I have written to all of them stating my BR and the fact that I cannot make any payment. Also advised Firstplus themselves on 4 occasions. They just disregard the letters. Telephoning is no use.

As I said, the arrears were from before my BR (thats how I managed to pay the BR fees). The OR was informed at the time. I haven't missed a payment since, and shouldn't do in future now as financially things are a little easier to manage now.

Just a question.... If Firstplus sold the 2 missed payments on to another company (DCA) before my BR, would the 2 missed payments be an unsecured debt?

They won't have sold it if the loan is still ongoing, they'll just have passed to arrears account for another 3rd party to manage.
As for secured loans in bankruptcy, any arrears/shortfall only becomes an unsecured debt upon sale or repossession of the goods the debt is secured on..

I realise what you meant about the nil surplus, but what I was getting at is contacting moonbeever or the OR to see if they will allow you to amend your IPA to allow for repayment towards the secured loan arrears to prevent repossession as they can do with rent arrears for example...

Chuckie1998

Thanks for clarifying,

I will drop my OR a message regarding this,

kepar

Surely though with out Knowing how much is owed to First plus this makes it difficult to call. As you only have a surplus of £50, which is taken buy the OR as an IPA, if they let you have all the surplus how long will it take you to pay these two payments off? The OR might decide that is your problem as you incurred the debt just before you went br without any chance in the short term of paying it off. As stated in the first line , without knowing how much is owing it is difficult to advise.

Chuckie1998

You do have a point, but it was the only way of raising the £600 BR fee.

The OR was aware of this when I had my telephone interview, so I will get back to him and see what happens.

Thanks.