Ocean FInace/Swift Loans

ROSSGR1

Hi, Looking for some advice for a relative.

Basically a £2500 loan about 13years ago with Ocean Finance. After £1200 payents over 15months, £120 in arrears, they went through solicitors to get the money. Payments resumed again, now to Swift Finance? after 3 months, another £1400 payments over 15months followed when she stopped paying for some reason (thinking she had paid the loan!!) No more payments for 11 years, now, get's the odd statement once a year, now over £14000 owed.

She doesn't know what to do, can't repay that amount, currently adding £150+ interest a month plus charges. ony gets £560 month pension.
At the moment i'm finding out if the loan is held against the property through the land registry facility. Why haven't they tried to recover the debt in the last 10 years????

Thanks for any advice, will pop up any more info if anyone has any specific questions as i didn't want to make the post too long!!


Cheers

ROSSGR1

Fiund out today that the loan is held over the property so looks like she will have to come to some arrangement.

SHe currently owes around £16,000, pensioner on basic state pension. DO you think they are likely to reduce the amount/ cancel any further interest is payment start to be made/ request the full amount and compound interest until it is paid off??

Thanks for any advice

jonesMUFCforever

They will get their money one way or anothe if it is secured against the house.

ROSSGR1

Any chance they will reduce the amount, or are they liable to wait 20years, adding interest as they go and get the money when she dies(morbid i know) and the house is sold as the only thing in her estate to divide up between the family??