loan paperwork

johnny25059844

Hi. Me and my wife took out a secured loan in 2005. We have claimed back the ppi in 2009 as the documentation was in the wrong lead name. I have been made redundant last year and am now struggling to get a permanant income and as such am finding it increasingly hard to make the payments. However after perusing the loan documents I have noticed that they still not sent us out a document with the correct lead name. The reason of my inquiry is that we made it clear to the company (loans.co.uk) that I was not named on the mortgage and have no claim to the house but they still gave the loan in my name as the lead. Could anybody tell me if they still have any claim to the property if I was to cease payments as I have contacted them to try and negotiate a revised payment until permanant work materialises but they say they cannot do this.We are both on the loan document, however they are saying as the loan is secured on the house my wife is still liable for the payments.
thanks

opinions4u

Your wife is named on the loan agreement. She is liable for the loan payments.

Her property remains at risk if payments are not being made.

The order of names on a loan agreement makes no difference to the liability of all named borrowers to meet the payments.

johnny25059844

opinions4u wrote: »

Your wife is named on the loan agreement. She is liable for the loan payments.

Her property remains at risk if payments are not being made.

The order of names on a loan agreement makes no difference to the liability of all named borrowers to meet the payments.

Thanks for the information.