Secured Loan Not on Credit File

pickriff

About 2 years ago myself and my wife took out a secured loan and we have been paying it on time and up to date every month.

About 5 months ago i gave up my full time employment to start my own business, now we are struggling as my business is giving us around 70% of what i was previously on, this has caused us to tighten our belts somewhat.

The secured loan is bleeding us dry and is almost double per month what we pay on our mortgage, due to the interest rate, we have tried to consolidate but as the loan 22k we cannot find anyone that will take it, also because we owe 72K on our mortgage and the recent price crash on homes the value of our home has gone from £130,000 to £97,000 meaning we cannot consolidate by re-mortgageing.

I checked my credit file and found that the secured loan was not represented there, as the secured loan is in joint names i got my wife to check hers too, and it is not there, the debt is with White Label if we were to not pay this what would be likely to happen and how can we get ourselves out of the mire.

It might be easier to just let the loan company put a charge on the house as it would take all the monthly financial pressure off but i need some advice.

Thanks

[Deleted User]

if you dont keep up the repayments on the loan you could/would lose your home,they told you that when you took out the loan !
would your mortgage lender let you pay interest only while you build up your business?have you spoken to the loan company to see if they can offer any help?in situations like this you have to be pro-active.
As for the cra,have you checked them all or just one?

roonaldo

not every bank or lender puts the info on the credit searches. there are also different credit refererencing agencies

antrobus

pickriff wrote: »

I checked my credit file and found that the secured loan was not represented there, as the secured loan is in joint names i got my wife to check hers too, and it is not there ....

None of which changes the fact that the loan exists.

pickriff wrote: »

It might be easier to just let the loan company put a charge on the house as it would take all the monthly financial pressure off but i need some advice.

It's a secured loan. They already have a charge on the house. So if you don't pay they can and will reposses.

"Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it."

None of which is particularly helpful I admit. Try the Debt-Free Wannabe board for assistance in dealing with your debt problem.