Secured loan

kelly2012_2

If you had a secured loan on a property (loan was with welcome finance) and the property was sold almost 7 years ago but the loan wasn't repaid are you still liable to repay said loan? What about the statute of limitations, would this apply? (Scotland).

iolanthe07

If it was a second mortgage, then probably not statute barred. The statute barred limitation is 12 years for mortgages in England and Wales - don't know about Scotland.

_Andy_

What a wonderful attitude to have towards your debts.

kelly2012_2

_Andy_ If you can't say anything useful why not just say nothing?!! I have asked this question on behalf of a friend who I am extrememly worried about and there are good reasons why she does not want to have to pay this loan, I'm not at liberty to discuss the reasons but, suffice to say, there is a lying, cheating, con artist (who calls himself a man!!) involved okay?
And to iolanthe07 thank you for being civil enough to answer without judging.

RichGold

kelly2012 wrote: »

there are good reasons why she does not want to have to pay this loan

No, there are not.
Relationship problems have nothing at all to do with the fact she owes the money, regardless of how much you are on your friends side.

I'll rephrase _Andy_'s comment

Your friend has a wonderful attitude to repaying her debts.

_Andy_

kelly2012 wrote: »

_Andy_ If you can't say anything useful why not just say nothing?!!

This is a public forum and I'm entitled to give my opinion should I want to. Just because you don't want to hear it doesn't mean I can't.
I've got debts and there's plenty of reasons I don't want to pay them (would rather go on holiday, buy a new TV etc) but I will because I borrowed the money.

KingElvis

Not only that but Cattles have a new company sniffing round the Welcome loan book, read it somewhere.

david39

How did the property get sold while it was the subject of security for a loan that was not repaid?

Surely the loan company would not release their charge on the property, to allow it to be sold, if they had not received repayment first.

iolanthe07

david39 wrote: »

How did the property get sold while it was the subject of security for a loan that was not repaid?

Surely the loan company would not release their charge on the property, to allow it to be sold, if they had not received repayment first.

Yes, I wondered about that, too. When I had a secured loan on a property (many years ago), it had to be redeemed on completion of the sale. Perhaps the OP could explain.

Bravehearted_2

As above - how did it get sold with finance secured against it?

Yes she has to pay. For mortgages, its 12 years E&W - definetely wouldnt be 5 in Scotland

Man problems are no excuse to try and not pay so screw your 'good' reasons.

Hanky_Panky

The OP doesn't state that she sold it so easily could have been a repo, either forced or voluntary.