desperately seeking advice

panyanpickle

can anyone please help or advise me. About 18 months ago my husband and i separated and we are now going through divorce proceedings, my problem is,that, roughly 3 months before he left we took out a secured loan on our property for the sum of £20,000. I am looking at getting the house in the divorce settlement, however this would mean also taking on the loan, I have been told by the CAB that as it's a secured loan there is nothing i can do about reducing the payments, however in passing conversation i was told by a lady in the same situation, that her loan company have set up an account where she pays a "token payment" each month. I had previously called my loan company but thet told me basically "tough they just want their money". I am a mother of 2 on income support, so there is no way i could afford the original £270 payments. Basically do i have a leg to stand on? Is there a way that i acn reduce these payments ?

fatbelly

Income support can pay the interest on secured loans in certain circumstances.

See here

It depends why the loan was taken out.

regularsaver1

remind him he is still liable to pay at present

GirlRacer_2

I found myself in this situation a few years ago. There was also equity in my property and I worried myself sick that I'd be stuck with paying the mortgage, the secured loan and having to give ex hubby half the equity. We did come to a mutual agreement that he let me off the equity and then the Halifax paid off my secured loan and added it to my mortgage. I was working though so did have a fairly good income.

firesidemaid

is the loan in both your names or just his name? who is the loan with?

what was the money for - is there any of it left?

is a solicitor dealing with your case, and if so does he/she know about the loan situation?

you can also contact CAB or CCCS for advice regarding both the situation and potentially being able to negotiate a payment plan on your behalf.