Missed payments on a Secured Loan

Dave_Ham

If they are joint on the mortgage and just changing terms, most often yes.

To be honest, it would sound as if the ex had not changed the mortgage to a lower payment the arrears and missed payments would be quite a bit more..

xlinephil

alleycat` wrote: »

This is more a question than an answer to your situation:-

Can any one individual change the mortgage / secured loan without the other parties signature?

I didnt consider that? Presumably not.....

SouthCoast

I would expect a judge to agree that the children can stay in the house until they are 18 or leave full time education.
But, somebody has to pay the mortgage and secured loan to keep a roof over their heads.

alleycat`

Dave_Ham wrote: »

If they are joint on the mortgage and just changing terms, most often yes.

To be honest, it would sound as if the ex had not changed the mortgage to a lower payment the arrears and missed payments would be quite a bit more..

I was considering that might be a possibility.

The worry is can she add more years to the term without the other person agreeing (which would potentially tie the OP into the mess for even longer).

I'd be wanting to split my credit liability from the ex-partner asap by whatever fair means possible.

It saddens me the OP has indicated the ex would use the kids as a weapon but that seems to be a fact of life with these sorts of things.

xlinephil

I have just come off the phone to the secured loan lender (Freedom Finance) and it seems the situation is much worse than I first thought. She has been in arrears since last june and now the total arrears is £1219.76 and is in the hands of a debt collection company called redcastle. She is nowmaking payments, made one on friday for £450, the day that I pay my csa.
I took PPI insurance out on this account and it was due to be paid this xmas and was approx. £5000 but this is now void as the account is more than 3 months in arrears. This £5000 was a buffer for her, she said through solictors, for her to take over the mortgage and remove any negative equitiy.
It seems I am now 'screwed'

Dave_Ham

Sorry this is terrible news...

Another non area of specific knowledge, but I do not think they can refuse a PPI claim on grounds of non payment as I have read on the sub forum people who have been in IVA's etc. still reclaiming and winning...?

Given the arrears, I am also amazed they have not defaulted the loan?

Searching for something positive to post, but struggling as I am sure this has come like a Hammer Blow...

xlinephil

I'm pretty shell shocked at the moment and its hard to think of a way out of this mess that doesnt involve drastic action.
I will be informing my soliciter of these developments as it seems she has not declared this information to either mine or her solicitors.

xlinephil

Perhaps one option would be to sell the house and pay off the negative equity seperatly with a loan of some kind. Would they pursue both of us or just myself for the money?

ItMightBeUsefulOneDay

xlinephil wrote: »

I have just come off the phone to the secured loan lender (Freedom Finance) and it seems the situation is much worse than I first thought. She has been in arrears since last june and now the total arrears is £1219.76 and is in the hands of a debt collection company called redcastle.

Your credit ratings are linked (via this financial tie) and so the impending financial doom sweeping down on your ex is also spattering onto you.

xlinephil wrote: »

It seems I am now 'screwed'

Your credit rating will be marred yes and this cannot be undone. If she has got to the point of debt collectors then her credit rating will be in the gutter, absolutely NO CHANCE of getting a mortgage in her name. She is sinking and dragging you down with her.

The nice arrangement where she stays in the house until she can take it on herself is LOST. It simply isn't going to happen in the near (6 years +) future.

So start thinking in these terms. You are going to have to force the sale I'm afraid unless you want to keep paying her "rent". Speak to your solicitor and start arranging things on your terms, otherwise by default it will be on her terms which from the sound of things is a financial disaster zone.

alleycat`

xlinephil wrote: »

Perhaps one option would be to sell the house and pay off the negative equity seperatly with a loan of some kind. Would they pursue both of us or just myself for the money?

You are classed as jointly liable for the debt.
the problem is they always go after who ever they think will pay.
My Guess is that will be you ending up with the hassle.