advice, secured loan

mynottclr

hi, can anyone advise me please. in a nutshell, I am 34 female worked as a prison officer all my short life up until 2008, I was diagnosed with a long term progressive illness, (multiple sclerosis), my partner is/was a social worker but had to give up to care for me, assisting with injections and personal care, I get full benefits for which I despise claiming but am grateful for as we have a mortgage and secured loan, we have managed to hold on to the house, god knows how but we have, the mortgage are quite understanding really, (southern pacific) and the dss help out with the interest only, I don't know where people get the expression, "your better off on benefits" its so not true, unless of course we lived in a council house they would probably pay full rent but we try to keep the life we had as normal as possible, my condition seems to just keep getting worse and my partner has developed a heart condition that rules out returning to work so my main question is.... we have a secured loan that we will never ever be financially in a position to ever clear off, I think we owe about £16,000 roughly and we have been paying only £50.00 a month, they send default notices all the time but when I ring them they say its ok its computer generated don't worry, so I assume that they are leaving us alone because the mortgage are being ok about everything, the loan is with black horse and was taken out 2 yrs before illness began it was for 8 yrs so not a lot has been cleared they have slapped loads of charges on, so is there anyway I can get rid of it or would I be able to ask them to freeze all charges so we can actually aim to pay it off, has my unforeseen illness and financial hardship got any sway, obviously, we never saw this coming. any advice would be greatly appreciated, we have about 8000 equity in the house and no one will touch us with credit due to unemployment but we dont want anymore credit our future is bleak enough. thank u for taking the time to read this. :beer:

many thanks

cattie

I think you will be much better off asking your question over on the Debt Free Wanabee board as they are much more experienced with this sort of query over there.

karenx

It won't be written off just because you can't pay it. Nor will you get any benefits to pay it. Why did you take the loan? Is it something you can sell to pay it back off?

[Deleted User]

i suggest you contact one of the (free)debt charities for help/advice CCCS is perhaps the best place to start,they should help negotiate for you
but the bottom line is that not repaying a secured loan can result in you losing your home(unliely but possible)