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secured loan advise please
panyanpickle
Posts: 46 Forumite
in Loans
Hi, hope i am right place if not profound apologies.
This is my problem, my ex and I took out a secured loan on the house about 2yrs ago, we have now split and going through divorce where i will be getting the house. I don't know what will happen regarding the loan, as its on the property, but, CAB told me that as it was secured they wouldn't accept a reduced payment, however i was talking to a lady just the other day she had exact same problem but eventually the loan company agreed to accept a "token" payment each month.
Can they really make me pay the full amount each month? cos if so then i will be in deep trouble and they will end up repossessing it as i can't afford to.
Surely there has to be some way concidering my circumstances.
Any advice is much needed and appreciated.
This is my problem, my ex and I took out a secured loan on the house about 2yrs ago, we have now split and going through divorce where i will be getting the house. I don't know what will happen regarding the loan, as its on the property, but, CAB told me that as it was secured they wouldn't accept a reduced payment, however i was talking to a lady just the other day she had exact same problem but eventually the loan company agreed to accept a "token" payment each month.
Can they really make me pay the full amount each month? cos if so then i will be in deep trouble and they will end up repossessing it as i can't afford to.
Surely there has to be some way concidering my circumstances.
Any advice is much needed and appreciated.
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