secured loan

amc'03

we are in the process of selling our house, going into rented for awhile to get ourselves all sorted out. the sell price will cover the cost of paying the mortage off, with some money left over. only problem is we have a secured load on it, the fiance company want the secured loan payed off, but there will be a shortfall in the totals and the fiance company will not let us pay off the rest of the loan by monthly installments, have tryed a personal loan but to no avale.
if i cant get this sorted then we cant sale the house. there are personal reasons
for moving not just the money side of it.

Rafter

Declare yourself bankrupt? If your credit rating is in that much of a mess then you won't be able to borrow for 6 years?

That is a rather extreme solution. I strongly suggest you give the consumer credit counselling service a call and talk through your options with them.

https://www.cccs.org.uk

They are a charity, not a profit making company - so the advice you get will be impartial.

Good luck.

R.

jonesMUFCforever

Get legal advice from a solicitor.I don't know if the finance company can scupper the sale or as a second mortgage they are left with whatever is left after 1st mortgage is paid.
IMO it was up to them to do a valuation and make sure that you had enough equity before lending you the money.