We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
advice on a secured defaulted loan plz
christopherroper
Posts: 14 Forumite
in Loans
hi ok me and my ex in 2006 got a secured loan for £17000
long story short -
we split up fell out etc didnt pay the mortgage or loan
a year later the mortgage company reposessed the house then after that the company folded!!
anyway on my credit file it says default was 1/1/2010
anyway this is scary what am i best of doing do you think
many thoughts have crossed my mind like bankruptcy etc
long story short -
we split up fell out etc didnt pay the mortgage or loan
a year later the mortgage company reposessed the house then after that the company folded!!
anyway on my credit file it says default was 1/1/2010
anyway this is scary what am i best of doing do you think
many thoughts have crossed my mind like bankruptcy etc
0
Comments
-
youve already asked this and had replies here:
https://forums.moneysavingexpert.com/discussion/41516350 -
1. They have 12 years as its secured before it leaves your credit file and becomes SB so if it was 2010 then they have until 2022
2. Secured loans cannot be put into a bankruptcy
3. Pay the loan back
4. The banks dont swindle anyone out of money, they lend money to people who then pay it back with interest, or they receive deposit monies from people and then pay back with interest.
HTH0 -
Not quite correct in this case. The property the loan was secured on has been repossessed, therefore the debt is now a mortgage shortfall which would be covered by bankruptcy.2. Secured loans cannot be put into a bankruptcy
HTH
My partner was in a similar position and 2 loans (2nd & 3rd mortgages) secured on her property prior to it's repossession by the first mortgage holder were included in her bankruptcy.0 -
Apologies, didnt see that bit.
If the loan was secured on something else then it can't be part of the bankruptcy.
Given this guy's attitude towards debt, he'll probably try and get the BR fee waived as its obviously unfair.0 -
youve already asked this and had replies here:
https://forums.moneysavingexpert.com/discussion/4151635
What replies were you expecting OP that weren't already given in the linked to thread ?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards