Secured loan

jo.anne

Could anyone please advise me on my options. Me and my ex partner took a secured loan out in 2006 and it is due to be paid back by the end of this month (November). The problem is the loan was in my name as is the house and due to difficulties my repayments where erratic with the lender. Each time I encountered difficulties I emailed and telephoned and explained I was struggling. The lender (Acenden) where never helpful, just readjusting the repayments and adding late payment management fees of £65. It as now got out of control, and I still owe them £2755 of which £1400 is late fees. In October they said to stop them applying for a repossession order they said the only way this couldbe stopped was if I repayed at rate of £400 a month, I knew I couldnt afford that but out of desperation I agreed. I only managed to pay one month then had to revert back to the nominal £220. I again emailed and telephoned explaining I could afford the repayment and agin they said as the loan was due for finishing at end of Nov that they could no longer extend the term and they would have to apply for the repossesion. I visited my loacal CAB and after explaining my situation was told I was not entitled to Legal Aid. I am now beside myself with worry about what I can do. I have applied for extortionate interest loans but I do not qualify ad my credit rating since my split up as considerably gone worse. I work part time and also have an 18 year old disabled son at home. I am also looking for extra employment but at present have no been successful. Any advice would be greatly appreciated.

Thrugelmir

Do you have other unsecured debts as well?

Would the equity in the house cover both the 1st mortgage along with the secured loan?

jo.anne

Yes I also have unsecured catalogues, credit cards, where Ihave come to an agreement to repay at a lower amount. Not sure about mortgage jargon all I can say is I recently had the house valued to see about selling and if I sold at what they quoted, there would be enough to pay the mortgage and the loan. I am in a new relationship and intended on selling in the future, I just didnt want or have to do it yet as the relationship is still new.