F&F on secured loan

jt2k6

Morning All

I have 2 secured loans (ok I know I'm silly etc...) (3 if you include mortgage) that total 21K, one is for 14K the other 7K, I will be coming into some money soon (a lottery win ) but it's not quite enough, I can afford to pay 10K and 5K as F&F there have been some late payments on both accounts and even one or two missed but I have kept in touch with them to let them know what is happening and they have been fairly understanding.

however with the wife being on maternity leave, it is getting harder to make the payments to ALL my creditors. (i have a DMP for all my unsecured) and within a few months I'm going to struggle to make the payments on the secured loans,

so question is can I request a F&F on a secured loan and pay off using my winnings, or do i blow it all on wine women and song!

btw the loans are with Welcome (ok I know silly again) and Endevour?

all help appreciated

Crown

Hi, There is no harm in asking. If you dont ask you dont get as the saying goes.

Its very unlikley that they will be interested in Full and Final settlements as they know they can get all of there money back by reposessing your home.

I would certainly throw the money at the secured loans though as even if they will not except the offer you have enough to clear at least one of them that will free up your cash each month.

although maybe keep a little back for Wine, Women and Song 3 things that makes a man feel good about life lol.

jt2k6

Thanks for the advice,

I think I'll send off a letter with a full SOA and explain that very soon I will not be able to afford the payments, if they are willing to accept a full reduced payment I can make that very quickly. if they were to progress through the courts they will not be the first to get there hands on the money and the house price has reduced since i purchased so after the mortgage company get there cut they may recieve less!

gotta be worth a try.

Thanks