Propery Repossed, have secured loan

davetheman

Property has been repossed and now up for sale, we have a secured loan with Barclays whom know I have been BR and have called to say until sold they will chase me for the debt.

I have a Barclays ISA opened after the BR with some money, am now worried they will use this to offset against the loan, should I take the money out?

fiveyearplan

Yes take the money out.

sunflower_2

or use it to pay what you owe?

SteveABC

I was chased by First Plus (secured lender) during the period up until the property was actually sold after repo.

They hounded me with phone calls (which I just refused to answer in the end), then they instructed a debt collection agency to hassle me (which again, I just ended up ignoring).

100% of my disposable income was forming an IPA, which I told them.

Eventually, they stopped hassling me before the house was sold.

Although they can hassle you, if you are BR and have no income to pay the loan, there's not really a lot they can do, apart from annoy and frustrate you.

If you've managed to save some money in an ISA with Barclays, I'd move it to a different one (Co op, perhaps - they let me open one)

arcon5

sunflower wrote: »

or use it to pay what you owe?

Preferential treatment to creditors is not allowed