**Help Me** Advice needed on a secured loan

paulyswain

MSE virgin here - We have recently run into financial difficulties due to both my partner and I being seriously ill. We had not missed mortgage payments or payments on the secured loan in the 7 years we have had the property, this all changed last July and we have run up significant arrears. I have to say that the mortgage provider and loan company have been very helpful and are allowing us time to sell the house rather than be repossessed. What I need to know is, is there much opportunity to negotiate with the secured loan company as to the settlement figure as we may fall a little short of being able to clear both debts in full. We would also ideally like to retain an amount of equity that would enable us to move to a rented property and due to our credit rating now being adversely affected we would have to put down a sizable deposit.
Also, the secured loan was taken out for £30k plus £5.5k for PPI (being sorted), over 25 years, despite paying off £29k we still have a balance of £39.2k. We think now that this is horrendously steep. Is there anything we can do now???
All advice welcome, thank you.

[Deleted User]

Try the Loans section of the forum, they'll be able to provide you more help than this section.

Regarding the rented accommodation part of your post: from what I've seen, read and experienced the most important thing when renting is not your credit history it is your employment status. If you have a stable job you probably won't need to jump through great hoops with extra deposits and the like, you may need to offer a guarantor but that's easy enough if you have relatives that trust you.