FP Second Charge
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scoobydoo7
Posts: 7 Forumite
in Loans
I am trying to sell my home but I have a second charge on my property with a well known company who were taken over by Barclays. I ran into financial difficulty a few years back and could not afford to repay loan. I now need to clear second charge but have been quoted £9000 is outstanding but interest charges have not been included. Is there anyway possible that I dont need to pay interest charge and just pay the £9000? I need to move on with my life and put this behind me. Any help please?
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Comments
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Is this a secured loan?
Or an unsecured loan that the lender subsequently took you to court to obtain a charging order?
Are you intending to clear the loan before you sell? or as part of the sale?
Who gave you a figure of £9,000 outstanding, was that in writing or by phone? and have you asked what the total amount outstanding is including any interest due up to the current date?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Its a secured loan. And I intend to clear charge as part of the sale. I went to court in 2008 re re possesion but I was ok. I have not paid loan since 2010. I received a statement in post with outstanding balance which I assume is without interest charges.0
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I would contact the lender and ask for a settlement figure.
Is the lender aware your property is for sale? Is there likely to be equity in the house after repayment of both the mortgage and this loan?A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
My solicitor is dealing with loans etc. Yes there will be equity left in house. I have also noticed that there is a PPI for £2900. Can I claim that back.0
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I have also noticed that there is a PPI for £2900. Can I claim that back.
Depends on whether or not you may have a case for it being missold. Not all PPI was missold - have a look on the PPI reclaim section to see whether you may have a case, which will depend on what you were told when you took out the loan and on your circumstances at the time. Reclaim PPI & Other InsuranceA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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