Unsecured loans

Bettyboo19

I need help and advice about a unsecured loan I have that's secured against my property. The loan originally was £10,000 but due to redundancy, then having to except low paid jobs my loan has increased to £22,000. I've been told the interest is now higher that the loan and it increases daily, with management charges added. I pay the due amount,but I can't pay the extra £400,00 charges on top. I've spoken to CAB services,all types of money experts, but I'm told I need to sell my home.? I'm not behind on my mortgage and I don't have any credit cards. I'm so desperate and don't know what to do next.? If I sell, which is unlikely due to house market slum I will be homeless. All my mortgage is only £240.00 per month and rents now £600+ . I'm in a no win situation and want to know if there's any help with unsecured loans. Does anyone know,anyone who could point me in the right direction please.? Thanks

John1993_2

You say it's unsecured, but then that it's secured on your property, can you confirm which is right?

You then say that you pay the due amount, but not the charges. Charges will be part of the due amount so, again, which is right?

It sounds like rent is less than the sum of your mortgage and loan repayments, so you'd be better off, but how much equity do you have in your home?

What was the original loan for? Do you still have what you bought with it, and can you sell it?

fatbelly

Assuming that this is a secured loan, not an unsecured loan secured by a charging order, the advice you have been given is probably correct.

As it's a consumer credit act debt there is the theoretical possibility of a time order, so I'll chuck this factsheet in

Factsheet | Time order on a secured loan

Stewart_78

Is it possible you could re-mortgage? I guess not as you imply there is no equity in your house. Is your credit file damaged at all through all of this? Possible you could take out an unsecured loan over a longer period so you can get back on track?

Or could you speak to the lender and ask them if there is any way the payment structure can be altered so that you can comply.

It would be good if you could post up the current balance of the loan, structure of monthly payments and how many payments are left.