Secured Loan After Reposession

mum1022

I am looking for some advice on a secured loan I have with Welcome Finance.

My property was repossessed in March and is now sold for £32k less than I purchased it for - not happy as it was in excellent state of repair and worth a lot more. Anyway I had a secured loan with Welcome Finance and there was a shortfall when the house was sold (not exactly sure of the amounts yet as they have not contacted me) but Welcome have been chasing me and calling my work to make a payment arrangement with me. I am paying the normal monthly payment at the moment plus a little more to help with the arrears to keep them from calling my work, but I struggling to keep it up and I do not want to end up in the same position as before. I know have a council house and I have been very fortunate to get something so good.

Now that I no longer have the house does it automatically go to unsecured loan rather than secured??

Any advice is much appreciated.

holly_hobby

Well yes, as there is no longer an asset it can be secured against.

I would get together a budget planner offering what you can comfortably afford, and submit that to the provider.

This link will help, including template letters - http://www.nationaldebtline.co.uk/

Hope this helps

Holly