Secured Loan for me and my partner BUT HOW?

Mupersarco

Hello All

Back in 2006 me and my partner decided to get a Loan against her property. My partner applied alone but had no luck finding a loan by herself even secured against her property. We then decided to put both our name on the loan application and we were accepted. We had a £9000 secured loan against my partners property in both our names. The only problem being that i'm not on the mortgage and didn't think about this at the time so how can it be secured? :eek:
Is the loan not defaulted on the lenders behalf. Can we claim back all the interest we have paid? Any advice would be a great help. We are also applying against a PPI claim on this loan with 1 year still left to pay.

:xmassign: :xmastree: :snow_grin

opinions4u

If the loan goes unpaid they can repossess.

If repossession doesn't clear the debt the can pursue you.

No, you can't claim back the interest. What makes you think you can freeload like that?

Dovah_diva

Mupersarco wrote: »

Hello All

Back in 2006 me and my partner decided to get a Loan against her property. My partner applied alone but had no luck finding a loan by herself even secured against her property. We then decided to put both our name on the loan application and we were accepted. We had a £9000 secured loan against my partners property in both our names. The only problem being that i'm not on the mortgage and didn't think about this at the time so how can it be secured? :eek:
Is the loan not defaulted on the lenders behalf. Can we claim back all the interest we have paid? Any advice would be a great help. We are also applying against a PPI claim on this loan with 1 year still left to pay.

:xmassign: :xmastree: :snow_grin

What a strange question. I'd love to hear the OP's thought processes on that one.

jellie

The loan is secured against your partner's property because she signed the legal charge to say the lender can do this. It doesn't matter that you're not on the mortgage.


Perhaps you should look up what it means to default on a loan? Then you'll know the lender hasn't defaulted and you can't claim back the interest you've paid.


Any PPI refund you receive could be put back onto the loan (except the interest). I hope you haven't used a claims management company.