Secured Loan Query - 1st Charge

jps83

Hello,

I am trying to help a family member out with regards to a secured loan which has now been transferred to a 1st Charge on their house.

In 1984 they went Bankcrupt which led to a secured loan being changed to a 1st Charge against their property, due to the property being unsellable due to subsidence.

The charge has stayed on the property to current date incurring interest and have increased from around 17k to around 60k.

In over 30 years there has been no proactive communication from the bank and the only communication has been us contacting the bank in 2007 to find out what the situation is. My question is, if the bank don't contact you in such a long time can we question the validity of the charge? We question that the house owners actually fully understood what was happening at the time.

The home owners are now ill and suffering from depression and the family and doctors believe the cause of depression is the financial situation / bank charge.

If anyone has any advice or experience of dealing with such charges I would welcome your comments, thoughts or advice.

Thanks

jonesMUFCforever

No a charge is a charge - after all normal mortgage charges will stay on a property for 25 years at least.
The only way to get rid of the charge is to sell.
If they are ill and suffering from depression then they need to sell, and rent.

Thrugelmir

No need for the lender to make contact. All parties are aware of the original reason for the charge being placed. So doesn't disappear through age just settlement.

CKhalvashi

I'm with Jones here.

This could be statute barred (12 years), but as the charge is valid, I doubt it.

CK