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Secured Loan with incorrect information
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PillyPepper
Posts: 5 Forumite
in Loans
I have a secured loan which unfortunately I have defaulted on. I have just found out the my loan company have my mortgage details down as Bank of Scotland when I am with Royal Bank of Scotland. Someone has told me that the legalities of them having the wrong information can make the loan void. Is this correct?
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More knowledgeable people than me will be along soon but I think this is just wishful thinking...0
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Not a hope! You need to get this sorted OP, ultimately you could lose your house over this.0
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If by void you mean you're hoping that they'll write off the debt, not a chance in hell. You borrowed the money, you have to pay it back regardless.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
:rotfl:PillyPepper wrote: »I have a secured loan which unfortunately I have defaulted on. I have just found out the my loan company have my mortgage details down as Bank of Scotland when I am with Royal Bank of Scotland. Someone has told me that the legalities of them having the wrong information can make the loan void. Is this correct?
Jog on, son!"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Your main mortgage will be secured by the correct bank on the right address.
Your secured second mortgage will be secured on your property by the correct lender.
It does not matter who the second lender thinks has the first charge - you are up s*it creek without a paddle.0 -
PillyPepper wrote: »I have a secured loan which unfortunately I have defaulted on. I have just found out the my loan company have my mortgage details down as Bank of Scotland when I am with Royal Bank of Scotland. Someone has told me that the legalities of them having the wrong information can make the loan void. Is this correct?
Makes no difference to the legality of the debt. Be an extraordinary event to void a loan!0
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