Second charge company now in liquidation

Vix.princess

Hi all,

1st post so bear with me...

We bought our new build house from a local builder under a 25% equity share deal 5 yrs ago.
We have received a letter this weekend from an insolvency practice stating the company who holds the equity share loan has gone into liquidation under a winding up order.
Can we pay off the loan in full or consider a payment plan?

Has anyone any experience of this?

Thanks in advance

stator

No experience, but they may be trying their luck.
Your loan agreement, what does it say about when they can require repayment? If they can 'call in' the loan after 5 years then you will have to look to repay it, by borrowing elsewhere if you can't afford cash.
If they aren't allowed to force repayment of the whole amount the administrators will probably sell your laon to another company and you'll have to repay it as normal.

Vix.princess

We have 5 years remaining but it can continue after with minimal interest so they can't force payment.
I wondered if they may take a full and final settlement offer?