Secured Loan debt advise needed URGENTLY

ashee

David301 wrote: »

Before any arrears that loan would have cost you

Total Borrowed
£22,500
Total Interest
£48,094.36
Total Payments
£70,594.36

It would be interesting to know what the missed payment charges are and also was there any insurance with the loan? set up fees? or hidden extras that they piled on at the start?

Hi

Wow! thats one costly loan that my ex husband has taken out and left me to pay from going through the statements this is the breakdown of costs

the missed payment charges total to £25 x 17
the arrears telephone calls total : £20 x 19
The arrears letter fees total : £10 x 11
default notice fees : £50 x 2 (both on same date)
Review litigation fees : £20 x2
Solicitors instruction fees: £200 x 1
solictors costs £525.00 x 1

no insurance is shown on the loan agreement

Tixy

I don't suppose there is any chance of you getting your OH to contribute anything voluntarily to the loan?
Would the threat of his children potentially losing their home mean he might help / increase maintenance payments? (assuming that your children are his and he is paying some maintenance currently).

Are you struggling to meet the payments each month? if so it may be worth speaking to one of the debt advice charities for some advice on what options you may have, particularly if you also have unsecured debts that you are struggling to repay.

ashee

Tixy wrote: »

I don't suppose there is any chance of you getting your OH to contribute anything voluntarily to the loan?
Would the threat of his children potentially losing their home mean he might help / increase maintenance payments? (assuming that your children are his and he is paying some maintenance currently).

Are you struggling to meet the payments each month? if so it may be worth speaking to one of the debt advice charities for some advice on what options you may have, particularly if you also have unsecured debts that you are struggling to repay.

Unfortunately he makes No contribution to his children and does not see them either the CSA have had no luck gaining anything from him either as he travels about alot, i am struggling to make payments yes as i am on benefits at the moment as im a carer,i am currently on a DMP for unsecured debts which are being paid little by little however this large debt im really struggling with and am afraid it will mean i will lose the house!

David301

that's £1780 in charges plus the missing interest on the 3 months which would be around £700 so £2480.

That would mean
initial loan £22500
charges £2480
total borrowed* £24980

I imagine they slipped a set up fee in there and charged interest at a higher rate on defaults. Also when you asked how much was left they may have given you a settlement figure which could have included early repayment charges.
you probably would only have paid off £2000 in capital after 8 years. You would expect the capital payments to be higher than interest by about year 19, or month 231

TBagpuss

How was the property and loans secured on it dealt with as part of your divorce? we wer not married legally in the UK and divorced abroad in the country where we married so this property and loand were not delat with as part of that

Was your marriage legal in the country where it took place? Did the divorce deal with financial matters at all?

A court in this country *may* still be able to make finacial orders despite the marriage and divorce having taken place elsewhere.

This may or may not help you. A court cannot order the loan company to chase your husband instead of you, nor can they trasnfer the loan, but it might be possible for them to order your husband to make payments to you to help cover the cost of the loan repayments. Obviously there is then the issue of whether he has any income or assets against which an order can be made - does he have a UK employer, or any property here?