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Secured loan question
mcassell1970
Posts: 5 Forumite
My house was reposessed approx 6 and a half years ago. The mortgage outstanding balance with NRAM has been "written off" and does not show on my full credit report any more, not even as a closed account. I had a secured loan also. I have recently started receiving letters from Idem Servicing for the balance of the secured loan. There has been no change to the balance even though they state they will add £105 each time they write. As I no longer own a property that the loan was secured on, what steps do I need to take to get Idem off my back? The loan was a little over £22k.
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Was the loan cleared with the sale of the repossessed property? If there was still a balance remaining you still legally owe this but on an unsecured basis.0
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IIRC you can be pursued for shortfalls on secured debts for upto 12 years.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you. They do refer to this as a "secured loan" with threat of "losing my home" when they write....the house is long gone though unfortunately.0
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The letters saying 'secured loan' etc is due to you taking the original loan out as a secured loan. If the property has been repossessed the balance remaining will be unsecured.0
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Was the property sold with enough to repay the mortgage?
Did the secured loan company receive anything?
Was the secured loan part of a NRAM Together mortgage?IIRC you can be pursued for shortfalls on secured debts for upto 12 years.
Agreed, though the fact that this new company are unaware that the property has already been repo'd suggests they have just bought this debt and are chancers.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
That reply was as much to do with the OP's comment about the NRAM account disappearing from his credit file as it was to do with this new outfit coming out of the woodwork, but I'm sure you're right.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Had another letter stating " Please find enclosed the transactions you requested" we have never contacted them and there has been nothing no payments no contact since1/6/2011, nothing on any credit file, my concern is The "transactions you requested" , isnt that some sort of forgery, claiming i have requested information. W have never requested anything from them, i am presuming they have bought the debt and have no real power to do anything, other than sending letters saying they have charged me £105 every month yet the balance remains the same, please correct me if i am wrong.0
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mcassell1970 wrote: »Had another letter stating " Please find enclosed the transactions you requested" we have never contacted them and there has been nothing no payments no contact since1/6/2011, nothing on any credit file, my concern is The "transactions you requested" , isnt that some sort of forgery, claiming i have requested information. W have never requested anything from them, i am presuming they have bought the debt and have no real power to do anything, other than sending letters saying they have charged me £105 every month yet the balance remains the same, please correct me if i am wrong.
Could be a scam in the hope you reply and acknowledge the debt!
Best place for their paperwork is the bin!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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