Help with a loan taken out in 1995

glennstar

She didn't realise at the time but it was a loan secured on her mortgage and was to run for alongside

I refuse to believe anyone has ever had a Second Charge taken out on their property and not been aware of it. I am aware of many companies that claim they have a charge on your mortgage, some even issuing "official" paperwork as part of the loan agreement to the effect... but it is not a second charge without your current lender agreeing and being a party to the agreement - for obvious reasons!

-taff

She can't claim for PPI because B&Q were not regulated at the time.


If it has been passed to three different collections agancies that suggests she didn't pay the loan for a longer period than 2 years.


As above, a F&F settleemnt seems to be her best bet. Or ask for a CCA?

Jenki82

Thank you for your replies.

As far as I'm aware it's not collection agency's that have taken the loan, the original loan company no longer exists and was taken over.

I shall look into the f&f, can she do this even if she is paying a decent amount monthly already ?

Exodi

Jenki82 wrote: »

Thank you for your replies.

As far as I'm aware it's not collection agency's that have taken the loan, the original loan company no longer exists and was taken over.

I shall look into the f&f, can she do this even if she is paying a decent amount monthly already ?

You sound slightly confused. F&F is essentially just settling the debt in one go. This is massively in your benefit because: a) you can negotiate a discount on the remaining balance b) at the moment she's paying interest, settling in full minimises how much extra interest she ends up paying.

A good read: https://debtcamel.co.uk/debt-options/less-common/full-final/

Jenki82

Hello thank you for that I will give it a read.

I thought f&f was for people unable to make decent payments each month? She currently isn't paying interest as she had this frozen a few years ago.

[Deleted User]

-taff wrote: »

She can't claim for PPI because B&Q were not regulated at the time.

On the other thread it was more or less established that the OP is not aware whether there was PPI or not. Any PPI would have been cancelled when the loan defaulted in any case.

venison wrote: »

its been paid except for a 2 year gap?

The OP confirmed this a few posts after the one you quoted. How a £3,500 debt grew to £28,000 in that time is still not clear.

antrobus

Jenki82 wrote: »

Hello thank you for that I will give it a read.

I thought f&f was for people unable to make decent payments each month? She currently isn't paying interest as she had this frozen a few years ago.

Quite.

The "balance as of yesterday is £2580.42", "she is now currently paying £140.00 a month", "She currently isn't paying interest as she had this frozen a few years ago". So the loan is going to be cleared in 18 months time. Plus it's secured.

I doubt she'll be able to 'negotiate' much of a discount for a F&F offer.

[Deleted User]

antrobus wrote: »

I doubt she'll be able to 'negotiate' much of a discount for a F&F offer.

I agree. It's almost all paid off now..

-taff

I'd still ask for a CCA though. If they can't find one [ and the odds are they won't be able to from so long ago] then the debt becomes unenforceable and she can stop paying it alltogether.

Davef68

Was the initial loan arranged through B&Q (ie Debtor creditor supplier) or was it a loan she took out to pay for the kitchen?


I know in those days (and maybe still) many retailers used finace that was basically revolving credit accounts for home improvement loans, and I saw a few where the so-called 'minimum payment' wouldn't pay the interest, so it ramped up quickly?


TBH, after 23 years you might want to have a word with a CAB debt counsellor to see if you can negotiate writing it off, especially if they can't supply you with a copy of the agreement