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Selling with a secured loan
Fashionably_Late
Posts: 36 Forumite
Hi, I have tried searching the forums as I remember reading about it before but not having any luck with the search function this morning.
My husband had a secured loan with First Plus (I can hear the groaning now and I agree 100%). There is enough equity to pay it off when the house is sold but he really doesn't want to. We were originally just going to roll the secured loan onto whatever property we purchased but because his employer is talking about relocating him to a different part of the country in the next few months, he just wants to rent until they make up their mind.
I have read on this wonderful website where people had gotten First Plus to allow them to take what was once a secured loan and pay it monthly still on an unsecured basis. How would he go about doing this? He has left messages for the customer care team and even sent them a special delivery letter that they signed for over the weekend. He is beginning to stress because he hasn't heard back from them.
Any advice would be appreciated!
My husband had a secured loan with First Plus (I can hear the groaning now and I agree 100%). There is enough equity to pay it off when the house is sold but he really doesn't want to. We were originally just going to roll the secured loan onto whatever property we purchased but because his employer is talking about relocating him to a different part of the country in the next few months, he just wants to rent until they make up their mind.
I have read on this wonderful website where people had gotten First Plus to allow them to take what was once a secured loan and pay it monthly still on an unsecured basis. How would he go about doing this? He has left messages for the customer care team and even sent them a special delivery letter that they signed for over the weekend. He is beginning to stress because he hasn't heard back from them.
Any advice would be appreciated!
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Comments
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I have read on this wonderful website where people had gotten First Plus to allow them to take what was once a secured loan and pay it monthly still on an unsecured basis. How would he go about doing this?
The only way to negotiate this is by speaking to them. Keep phoning!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 -
All loans are now secured on your property.
Even credit card debts are. All you credit card company have to do is fill in a simple form, (it's more of a list with names and addresses on TBH) and have it stamped at the local magistrates court by the cleark. They 1 month later your house is their.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
All loans are now secured on your property.
Even credit card debts are. All you credit card company have to do is fill in a simple form, (it's more of a list with names and addresses on TBH) and have it stamped at the local magistrates court by the cleark. They 1 month later your house is their.
You are naughty!
That's not entirely accurate. Whilst it is possible for a defaulted unsecured loan or credit card debt to be secured on a property, the process is not as you outline and does not involve the Magistrates Court.Warning ..... I'm a peri-menopausal axe-wielding maniac
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Debt_Free_Chick wrote: »You are naughty!
That's not entirely accurate. Whilst it is possible for a defaulted unsecured loan or credit card debt to be secured on a property, the process is not as you outline and does not involve the Magistrates Court.
DFC you are a lot more polite than me. I would of said a load of &%//%(£$!Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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