Secured Loan Settlement Advice

antrobus

swardean wrote: »

I disagree, seizing and selling a house is a long and drawn out process and not always easy if you are the second charge on a house and not the primary lender. ...

There is no suggestion by the OP that the lender has even threatened repo. Payments are being made,

swardean wrote: »

They may get a a charging order but then they would only realise their money when the house was sold, which could be years.

It's a secured loan, they don't need a charging order.

swardean wrote: »

In addition, getting some money now rather than more later may be attractive to some companies.

But the lender IS getting the money; the OP is making payments, No lender is going to agree to write off part of a secured loan that is not in default.

foxy-stoat

AThornley wrote: »

I Don't dispute that I needed the money and i certainly haven't forgotten! 10yrs ago but it was more out of desperation to clear debt off than say buying a fancy car. They took no risk lending me the 12k as it was secured on the house, they couldn't wait to give us the money. I have paid to the tune of 27k back already, I am not interested in how that is made up they have had more than enough money from me, I just want a reduce settlement to clear it off. I could of quite easily gone bankrupt but I didn't I have paid my way.

Let me know if you get anywhere with it, as my mortgage of £350,000 that I have just taken out for the next 25 years means that I would pay back the capital plus £70,000 at the end. I may try and say on year 18 - come on bank, I have paid you back what I borrowed plus a good few thousand, write the rest off for me, please.