Mis sold secured loan

paul_ray78

When I was married I was asked to help the then mother in law with a loan secured against her House. When I divorced I couldn’t afford the repayments on my own and the house was repossessed at a deficit and I was told that I had to pay the deficit off as I was on the loan agreement. I made an agreement of £15 per month that was in 2009. I have just found out that I was never on the deeds/mortgage and I secured nothing on the loan. I have never received an annual statement or any other correspondence from the loan company and I am now not sure if I am even responsible for the loan now. 

[Deleted User]

paul_ray78 said:

When I was married I was asked to help the then mother in law with a loan secured against her House. When I divorced I couldn’t afford the repayments on my own and the house was repossessed at a deficit and I was told that I had to pay the deficit off as I was on the loan agreement. I made an agreement of £15 per month that was in 2009. I have just found out that I was never on the deeds/mortgage and I secured nothing on the loan. I have never received an annual statement or any other correspondence from the loan company and I am now not sure if I am even responsible for the loan now. 

That doesn’t mean you weren’t liable for the loan. If you were effectively guaranteeing the loan then you wouldn’t be on the deeds to the property. A bit like the Joint Borrower Sole Proprietor mortgages that HSBC offer - two people on the hook for the mortgage but only one owns the property. Without knowing what your you signed up to it’s anyone’s guess. 

You could try a Subject Access Request but given the timescales that might be too far back.