We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Loan debt
I'm being chased for a loan debt by a third party, the letters state that its a second mortgage. However I know for a fact it was a personal loan and the company has gone bankrupt. I took it out in 2005 and was miss sold it and made a claim against the company before it went bankrupt. I don't have any documents but I did receive a small refund. The house its mortgaged against was owned by my local council at the time.
Where do I stand in paying this debt back? And who should I contact?
Where do I stand in paying this debt back? And who should I contact?
1
Comments
-
When did you last pay or otherwise acknowledge the debt?1
-
It was last acknowledge over 5 years ago when the company went bankrupt0
-
If it's a mortgage debt, they have another 7 years before it'll be stature barred. If not, they're into their final year.
In terms of who to contact, it's the party who is pursing the debt,1 -
If they obtained a CCJ and secured that debt against the property, the only way the charge will be released is by paying if off or from the proceeds of the sale. That will never expire.
Where does the house owned by the council come into it?Mortgage started 2020, aiming to clear it in 2026.0 -
From what you describe, was this a secured loan ?SENmumof4 said:I'm being chased for a loan debt by a third party, the letters state that its a second mortgage. However I know for a fact it was a personal loan and the company has gone bankrupt. I took it out in 2005 and was miss sold it and made a claim against the company before it went bankrupt. I don't have any documents but I did receive a small refund. The house its mortgaged against was owned by my local council at the time.
Where do I stand in paying this debt back? And who should I contact?
Secured loans are referred too as second mortgages.
What is the status with the house it was secured against, how can you get a secured loan against a house you don`t own, do you still live in it, was it sold, re-possessed ??? lots more detail required.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Sorry to hear this. What do you mean you have no docs? Surely you;ve got all the paperwork from taking out the loan?-2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 348.6K Banking & Borrowing
- 252.3K Reduce Debt & Boost Income
- 452.5K Spending & Discounts
- 241.3K Work, Benefits & Business
- 617.8K Mortgages, Homes & Bills
- 175.8K Life & Family
- 254.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards