My loan has been sold - where do I stand?

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  • shootme
    shootme Posts: 101 Forumite
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    obay wrote: »
    Paid off as soon as possible.

    Out of £15k you borrowed 15 years ago (180 months).

    You've only paid off £900 of the due amount.

    You need to address this as soon as possible if they have put a charging order on the house.

    The charging order was put on the house over 10 years ago. Why do I now need to pay it off as soon as possible?
  • shootme
    shootme Posts: 101 Forumite
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    Ok, a bit of background. The house is jointly owned with my ex-husband. There is no equity in it and it also has a load of his debts charged to it as well. We have both moved out and are having to rent it out because it's in negative equity. So I don't think there would be any point in them forcing the sale.
  • Samsung_Note2
    Samsung_Note2 Posts: 774 Forumite
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    Tarambor wrote: »
    When a creditor has a charging order they can force the sale of a property to recover the debt. So continue to try to offer them a quite frankly insulting £5 a month and they are likely to sell your house from under you. You would have absolutely no say in this.

    You need to sort it out and get it paid. If I were you I wouldn't even think of trying to make any monthly payment offer less than £100 and be prepared for that to be refused because it would take over 10 years to pay off what you owe.

    How can you suggest making an offer of no less than £100...without knowing what income and expenditure the OP has.

    Ive not paid my charging order since ive had one and wont...the amount is secured on the house,they will get paid when i sell the house when im good and ready.
  • shootme
    shootme Posts: 101 Forumite
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    Can they force me to increase my payment?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    They can apply to the courts for a variation. Given it was 15 years ago. Be surprising if your financial circumstances haven't improved a little.
  • shootme
    shootme Posts: 101 Forumite
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    Samsung_Note2 wrote: »
    How can you suggest making an offer of no less than £100...without knowing what income and expenditure the OP has.

    Ive not paid my charging order since ive had one and wont...the amount is secured on the house,they will get paid when i sell the house when im good and ready.

    Does this mean they're not taking any payments at all? How did that come about if you don't mind me asking?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    LisaSP wrote: »
    If you paid the loan, you wouldn't be in this situation now. Believe it or not, companies don't operate forever and 15 years is a ridiculous amount of time for 15k... that's only 1k per year paid, and probably not even that... no wonder it went bust, your account's hardcopied file with them probably needed dusting when they ceased operations.

    Contact the person they sold the debt to and pay it. If not then consider sinking under and learn to live within means in future.

    Perhaps you should practice what you preach and not take money from a loan shark with no intention of paying it back and learn to live within your means.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
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    If you read LisaSP's posts on another thread, she really isn't in any position to give financial advice to anyone!
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • System
    System Posts: 178,093 Community Admin
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    Samsung_Note2 wrote: »
    How can you suggest making an offer of no less than £100...without knowing what income and expenditure the OP has.

    Ive not paid my charging order since ive had one and wont...the amount is secured on the house,they will get paid when i sell the house when im good and ready.

    Comes as no surprise that someone who is so bad with money they've ended up with a charging order on their house and has no intention of paying what they owe because they're morally bankrupt supports someone else who feels the same.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    shootme wrote: »
    I had a loan about 15 years ago which I couldn't pay. They agreed for me to pay a monthly payment of £5 which I have been paying ever since. They contacted me a few years ago to see if my circumstances had changed but they hadn't so continued to pay the £5. I have now had a letter from a new company that has bought the loan and they say I need to contact them. I imagine they are going to want me to start paying a larger amount. Where do I stand? Do I have to contact them? What happens if I just keep the standing order as it is?

    First of all beware scammers. Usually advice that the account has been sold comes from the original owner of the debt.

    You stand exactly where you were with the original owner of the debt. The original agreement still stands as does any amendments to it in writing. So if the original owner of the debt agreed in writing the repayment of the debt at £5 per month the new owner of the debt cannot change it without your permission.
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