House and BR

[BrassicLintus]

Hi all, well it's been 3 months since my BR (hasn't time flown!) But I still haven't heard anything back regarding buying the BI back. The OR wrote to me about 2 months ago asking if I was interested and I said yes, I got a written valuation done and sent it all off - but have heard nothing. How long does it usually take?? Also I have read that they OR doesn't take into account early redemption charges on mortgages (I thought they did!) - is this the same for secured loans??

[MelanieGiles]

You shouldn't have am early redemption charge on a secured loan surely?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

You certainly could have a redemption penalty (RP) on a second charge secured loan.

It would be dependant on whether it was a regulated (25k or less) or unregulated loan, also the date you took the loan out will effect the amount you will have to pay back.

For example;

- Most regulated secured second charge loans taken out before 31st May 2005 the RP will be subject to the nasty complicated ‘Rule of 78’ (assumes front loading of interest with a discount based on amount paid).

- Regulated secured second charge loans taken out post 31st May 2005 will carry an RP of; one months interest and one months notice.

- Most recent unregulated secured second charge loans will carry an RP of; approx six months interest.


FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Whole of Market Mortgage Broker & Mortgage packager
Specialising in adverse credit.

Directly Authorised Firm FSA No:313790

CeMAP 1,2 & 3 qualified
F.P.C 1,2 & 3 qualified
Financial Planning Certificate
Certificate in Regulated Customer Care
Certificate in Regulated General Insurance
Associate of the Charted Insurance Institute

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[BrassicLintus]

Hi, I think my secured loan was taken out in May 2005 so I do have early redemption penalties unfortunately (I'll have to dig the paperwork out to double check). Can I assume the OR won't take these into account?