Secured Loans

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leaKybrain

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Post by leaKybrain » Fri Sep 24, 2010 11:17 pm
Hi, you've all been so helpful to me andI'm hoping you might be able to help my friend.

She's someone I know through school and talking about my situation she asked me how it was all done. Whilst I was talking about the IVA rules etc., she said that her debt is secured on the house.

Her hubby had cancer some years back and I believe he's either 7 years clear or it was 7 years ago it started, and she says they still haven't caught up since then.

Her loan is secured on the mortgage, but they are struggling.

Is there anything they might be able to do, a way of making it easier.

thanks guys x
 
 

Imhotep

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Post by Imhotep » Fri Sep 24, 2010 11:22 pm
Not with a secured loan I'm afraid.

We have one and there is nothing we can do with it. Except sell our home and downsize or rent.

It is excluded from our IVA proposal, but they still want a redemption certificate for some odd reason.
 
 

Broke of London

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Post by Broke of London » Sat Sep 25, 2010 12:22 am
Can they restructure the debt? It's not a great solution as it would cost more in the long run but I can't think of anything else except selling the house. Glad to hear your friend is in the clear.
 
 

kallis3

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Post by kallis3 » Sat Sep 25, 2010 8:26 am
I think the redemption certificate is so they know how much equity is in your house.

You will always have a secured loan taken into account when proposing an IVA, but if this is the only debt then an IVA isn't a solution.

Get her to try speaking to the company and explaining the position to see if they can alter the payments even if it means extending the term.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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plasticdaft

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Post by plasticdaft » Sat Sep 25, 2010 9:32 am
Most secured lenders are only too happy to increase the term of a loan as they can keep accruing interest. Are there other debts involved?

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

leaKybrain

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Post by leaKybrain » Sat Sep 25, 2010 2:53 pm
Thanks for that everyone. I'll pass on the info. x
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