First National Bank secured loan now 3 times its value after 11 years

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Can anyone out there help? We are nearly at the end of our tether and not getting any help. My husband foolishly signed to a secured loan on his and ex-girlfriend's house (where we now live) for 5000 over 15 years in 1990. All went well until they split up and she stopped paying the mortgage and the loan (he had left the property and notified all parties of this). One year later we returned to find 2 repossession summonses in the empty house. We went to court and eventually the mortgage arrears are now discharged. We then had a period of financial difficulty - ie we couldn't work because we were so low paid it wouldn't have been worth it due to having 3 children under the age of 2 and not being able to afford the childcare. The DSS paid both the interest on the mortgage and on the loan. The upshot of all this is is that the solicitors for First National Bank (with whom the loan is) sent us a letter telling us that they may be able to accept a lower amount in full and final settlement of this loan. We subsequently asked for a statement as we hadn't had one for years - when it arrived it said we owed 16000 - is there anything we can now do? I know that we cannot use the CCCS or go on the IVA route because it is unsecured - is there anyone out there who would maybe look to see if the figures at least are correct? Sharmita Robinson

-- Sharmita Robinson (Sharmita.Robinson@hmce.gsi.gov.uk), November 26, 2001

Answers

So has the house now been reposessed, what is the 16000 for, are you still paying the loan.

Jon S

-- Jon S (jks_uk2001@yahoo.co.uk), November 26, 2001.


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