Thank you for coming back to me
I took out a personal loan which is now overdue for repayment - unfortunately i am not in a position to make repayment so I need to know the implications/possible outcomes based on the strength of the agreement and whether it is enforceable.
I have a copy of the agreement - shall i send this to you?
Unfortunately I also signed a land registry charge at the time of taking out the loan however this isnt showing on the land registry (ive just checked)
Thanks again, James
Loan was taken out on 09/06/2013
Initial loan amount was £25000 with a repayment 12 months later of £50000
Interest charged at £1000 per month until paid in full
I am hoping that it is shown to be unreasonable or that the agreement is poorly conceived (im just grasping for some hope!)
Does it matter that the land registry charge hasnt been applied?
To complicate matters I am now in a CCJ (its been a really bad 2 years!)
House Value £310,000
Secured loan £55,000
My equity £32,500
Dont suppose I can give up my half of the house to my wife and just go bankrupt?
My IVA is for £75,000 if that makes any difference to equity in house/shares amongst creditors?
if I could get around the secured bit then i could absorb it into my iva?
sorry for rambling - thinking on the spot...