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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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is my loan agreement enforceable

Customer Question

is my loan agreement enforceable
Submitted: 4 years ago.
Category: Law
Expert:  Alice H replied 4 years ago.
Hello and welcome to Just Answer.

My name is XXXXX XXXXX I'm happy to help with your question today.

-Could you explain your situation a little more?

Customer: replied 4 years ago.

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

Expert:  Alice H replied 4 years ago.
Hello James

So this is a loan secured on your property.

When was the loan taken out?

On what basis do you say the loan might be unenforceable?

How much was the loan and duration?

Alex
Customer: replied 4 years ago.

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!)


 


More info..


 


House Value £310,000


Secured loan £55,000


Mortgage £190,000


My equity £32,500


 


Dont suppose I can give up my half of the house to my wife and just go bankrupt?

Customer: replied 4 years ago.

My IVA is for £75,000 if that makes any difference to equity in house/shares amongst creditors?

Customer: replied 4 years ago.

if I could get around the secured bit then i could absorb it into my iva?


 


sorry for rambling - thinking on the spot...

Expert:  Alice H replied 4 years ago.
I'm afraid I have to opt out of this question because you need someone with specialist knowledge. I'm afraid I do not deal with bankruptcy or IVA type issues. Someone will be along shortly.