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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10450
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Hi, I bought a house in 2006 in east london for an x amount,

Resolved Question:

Hi, I bought a house in 2006 in east london for an x amount, the price of my property has increased since for over 60%'. In 2008 I borrowed a personal loan,I then failed to keep up with the personal loan installments in 2009. Since I havent been paying would that effect my house? Could the lender get me evicted?or could the personal loan lender have a lean against my property.I m a bit worried about any consequences that may effect my property! What's the likely scenario in my case?!
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

My name is XXXXX XXXXX am happy to assist you with your enquiry.

I'm glad to say that you have little to worry about as regards XXXXX XXXXX

Provided you are able to carry on paying your Mortgage, then the Lender will not take any action and the personal loan has nothing to do with them.

As regards XXXXX XXXXX loan, as it is unsecured, 9 times out of 10, they will pursue you in order to get their money back, but provided you agree to pay a monthly amount that you can afford, they will accept this amount.
If you are having financial difficulties, provided you provide them with a breakdown of your monthly income and outgoings, they will accept a vastly reduced monthly amount from you.
As regards XXXXX XXXXX a Charge or lien over your property, they can obtain this but very rarely do. In order to take such a lien, they would have to apply to Court,on the grounds that you are not paying anything towards the loan repayments, and obtain a Charging Order. Even if they did this, which is highly unlikely, this does not entitle them to repossess or get the property sold. All it means is that as and when the property is sold by you, then you would also have to repay to them whatever is outstanding under the loan.

I hope this gives you some reassurance. Please let me know if I can be of any further help.

Kind Regards
AL
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