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Ash
Ash, Solicitor
Category: Law
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Experience:  Solicitor with 5+ years experience
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i took out a secured loan in 2006 and it got paid off in 2008

Resolved Question:

i took out a secured loan in 2006 and it got paid off in 2008 when it was closed and took another 1 out
the charge on the land registery shows 2006 so is this still enforcable against the loan taken out in 2008
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts : Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Sadly yes, it can be amended.
Alex Watts : But that does not mean the agreement is not enforceable.
Alex Watts : The agreement is a contract and can be enforced if breached.
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest.
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-9g34r4e9- :

the chrage was put on an agreement that was paid off in full

JACUSTOMER-9g34r4e9- :

what is the time limit they have to ammend it to current account numbers?

JACUSTOMER-9g34r4e9- :

also how can they use a charge that is dated before the loan agrement?

Alex Watts : But you still have an outstanding secured loan? Does the charge say all monies?
JACUSTOMER-9g34r4e9- :

can i paste a decsrition from the land registry to you ?

JACUSTOMER-9g34r4e9- :

5 (22.08.2006) Charge dated 9 August 2006 in favour of Progressive
Financial Services Limited trading as Welcome Financial Services.

JACUSTOMER-9g34r4e9- :

that is all that is written on the landregistry file

JACUSTOMER-9g34r4e9- :

what im trying to determine is wether the new loan is secured

Alex Watts : Does it say all money charge?
Customer:

not that i can see what i pasted is whats on the file

Alex Watts : Do you still have a loan with Welcome Finance?
Customer:

yes we have a loan with welcome finance

Customer:

which started in mid 2008

Alex Watts :

Ok - when was the old one paid off?

Customer:

the same day as the new 1 was taken out

Alex Watts : Ok. That is just a secure charge then.
Alex Watts : Because you had the new loan on the same day there was an existing chagre.
Alex Watts : They do not need to remove the old one and put a new one on.
Alex Watts : There would be no point and it would only cost you more in legal costs.
Alex Watts : If on the day you had a new loan it does not require updating.
Alex Watts : This is because on the day the old loan was repaid you took out a new loan with them
Alex Watts : Can I clarify anything for you about this today please?
Alex Watts :

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Category: Law
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Experience: Solicitor with 5+ years experience
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