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Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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i took a loan out with Blemain finance over 10 years ago for

Customer Question

i took a loan out with Blemain finance over 10 years ago for £25.000. This was a joint loan with my husband.
Jim died 2 years ago and my circumstances changed a lot. I lost my Husband, my home and my job as a result of his death as we were running a public house at the time.
I now cannot afford the repayments and have asked Blemain to make the payments smaller for a longer period of time. They have refused on the grounds that I signed a contract with them.
The account is now in arrears as I alone cannot make the full payment as I'm now working in a care home and have bills to pay that I didn't have whilst running the pub. Is there any thing that can be done to help them realize that my circumstances have changed due to no fault of my own as i didn't realize my husband as going to have a heart attack thank you in advance for any advice you can give me . Rachel Fowkes
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Is the loan secured or unsecured please?

JACUSTOMER-lp7rb7mr- :

Secured on the house

Alex Watts :

Ok - how much are the arrears and how long is left on the loan?

Alex Watts :

Is it a second loan, ie after mortgage?

JACUSTOMER-lp7rb7mr- :

Hi Alex the arrears are £781.47 and I have no idea about 3-4 years :(

JACUSTOMER-lp7rb7mr- :

My monthly payments are £490.00 but I just can't afford that now

Alex Watts :

So you can't afford even the monthly repayment?

JACUSTOMER-lp7rb7mr- :

no nerly £500 is over half of what i earn :(

Alex Watts :

Thank you. Its bad news then I am afraid.

Alex Watts :

They are entitled to issue proceedings and call in the loan

Alex Watts :

If the matter went to Court you would need to show the Judge that you could afford at least the repayments in order to avoid possession etc

JACUSTOMER-lp7rb7mr- :

oh ok thank you

Alex Watts :

But if you can't even afford the payments you would be delaying the inevitable.

Alex Watts :

Sadly that means they can call in the loan and are likely to seek possession of your home

Alex Watts :

I would suggest you go and see someone from Citizens Advice Bureau asap

Alex Watts :

They may be able to write to them on your behalf.

Alex Watts :

But sadly if you can't even afford the regular repayments that is going to be a problem for you

JACUSTOMER-lp7rb7mr- :

oh right thanks for your advice

JACUSTOMER-lp7rb7mr- :

Warm regards

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 honesr

Alex Watts :

* honest *

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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