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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13329
Experience:  Solicitor with more than 30 years experience
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I had a secured loan with picture finance taken out in 2006.

Customer Question

I had a secured loan with picture finance taken out in 2006. I moved house and moved the loan with me, no problem. Subsequently the picture finance loan was bought by idem capital services and now I want to move house again they won't let me move the loan. Where do I stand? I have never defaulted payment but can't afford to pay off the loan any quicker.
Submitted: 4 years ago.
Category: Law
Expert:  Senior Partner replied 4 years ago.
If this is a loan secured on your house then they are not obliged to release the security so that you can sell and move I am afraid.

They can insist on repayment out of the proceeds. Can you not refinance the loan for example by getting a larger mortgage?