Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I have just been made redundant and whilst my mortagage company were helpful when this happened before and I know I can claim mortgage interest help ...This time round I have also a securred loan (Nemo) for 12K, they have let me pay a reduced amount this month but buy the sound of it they arnt going to be that helpful or flexible in the future.
Has anyone any advice ?. Ive already CCA's them and they are the only one who actually DO have a proper signed agreement.
How real is the threat of repossion for securred loans. ?
There appears to be lots of help for actual mortgages but a lot less so for securred loans.
These so called secured loans where never fit for purpose and NEMO will be totally unsympathetic - they are sharks like all the other secured loan companies. Yes, they could go for repo - but will have to jump through hoops to get there and have to prove that they had done everyting to avoid it. Is your house in negative equity? If so it is highly unlikely they would move for a repo anyway.
Deal with them in writing only (make this very clear in a written request). I am going through similar problems with First Plus
These so called secured loans where never fit for purpose and NEMO will be totally unsympathetic - they are sharks like all the other secured loan companies. Yes, they could go for repo - but will have to jump through hoops to get there and have to prove that they had done everyting to avoid it. Is your house in negative equity? If so it is highly unlikely they would move for a repo anyway.
Deal with them in writing only (make this very clear in a written request). I am going through similar problems with First Plus
Thanks for that, most useful...Firstly Im nowhere near defaults yet but I thinking ahead, if I only have JSA money coming in then if Nemo want the full amount each month then I will be in trouble, I had a leaflet from them saying if you are in troubkle phone us for help but I was suprised how unsympathetic they were, they asked me if I could use a credit card to pay amounts, which Im sure breaches some guidelines, and also other dumb questions such as..when do you think you'll get another job ?
My house was cheap so has got some equity in it. I cant recall reading posts where people have lost homes through being unable to pay back a loan as opposed to mortgages which is why I asked.
After speaking to the job center I found out that help MAY be available for securred loans depending on what the loan was for.
If you have any form of loan secured on your house and fail to keep up payments they can go for repossession - doesn't matter if it is your first or second charge mortgage. The key is show willing and document ALL your dealings with them. Don't whatever you do enter into discussions over the phone. They are not interested in your circumstances, they just want you to pay. Asking you to pay by credit card is irresponsible and if they continue to hassle you in that manner, complain - copy your letter to the FLA (Google them). A word of warning, they will look at your long term ability to pay - the fact that your unemployed and have some equity in your house will count against you. Having said that, show willing to work with them and you at least 3 months to consider your options. I have become a bit of an expert on secured loans having been in arrears with First Plus - if you read back through some of my threads you will see the hassle I have had.
If you have any form of loan secured on your house and fail to keep up payments they can go for repossession - doesn't matter if it is your first or second charge mortgage. The key is show willing and document ALL your dealings with them. Don't whatever you do enter into discussions over the phone. They are not interested in your circumstances, they just want you to pay. Asking you to pay by credit card is irresponsible and if they continue to hassle you in that manner, complain - copy your letter to the FLA (Google them). A word of warning, they will look at your long term ability to pay - the fact that your unemployed and have some equity in your house will count against you. Having said that, show willing to work with them and you at least 3 months to consider your options. I have become a bit of an expert on secured loans having been in arrears with First Plus - if you read back through some of my threads you will see the hassle I have had.
Thanks for this.
Do you know if the mortgage company get involved ?. I ask as I previously had hassle with leasehold service charges and my mortgage compoany stepped in and paid.
Have you seen any guidelines that mention not pressuring customers to pay using a credit card ?. I'm sure I have somewhere but not sure where.
The second charge provider will inform the mortgage company at some point - though if you are up to date with main mortgage they may help you resist any repo. Pressuring to pay by credit card will fall all the general heading of unreasonable/harassment
Loan securred on house.
and whilst my mortagage company were helpful when this happened before and I know I can claim mortgage interest
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Originally Posted by GirlAloud
