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I'm in a right pickle with Black horse finance secured loan


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I stupidly borrowed £20,000 from Black horse finance as a secured loan.

This took my mortgage and loan upto £138k on a house valued at £120k at the time (2 years ago)

 

This meant that Black Horse lent me they lent me 115% of my equity.

I didnt think it was right at the time but I was fairly desperate.

Now my house value has fallen about 10% so I am in a right mess now as i have about 30k negative equity.

 

My mortgage is £118k but my house value is only now £115k from £125k 2 years ago.

 

I simply cannot afford the payments any longer but I can't sell either.

 

I owe GE money about £800 in mortgage arrears and to be honest, you would think I owed them the crown jewels the game they go over 1 months arrears.

 

Anyway, I just don't know what to do?

Do you think Black Horse would admit their mistake and make the debt unsecured thereby allowing me to sell if the prices go up a little?

 

Any ideas would be very welcome

Welcome Finance PPI ***WON***£650

 

Black Horse PPI ***WON*** £1200

 

CL Finance-County Court Claim-***WON***(well sort of-stopped them continuing with the claims)

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Lenders do lend more than the value of the property so I doubt if it was a mistake.

Is there any chance GE would drop your mortgage to interest only for a few months for you to catch up? Would this help your finances get on an even keel?

Consumer Health Forums - where you can discuss any health or relationship matters.

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  • 3 weeks later...

IS the mortgage on a capital repayment basis or an interest only basis?

This won't get you out of the situation, bt if you are cuurntly on cap rep, changing this to IO for a while would at least reduce your monthly outgoings. They may expect you to make up your missed payments before allowing you to this, but it can't hurt to ask.

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  • dx100uk changed the title to I'm in a right pickle with Black horse finance secured loan
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