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Secured Loan Issues

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I need some advice about a loan I have from a bank, I'm going to be a bit vague with the details as my case is probably somewhat unique and they might be reading this. I've also left a lot of the details out, primarily those involving the complete and utter incompetent manner in which my bank has dealt with this.


A number of years ago I took out a loan from my bank, secured against my house. I don't have any of the paperwork to hand but from memory it was done via my account manager and letters, rather than any formal loan application. I think the security was taken as a general security, rather than being directly linked to the loan (if that makes sense).


The repayment terms were that I would pay only the interest with the capital to be repaid when I sold my house. I don't recall any time scales being put in writing for me to sell my house, but it was agreed to be sooner rather than later (whatever that might mean). I haven't sold my house and currently don't have any plans to.


About a year ago they contacted me to discuss changing it to a repayment loan. Around the same time I stopped making the interest payments and haven't paid any since, there are a number of very good reasons for this which I strongly feel are solely the fault of the bank rather than me.


We still haven't sorted out a repayment plan and I haven't heard anything from them in months. I feel I have done my best to resolve this and that the blame for it not being sorted out rests solely with the bank.


I'm worried that out of the blue they will insist I make repayments I can't afford, repay the full amount or start proceedings to repossess my house. I'm happy agreeing to what I feel will be reasonable monthly repayments, given the size of the loan and them having security for it.


What do I do? I want to sort this out but don't know what my next step should be.


Any advice on the legal position if they decide to call in the full amount?

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  • 5 weeks later...

The bank are back in contact and are threatening legal action, so I could do with some help and advice. I'm sure that this falls under the Consumer Credit Act, as it was a loan rather than a (2nd) mortgage - they just have security on my house to cover it.


Could one of the mods move this to the legal issues forum for me?

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Guest atsgreig

Go to the bank and talk to them. They may be able to find a way to help.

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