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full and final offer for a secured loan


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I currently have a secured loan on my house which there is about £37,000 outstanding. The loan had been taken out whilst I was still with my husband but since we are in the process of getting divorced he hasn't paid anything towards the loan for over a yr. I had been paying half the monthly repayments until I lost my job around xmas. I then got notification of court proceedings due to there being about £3000 arrears. I managed to borrow the £3k from a family member so stopped it going to court and agreed a reduced payment with them until the end of aug.

 

The reduced payment has now finished and they are hassling me to make the full payments which I can't afford as I'm not working, and to make up the arrears which again have built up as they continued to add interest and charges on. I have sent a sar asking for a break-down of the charges and interest put onto the account but havent heard back yet.

 

I possible have managed to borrow some more money off family as I really would like to make a full and final offer, ideally for as little as possible. My mortgage is £150 and my house is prob only worth £170 max so I was wondering what to offer as a f&f? Also if anyone had any experience of Nemo personal finance accepting f&f offers?

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Firstly, did you have any payment protection insurance on the loan ? secondly you could certainly try and put a F&F to them, but it is likely they will turn you down as they have security...

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Firstly, did you have any payment protection insurance on the loan ? secondly you could certainly try and put a F&F to them, but it is likely they will turn you down as they have security...

 

No I haven't got any ppi, and do you think they will turn it down if I offer the same amount as the equity left in the house which is only about £10,000?

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