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ke_ef36
Posted - 10 December 2008 : 08:40:14 Hello everyone so pleased i found this site
I am currently out for work and have debts of around 13k..One of these debts is for about 11k, and is a loan i took out about 6 years ago when i was living in my own property with a mortage the loan is secured.around 2 years ago i was made redundant and the loan was covered by payment protection so 12 months later the loan was nearly paid off...due to me still being out of work though i have been renting a property,and using my loan again to pay the bills/rent etc and over the last year or so it is now back up to 11k.My question is this the loan was secured when it was first taken out but since then i have moved into a rented property...so would this make any difference if i wanted to go bankrupt??i have been advised that it would be my best option..by the way the loan was an online loan where you can dip in to it and pay off etc and still have the full balance...i also did change my address so its not like they think im living at my old address that was my own property. any ideas as i was told that you can't get rid of debt that is secured??? sorry for the long question but i aint got a clue
3 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 11 December 2008 : 14:35:33 Hi Ke Ef36,
Just ensure you list it in the unsecured section 4 of your SOA and it should be written off.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
ke_ef36
Posted - 11 December 2008 : 13:40:33 Thankyou for the reply Julian...no i sold the property 2 years ago.
JulianDonnelly
Posted - 10 December 2008 : 13:29:41 Hi Ke ef36 and welcome to the forum.
Do you still own the property that the loan was secured against? If not, then it will be written off in a bankruptcy.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
