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 we have a secired loan which we are unable to pay
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Holly.05
Starting Member



1 Posts

Posted - 03 October 2011 :  15:02:24  Show Profile  Visit Holly.05's Homepage  Reply with Quote
we have a secired loan and have not been able to meet the monthly repaymnets, first mortgage is up to date, we are paying a reduced amount of £300 per month but £390 per month of interest is added on! we have had property on market for oer 3 years and dropped price 4 times can you advise if we should declare bankruptcy

Viki.W
forum expert



United Kingdom
2211 Posts

Posted - 03 October 2011 :  15:53:23  Show Profile  Reply with Quote
Hi Holly,

Bankruptcy would not clear your secured loan unless you gave the house up for repossession.

Have you other debts you are struggling with?

Speak to an expert on here or visit the CAB for advice on all of your options.



Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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