Hi All
Apologies if this is a common thread but Iv been reading for hours and coming up short and getting more and more confused as time goes on.
I have had some advice which was very honest but has left me even more confused because i have two options so I figured I have nothing to lose by asking! Naturally I would prefer comments where PEOPLE KNOW what they are talking about as I have had enough guesses!!
My situation is that I have a loan with GE Money which is a second charge secured loan which was originally £13,000 and is still £11,405 with about £7,000 arrears and only 1 year remaining.
I understand the loan to be covered under the Consumer Credit Act and I have been told that this gives me the option of applying for a time order, however I dont really know what this means and certainly dont know how to apply for one other than filling out an N440 application.
The reason I was directed towards a time order is that it apparently gives the Judge the power to grant more time to my loan as I only have about a year left and to clear the arrears over that period id very high.
My eviction however is in 2 weeks. Is it too late to apply for a time order, will it be considered or just rejected and the eviction enforced?
It was suggested that i apply an N244 application to get a suspended order to either agree to the ridiculous overpayment, or ask for time to sell, and then apply for the time order once the eviction is out the way.
I just dont know the validity of either approach or the liklehood of getting them through, time is running out, and I have to do something!!
Any well founded advice is very welcome!