Hello Everyone, I'm new to this site, and would be grateful for any advice regarding the thread subject matter. My apologies if this has already been dealt with previously: if so, please just point me in the right direction! My ex-wife and I were in serious debt when we spilt up in 2009. I had left the former matrimonial home (although I'm now back in it, on my own (it's a long story!)) and had lost sight of payments to an unsecured loan to Lombard Direct. Although this debt was solely in my ex-wife's name, whilst we were together as a couple it was being paid from a joint babk account. When we separated, my ex-wife stopped making payments towards this loan and, as a result, Lombard took a charge over the property, making it a secured loan. My ex-wife has subsequently decalared herself bankrupt and certain debts have been dealt with as part of her bankruptcy. However, I understand that Lombard, as a secured creditor, chose (or were obliged, I'm not sure) to wait until the property was sold in order to be repaid by way of any equity in the property. Notwithstanding that the property (which is still in joint name, as is the mortgage (although my ex-wife is no longer contributing)) remains unsold (although I intend to sell it now), I have learned today that Lombard sold the loan to iDEM. Given this, can anyone advise me whether, in selling the loan on, L ombard have (either deliberately or inadvertently) rendered the loan 'unsecured' - i.e. is the charge over the property still valid, or has it been invalidated by the act of transferring/selling the loan to iDEM? Any information/advice/help regarding the above would be gratefully received. Many thanks. Jools

Secured loans are preferable by most of the people due to its long-term duration and low interest rate. It is the easiest method for borrowing a large amount of money. A person can easily apply for secured loans if they are having collateral or some asset for giving as security or a good credit score. Collateral can be a property, land or vehicle etc. Banks or lender provide a loan against some collateral as if the borrower fails to pay the amount then they can repossess their collateral and recover their money, means collateral is necessary for secured loans approval. One can easily get the large amount of money if they provide all the necessary things for taking secured loans.

Hi all My first time here - please be gentle with me. I was made bankrupt over three years ago, and that is all now resolved. Outstanding is a business loan, secured against my house. I had heard nothing from the bank for over three years, until recently. I was told at a meeting three/four years ago that they were freezing interest on the loan, but their current chasing of the money DOES include ongoing interest over the last three years. Anyway. I do not have a regular income. I would like to keep my house if possible. Someone I know MAY be able to provide some funds for me. However, those funds are limited. The bank want a total of over £60,000 (made up of the amount which was outstanding [it had been a bigger loan, which was being paid until the bankruptcy], plus around £10,000 interest). The person who may be able to provide me with funds would have to mortgage an asset. Naturally, I would prefer for them not to have to seek any amount higher than is necessary - not just for their sake but because ultimately I will have to pay it back (though not in the foreseeable future). So. Although I recognise that the bank has a RIGHT to seek the full amount, I am under the impression that they would consider an offer of a lower amount, just to get it settled, and so they don't then have to evict me and take on the house and all its attendant issues in trying to get it sold. Does anyone have any knowledge or experience of how low such an offer might be, and still be accepted? Is it feasible that they might take an offer as low as, say, £10,000? Or would it have to be, say £30,000 even to be considered? How low might they go? I am not trying to "get away" with something. But equally - and naturally - in the circumstances, it would be very helpful to my getting back on my feet (there are other issues involved) if I don't have to pay any more than the lowest amount the Bank might be willing to accept. Anyone who can give me a "feel" for a figure to offer, which would be treated seriously, but not be more than absolutely necessary, would earn my grateful thanks. NotGivingUp