Advise please!!!

[honey08]

I have a secured loan on Welcome Finance in my old address and I still own the house.I have to moved out as it's getting crowded in the old house,with my friend her family is getting bigger.

 

I can't sell the house as it is a joint mortgage with a friend,plus the house price is depreciating. We both agreed we will sell the house when I finished paying the secured loan as from the start it is a sole application on my name.

 

I am still paying for the secured loan until it finished in 3 years time and that is a guarantee. Shall I inform them of my new address? They might be thinking I am running away with the debt If I'll give them my new address.Will they do any legal action on me?

 

Could anyone give some helpful advice please:(. It will much appreciated:)

[flyingdr]

Hi honey8

 

Yes tell them of your new address!!! - otherwise if they have any problems or any payments get missed due to, say, a bank error they will contact you and you can deal with it. If they don';t have your address they will continue to serve notices to the old address and these may not get passed on to you in time to act. You'll be happy thinking all is well and you could end up with a CCJ without knowing about it.

 

They have a secured charge on the property where you live doesn't matter. They cannot and will not insist you live in the property. Just make sure they can contact you.

 

Hope this helps

 

Flyingdr

[Aviva]

Not sure why you think giving them your new address would be seen as running away from the debt. It's much more likely that if you don't tell them it will be seen as running away when they find out you have moved.

[tonycard]

hi honey see if you can get your thread moved to welcome finnace forum some big guns there just love welcome

[honey08]

many thanks for the advices.

 

TONY THANKS.I'LL DO IT.