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Hi I am new here & would like to see if there is anyone can give me some advice regarding an issue I am having:
I took out a secured loan in 2000 with Ocean Finance for £4000 in 2003 I borrowed another £4000 however Ocean said it had to be done with one of their other complanies Blemain Finance and as I was in need of the cash quickly I agreed although it meant that the figure to repay was now just over £13,000. I have paid £200 pm since that time. I have recently put my house on the market and have a buyer for £170,000 and have found a new property at £155,950. This will leave me with £15,000 out of this my intentions were to pay solicitor & estate agents fees of £6,000 and the balance of my mortgage at £6,000. This leaves me £3,000 which I had intended to use on settling a large part of the secured loan.
However recently I was advised that this loan can not continue in my new property as it is secured against my current property. In view of this I requested an early settlement figure which was far more than I had anticipated being just under £23,000. .
I now find myself in a position where by I will not be able to sell my property and will be stuck making payments for the next six or seven years. Does anyone know if there is a way of carrying this loan over to a new property or how to challange Blemain?
Thanks for taking the time to read this.
I took out a secured loan in 2000 with Ocean Finance for £4000 in 2003 I borrowed another £4000 however Ocean said it had to be done with one of their other complanies Blemain Finance and as I was in need of the cash quickly I agreed although it meant that the figure to repay was now just over £13,000. I have paid £200 pm since that time. I have recently put my house on the market and have a buyer for £170,000 and have found a new property at £155,950. This will leave me with £15,000 out of this my intentions were to pay solicitor & estate agents fees of £6,000 and the balance of my mortgage at £6,000. This leaves me £3,000 which I had intended to use on settling a large part of the secured loan.
However recently I was advised that this loan can not continue in my new property as it is secured against my current property. In view of this I requested an early settlement figure which was far more than I had anticipated being just under £23,000. .
I now find myself in a position where by I will not be able to sell my property and will be stuck making payments for the next six or seven years. Does anyone know if there is a way of carrying this loan over to a new property or how to challange Blemain?
Thanks for taking the time to read this.
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