In trouble indeed

[markb]

Hi everyone.
Can anyone throw some light on this please. My wife has been at my throat for more than a few years now. I got a secured loan through nemo persoanl finance approx 4 years ago for £50000.
1 - The story is that they secured the loan on my house which I accept is the norm.
2 - They wanted my wifes income as part of the application.
3 - My name is on the mortage and hers is not.
4 - My wife wants to know how she is being made liable to the loan when her name is not even on the mortgage.
The loan is secured on the house and as she is not named on the mortgage can she be made liable ?
5 - Has the secured loan been signed up correctly ?
6 - Can anyone help me please ?

[WendyB]

Re: In trouble indeed

Can you throw a bit more light on this please?

Are you up to date with the loan, or is there any arrears?

I would have thought that the names on the mortgage don't really matter, the loan is secured against the house. It's the nameson the loan which matter, if your wife signed the loan agreement etc then I would presume that she is jointl namedon the loan so you are jointly liable for it.

That said, I'm not an expeert on this type of thing, and also I don't think Nemo are whiterthan white either.

Someone who knows about this sort of stuff will be along soon, in the meantime, could you post up as much detailsas you have, and background etc, obviously with personal info removed.

[CYNthesys]

Re: In trouble indeed

Dont want to be seen to be hi-jacking this thread, but a friend of mine is in a similar situation.

She and her son took out a joint secured loan, think it was with GE Money.

She is the sole owner of the property, her son doesn't even live there.

Have been trying to find out (without success) how her son could enter into a joint secured loan, when he doesn't own any property. Im assured that there was no personal guarantee involved.

[Caspar]

Re: In trouble indeed

Am I being daft or is a secured loan that is secured against something of value, in this case a house. Regardless of who owns that house (as long as they've given their consent for it to be used as the security) as long as the laon is paid there's no problem. If the loan runs into arrears the lender can revert to the item of value it is secured against to ensure they get their money. So in theory it's possible for two people, neither of which own a house, to take out a secured loan with a houseowner acting as guarantor with their house as security.

[CYNthesys]

Re: In trouble indeed

In my friends case there was no guarantee.

Believe it was a newspaper ad she responded to, all paperwork completed and sent via post.

Joint application completed, but my friend was the sole owner.

If there is no guarantee surely to be party to a joint secured loan each party must jointly own the property?