Second mortgage

[valleypipeman]

Hi could someone advise me, finished a second mortgage/loan but I incurred over the loan period extra charges due to missed payments etc. but now the lender is saying I'm in arrears even though the term has ended and I've paid the original amount off. But I'm left owing the charges. So they are getting heavy and saying they are charging arrears fees again and looking for reposession. What's my options bearing in mind the charges etc are quite substantial and I'm brassic. Appreciate all views and help

[stevemLS]

Re: Second mortgage

Essentially, the charges get added to the balance and become part of the loan.

So, if you have paid the contractual payments, but not the charges, they are right.

Whether or not you have a case to try and claim back the charges is another matter.

[valleypipeman]

Re: Second mortgage

Thank you for your info, one of my queries was how can they now charge arrear charges on arrear charges when they never charged them before, but only on the original product that has now been repaid.

[Fred]

Re: Second mortgage

Thank you for your info, one of my queries was how can they now charge arrear charges on arrear charges when they never charged them before, but only on the original product that has now been repaid.

I think there are (potentially) a lot of factors that could be involved here.

What was the amount of the secured loan @ inception ?
When was the loan taken out & for how long ?
Who provided the loan, was there a broker & what was it for ?
How did the arrears accumulate & why ?

This will help with any potential questions you may have if you can elaborate a little on the above please.

[valleypipeman]

Re: Second mortgage

Cheers will get as much accurate info as possible then post ASAP