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Hi, I had a secured loan through picture financial (I know, I know) back in 2006. Due to a change in circumstances the house had to be sold during the crash and subsequently didn't sell for enough to clear both the mortgage and the secured loan - the loan was in fact 125% LTV!!! At the time I was a naive 22 year old and was lead by the charming sales pitch!
Once the property was sold I entered in to an agreement, all be it only verbally with Picture to repay the loan at a reduced rate - since then the loan has been passed to PARAGON, IDEM and more recently MARS CAPITAL.
I have paid the same regular amount each month without fail with no resistance - however, since Mars Capital have been involved (June) they've started sending me threatening letters to the tune of repossessing the secured property, I find this bizarre as I no longer own the secured property and haven't resided there since 2007!!
I wonder if anyone can tell me what rights they have with regard to my current (mortgaged) property in relation to the previously secured loan, and am I right in thinking that this loan or mortgage shortfall is no longer 'secured', so may be beneficial for them to accept a reduced settlement offer? - My current payments won't clear the amount in my lifetime!!
I have sent a CCA request and received back a one page photocopy of the agreement.
Any help is appreciated as this is now causing me sleepless nights!!
Once the property was sold I entered in to an agreement, all be it only verbally with Picture to repay the loan at a reduced rate - since then the loan has been passed to PARAGON, IDEM and more recently MARS CAPITAL.
I have paid the same regular amount each month without fail with no resistance - however, since Mars Capital have been involved (June) they've started sending me threatening letters to the tune of repossessing the secured property, I find this bizarre as I no longer own the secured property and haven't resided there since 2007!!
I wonder if anyone can tell me what rights they have with regard to my current (mortgaged) property in relation to the previously secured loan, and am I right in thinking that this loan or mortgage shortfall is no longer 'secured', so may be beneficial for them to accept a reduced settlement offer? - My current payments won't clear the amount in my lifetime!!
I have sent a CCA request and received back a one page photocopy of the agreement.
Any help is appreciated as this is now causing me sleepless nights!!
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