Can arrears on an unsecured loan stop a sale of property going through?
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I have arrears on an unsecured loan, i have accepted an offer for my property and advsied the loan company that I will not be able to make monthly payments till sold. they are now saying that they can stop the sale. is this correct
Can arrears on an unsecured loan stop a sale of property going through?They can not stop the sale because it is unsecured ....
What they could do is apply to a court to have a charge put on the house which means when it is sold your solicitor has to send them the amount that is outstanding for the loan.....
That will take time and as you have said u are gonna pay em I don't know what they are moaning about
Can arrears on an unsecured loan stop a sale of property going through?Yes it is.
Can arrears on an unsecured loan stop a sale of property going through?The loan company will still expect payments to be made regardless of whether a property is sold or not.
Can arrears on an unsecured loan stop a sale of property going through?Not that I'm aware of. The loan is not secured on your property, so isn't affected by it. The worst they can do is to try to force a CCJ on you, but in fairness you are making every effort to honour the loan. It may be worthwile offering them a small payment per week say 拢10. This shows good intent on your part and they are under alot of pressure to accept this as you have made an offer to them. It wouldn't look good if they did take you to court.
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