A friend of mine has an unsecured loan, but has unfortunatly lost his job. As soon as he was made redundant he contacted the bank, and explained the situation, offering a reduced payment until he found another job. They turned down the offer, and have now threatend to force him into selling his house to recover the debt. In my own mind i can't see that they can do this, as the loan was unsecured (or personal), and has no calim to his property. He does have a mortgage, and has kept up payments to them (either in full or over a couple of months 1/2 payments) as they are the priority, and they are happy with the situation. Surely the mortgage company are the only ones who can force my friend to sell the house, or reclaim the house to cover the debt. Any advice on what the loan company can do as far as his house is concerned would be appreciated.
2006-09-09
02:29:10
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3 answers
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asked by
Anonymous
in
Business & Finance
➔ Personal Finance