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  1. #1

    Secured loan complaint

    I had a secured loan against my property and I have recently sold my property. However the loan has not been repaid as the company didn't secure the loan against the property. I thought this was done automatically and have spent the excess cash on other debts to be debt free.
    I now have found out the secured loan is still outstanding and I have no way of paying it off and I'm not working so can't repay it!
    Shall I make a complaint and can they still Pursue me for the outstanding amount as clearly someone has forgot to register the debt with the land registry?
    Please help on where I stand as I feel the loan was miss sold!

  2. #2
    Your post is a tad confusing. Are you saying that you attempted to get a secured loan, secured against your property, but that the company gave you an unsecured loan instead?

    What company was it? And do you have any paperwork from when you originally took it out? Have you been paying it regularly since taking it out?

  3. #3
    Why do you think it was miss sold ?

    Sounds like both you and the loan company are at fault.

    Surely when you saw how much you got from the sale why did you not think thats a bit high ?

  4. #4
    Yes I was given a secured loan which I thought I was getting but they didn't secure it against the property so when the house was sold it didn't get paid off.

    I have been paying it for about 6 months but now can't afford to repay it.

  5. #5
    That's true perhaps I should of realised but didn't, I assumed the loan would just be cleared as it was a secured loan!

    Can they still Persue me to repay this loan?

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