Hi all,
I am fairly new to this so I hope I have posted this in the right place, if there are any threads with already cover this topic I'd be grateful if someone could link me to to it.
I took out a personal loan against my property with Picture Finance which has been passed on to IDEM Servicing. Due to having a interest only mortgage on which the lender is now demanding their money as the term is up. I have to sell the property. My question is can i just continue to pay Idem as normal after the sale as I am not in a position to clear all of the debt although I could pay a third of it? Or will they find out about the sale and demand the full amount. My credit worthiness at present is not that great so I am not in a position to be readily able to get another mortgage. However from the sale of my house I will have no mortgage an can continue to pay IDEM what I currently do. I do not think they have a copy of my original agreement with Picture which I believe allowed me to transfer the loan to another property.
I am fairly new to this so I hope I have posted this in the right place, if there are any threads with already cover this topic I'd be grateful if someone could link me to to it.
I took out a personal loan against my property with Picture Finance which has been passed on to IDEM Servicing. Due to having a interest only mortgage on which the lender is now demanding their money as the term is up. I have to sell the property. My question is can i just continue to pay Idem as normal after the sale as I am not in a position to clear all of the debt although I could pay a third of it? Or will they find out about the sale and demand the full amount. My credit worthiness at present is not that great so I am not in a position to be readily able to get another mortgage. However from the sale of my house I will have no mortgage an can continue to pay IDEM what I currently do. I do not think they have a copy of my original agreement with Picture which I believe allowed me to transfer the loan to another property.