Are 2nd Mortgages allowed to charge so much

[mariemortiss]

Hi.
Just over two years ago we took out a 2nd Mortgage with Swift Finances and now we are about to sell our home to clear crippling debts
the original £35.000 as now blossomed to just short of £42.000 for a settlement figure,can this be correct or can we ask for a discount or go Bankrupt.
They have not been helpful in our time of help and need.

await your replies

cheers

Marie Mortiss

According to dh it really depends on the original terms of the loan - ie if it was repayment or interest only, any penalty for early redemption, arrears added etc - but is possible unfortunately. Suggest you visit CAB or similar.

Yep, go and get some advice on it. hope you get it sorted.

Go bankrupt and have the last laugh, these bastards need to learn the hard way they can't get away with day light robbery.