Response to Help, Help, Help, Help..... PLEASE

As I understand it (though no personal experience of this), if the property is repossessed, all loans secured against it will 'queue up' to get their slice of the pie when the house is sold. The original mortgage is the 'first charge', and any subsequent loans are the 'second charge', 'third charge' etc. The amount raised by the house sale goes first to pay the first charge, then if there's anything left over, the second charge takes their money, and so on. If there's a shortfall, and the house doesn't even make enough to cover the first charge (the mortgage), you will end up being chased by all three lenders. If it makes enough for the mortgage but nothing extra, you'll be chased by the two home improvement loan companies, and so on. As far as the limitation period goes, I think the 12 year limit applies to all debts secured on property, I'm afraid. Again, this isn't my 'specialist subject', so perhaps someone else can add something illuminating?

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