Welcome Finance -secured debt

[highjinks]

Hi everyone
I have a secured debt with Welcome (I know This was from a loan I had previously. Everything had been ok with small loans(unsecured) which I paid back sucessfully. I needed to get a loan and turned to them for obvious reasons at the time. The loan was for 5K and I didnt realise it until later that it was a secured loan. I do have a agreement (thin piece of green paper that you can hardly read and nothing else), which doesnt say it is secured and I cant see their signature on the bottom or date. The amount now owing is >15K (I will check and repost with everything confirmed tonight). I havent been paying it as they are 3rd inline and they have just left it/me alone and not bothered me, aprt from ocassionally advising of the amount owing with a statement.

My question is that what is the procedure for getting rid of this one?

Any answers gratefully received.

regards
Highjinks

[powelll]

If it is definitely a secured loan then you need to be very careful as it may not be covered by CCA regs and usually once 2-3 months arrears have passed they can go for repossession of your home. Which is why quite often they don't make as much contact as unsecured creditors - they simply don't need to.

I would suggest that you do a realistic budget ( link to good one below ) as if you physically can't afford to pay it you will need to look to either negotiate with Welcome to eg extend period of loan to reduce monthly payment ( which will obviously cost more in the long run ) or seriously think about whther you can afford to stay in the property. I'm not trying to be a prophet of doom but you are not in a strong position with secured lenders and Welcome can be quite aggressive...

National Debtline England & Wales | Personal Budget Sheet

[sequenci]

Originally Posted by powelll

If it is definitely a secured loan then you need to be very careful as it may not be covered by CCA regs

if it was for 5k then it is highly likely it will be hun

[tomterm8]

Originally Posted by highjinks

Hi everyone
I have a secured debt with Welcome (I know This was from a loan I had previously. Everything had been ok with small loans(unsecured) which I paid back sucessfully. I needed to get a loan and turned to them for obvious reasons at the time. The loan was for 5K and I didnt realise it until later that it was a secured loan. I do have a agreement (thin piece of green paper that you can hardly read and nothing else), which doesnt say it is secured and I cant see their signature on the bottom or date. The amount now owing is >15K (I will check and repost with everything confirmed tonight). I havent been paying it as they are 3rd inline and they have just left it/me alone and not bothered me, aprt from ocassionally advising of the amount owing with a statement.

My question is that what is the procedure for getting rid of this one?

Any answers gratefully received.

regards
Highjinks

Are there loads of charges on it?

If you already have the agreement, can you scan kit & post (minus personal details)

[highjinks]

Hi
Yes I will scan it tonight.

thanks everyone!

Highjinks

[powelll]

Originally Posted by sequenci

if it was for 5k then it is highly likely it will be hun

Doh... Note to self think before type... cheers Sequenci