welcome finance secured loan

[viper8]

hello, i took out a secured loan in april of 2005 ,of £15000 i paid about 2 payments ,then there was a problem with the direct debit or something ,and it started to not get paid ,i have not heard a word from them since ,no contact whotsoever .i have now found out that the loan is on £24000 and rising ,can they do this and how can i get out of it ,want to sell my property but have this secured loan to settle and there will not be enough ...help !!

[shammy36]

bump

[viper8]

you think its good do you mate ,what kind of muppet are you ?

[PGH7447]

viper dont respond to the TROLL, they aint worth it

[PGH7447]

first thing send a S.A.R - (Subject Access Request) request to these creatures and find out how much has been added in charges and why,

this should be sent recorded with a £10 postal order, do not sign the request and dont talk to them on the phone, get everything in writing

[viper8]

thanks for that PGH7447 ,( like it ) its just annoying when people like that reply with something stupid ,when all i want to do is burn down the house ,and say there is your money in the ashes ...could you explain some more about the s.a.r what it is ...thanks

[PGH7447]

A S.A.R - (Subject Access Request) is a request for all the data they hold on you, in this case they would have to provide the agreement you signed, and all statements pertaining to the loan, this would then show you what charges have been applied and why, you can then try and claim these back if they are excessive or unlawful. they have 40 days to provide these.

Who contatcted you was it Welcome or a DCA - Debt collection agency?

if it was a debt collection agency then you need to establish if they can legally pursue this debt by sending them a CCA request, this cost £1 and again do not sign or talk to these people.

The S.A.R - (Subject Access Request) request and CCA template can be found in the templates library

[viper8]

hello PGH7447 ,just finally got around to looking into this ,with the templates these are for bank charges ,welcome finance is not a bank ,how would i be able to use the template ? ( sorry bit dumb ) and these muppets have never contacted me whotsoever ,it just got left ,help please

[PGH7447]

a S.A.R - (Subject Access Request) can be amended for any information you require to be supplied, bank statements loan agreements and loan repayments made, they all fall under the same rules and regs.

if they have not contacted you since 2005, then let sleeping dogs lie, another 3 yeasr and it is statute barred unless it is tied into a mortgage

[viper8]

ok ,thats great ...i have had no contact from them at all ,but yes it is tied to a mortgage ,and with the credit crunch thing and the houses going down in price i dont know when they are going to knock on the door demanding there money ,but like you say have they forgoten it ? its just that i cant sell this property with that secured loan still in place ,going up and up

[PGH7447]

It is only a secured loan so I think the time scales are 6 years, if it was a true mortgage then the time limit is I believe 12 years, if you are desperate to sell then I'm afraid you may have to bite the bullet

Hopefully someone with more know how on secured laons can provide more help.