Welcom Finance - Secured Loans

[Alley-Cat]

I am quite new to all of this but reading so many of your threads it has made me wonder. We have a secured loan with WF for £15,000. When I spoke to my mortgage company they have told me that they do not recognise a secured loan attached to our property!? How do I stand with this? does this mean that they have given us the loan under false pretenses?

Help

[allykat]

Originally Posted by Alley-Cat

I am quite new to all of this but reading so many of your threads it has made me wonder. We have a secured loan with WF for £15,000. When I spoke to my mortgage company they have told me that they do not recognise a secured loan attached to our property!? How do I stand with this? does this mean that they have given us the loan under false pretenses?

Help

Same here! I took out a secured loan with Nattywest 5 years ago, but on my credit file it states that the loan is unsecured

Very confused about it, going to phone NW tomorrow to ask for a copy of the original agreement

Could you ask WF for the same? Maybe that will clear it up

Nice name btw

[sequenci]

why don't you guys check with the land registry?

Land Registry : We guarantee the title to registered land in England and Wales and hold records for land ownership and interests.

to be honest, if they have forgotten (or have not bothered) to secure the debt to your property it is a GOOD thing.

[DNA]

You should have asked your mortgage company as the company having the first charge on your property (if you sell up, they get paid off first) and most mortgage companies require their permission to be sought before you go for a secured loan with another company and (in my experience) they can and do refuse permission - if that happens, your only option may be to re-mortgage to get the extra funds you require

[DNA]

Originally Posted by sequenci

why don't you guys check with the land registry?

Land Registry : We guarantee the title to registered land in England and Wales and hold records for land ownership and interests.

to be honest, if they have forgotten (or have not bothered) to secure the debt to your property it is a GOOD thing.

Seconded!

[Alley-Cat]

Guess what guys.............I went on the Land Registry site and purchased the details on our address. There are 2 charges from Welcome Finance that are complete. These date back to Feb 2006 and November 2003 so I will be ringing the Land Registry to see if I can get these removed as they are not true any more as the loans are finished and paid up........so in my eyes these charges should not be on my house should they. BUT there is NO mention of our latest loan as being secured on the property via the land registry. What does this mean??

[sequenci]

Originally Posted by Alley-Cat

Guess what guys.............I went on the Land Registry site and purchased the details on our address. There are 2 charges from Welcome Finance that are complete. These date back to Feb 2006 and November 2003 so I will be ringing the Land Registry to see if I can get these removed as they are not true any more as the loans are finished and paid up........so in my eyes these charges should not be on my house should they. BUT there is NO mention of our latest loan as being secured on the property via the land registry. What does this mean??

well if the old loans are satisfield get it sorted!

if your latest loan isn't showing then it is unsecured. a bit of a result imho.

[Alley-Cat]

Thank you so much for your advice - I am going to print off the charges that are showing and ring the land registry tomorrow and get them removed.

[Alley-Cat]

Hi, just as an update, I rang Welcome Finance in Nottingham, went thru to the Warehouse and queried why 2 of my old loans were still on the land registry. The girl on the other end didn't know why. these were from 2001 & 2003 She told me that they would email the Land Registry that day and have them removed. Not checked yet but will do tomorrow at work and will see how long it takes. Interesting tho, my current secured load is not registered on my property! - where do I stand with that. My mortgage people do not even register it