Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I have recently called welcome finance as we have a secured loan on our home. my partners work has died a death and his income is a lot less than normal. i called to ask if we could lower the payments for a while until his work picks up and there not even a slight bit interested. this is a real concern for us now as we cannot meet the repayments and we are now worried about the house being re-possessed. After reading through this forum, firstly i cant belive how many people have been affected by welcome and considering the state of the country at the moment, how unhelpful they are. I picked up a few different things from other posts that i am hoping may help us. we took out our loan in 2005 for £12000, i know that contract is wrong as it includes the acceptance fee in the loan amount before interest is calculated. in 2006 we needed an extra £5000 so we approached them. They did a new loan for 17000 of which they took out what we owed from the previous loan, they basically wrote themselves a cheque. from what i have read it sounds like that may be ilegal to do. What im hoping is that because the loan they paid off was incorrectley calculated because of the acceptance fee, thus making the settlement higher then we may have an argument to have this loan made unenforceable thus giving us some negotiation room. To summerise my points:
1. is it ilegal for them to pay themselves and does this make the loan unenforceable.
2. because the origional loan was calculated wrong and that miscalculation was carried over, does that make the loan potentially unenforceable.
3. because it is a fixed sum loan secured on the house and not a mortgage where do we stand with regards to having our home re-possessed.
if anybody has any advice, i would be very grateful
i will try and answer some of your questions from experience.
will be corrected if wrong
as a rule, the same company cannot rewrite the loan
it can be a consolidation loan from another company, but not the same
welcome continue to do this, so they may have got around it.
i am awaiting a response from the fsa on that matter. i will post the reply when it arrives
as you have rewritten the loan, that cancells out the original. thats why welcome push for a new agreement, they do this also if they know the original agreement is crap.
your last question
welcome will go for a charging order
sp when you sell your house, welcome will get paid
all this house repo in the news is scare tacticts
that posserbility is a very long way off and can be easily defended if needed
read the welcome threads
there are some interesting developments and welcome will have to answer some very nasty questions in the very near future
welcome finance/ unwelcome - more like
is calculated. in 2006 we needed an extra £5000 so we approached them. They did a new loan for 17000 of which they took out what we owed from the previous loan, they basically wrote themselves a cheque. from what i have read it sounds like that may be ilegal to do. What im hoping is that because the loan they paid off was incorrectley calculated because of the acceptance fee, thus making the settlement higher then we may have an argument to have this loan made unenforceable thus giving us some negotiation room. To summerise my points:
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