welcome finance/ unwelcome - more like

[mojo8]

Afterenoon

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

	Are you letting your bank keep your money Are you giving away thousands of pounds?? Many people aren't claiming all of the money they are entitled to when they make their bank charges claims. You have been forced to pay unfair bank charges. Have you forgotten that your bank has charged you inteest on those charges? If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you. Yet you are paying interest to the bank - on your own money!!! Follow this link to see the discussions on this. You might even double th size of your claim.

[postggj]

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