Hello folks and sorry to hijack this thread but ive been reading through these forums for the last couple of days and wonder if anyone can offer me some advice.

I have a 20k secured loan from Welcome Finance of which i have gone into arrears. They have been calling me all month offering me a settlement deal of 20% off my outstanding amount.

They havent called me in the last 2 days which is not the norm.

Considering the news that Cattles have given up on Welcome Finance and are now winding it up over then next 3 years, should I phone them and offer to settle for a lower amount? or is there a chance that my loan will not be passed over to any 'toxic buyer' and be completely wiped out?

Cheers

The mortgage will probably have already been 'sold' onto another company and be serviced by a third party, at least my research into this suggests - I may be wrong but nearly all GMACs mortgages were SVP types dressed up as 'sub-prime special deals' and nearly all got transferred to another company after the initial 'deal' period finished - sometimes before.

Thanks for your reply.

My mortgage is only 2 years old and I have not been informed of any change in ownership of my mortgage at anytime.

Is that normal or does that mean GMAC have not sold my mortgage on ?

And if they do still have it and they go into liquidation does anyone know what happens then?

Do the liquidators sell the assets ie mortgages in blocks to the highest bidder? or do they keep it in GMAC or holding company until the fixed rate period ends, has anything like this happened before.

Many thanks in advance if anyone replys

Hi folks, I have a mortgage with GMAC currently and im finding it hard to keep up repayments at the moment. Im 2 months in arrears.

Ive been reading various articles about GMAC recently however and it seems a possibility that they might file for bankruptcy themselves!

Could someone please tell me what happens to everyones mortgages if this happens to GMAC ?

Many Thanks

Ok Mariaefg thanks again and good luck

Hello ,just reading this thread and there seems to be some doubt where HBOS plc is located.

http://www.consumeractiongroup.co.uk/forum/halifax-bank-bank-scotland/68274-everlast111-bank-scotland.html?highlight=everlast111

In that thread above I asked where to send my Prelim letter ,could someone clarify if its Hbos Trinity roador Hbos on the Mound ?

Many thanks

Thanks guys ill get right on it and post back when i get a reply

Maybe try contacting the local or national press before you send them in

Would be fantastic if they were there at the same time

Hi everyone

I have successfully recieved my last 6 years bank statements from BOS and am now preparing the prelim letter to request the charges back (approx £2500)

Could somebody that has sent this letter already (im using the CAG template) to the Bank of Scotland please tell me to which address I should send it ? and to whom ?

I have looked through the site and found the BOS contacts page but dont know which person or address to send it.

Help would be greatly appriciated

Many Thanks