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RALALU

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About RALALU

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  1. Just a quick update. Received a letter from my Mortgage companies solicitors on Friday of last week (was due in court this Monday) stating that they have dropped the case or rather its now on hold on the premise that we maintain our current agreement which has been in place for the past 3 months...just a shame they couldnt just agree to this a month ago rather than having to issue proceedings and the added worry it brought Ell-enn - Thankyou for respnding to my questions and offering advice.
  2. Thanks for responding Ell-enn. Ive had a read through the guides and will complete my N11M form today (im actually in court next Monday so hope this will be ok timewise?). I intend to complete the form online , so I assume I can add / upload appendix letters when doing so? Also as an additional point , I paid my mortgage payment on Saturday plus the additional £100 and the advisor I spoke to at my mortgage company then proceeded to re set up an agreement for the amount id be proposing to the court anyhow plus reset up the direct debit as I had been paying each payment via card payments over the telephone ( my mortgage company stated that they were unwilling to set up any future arrangements as previous ones had been broken and that's the reason for issuing the court proceedings but now that they have again im really confused as too what is happening?? Ive made the same payment for 3 months now so arrears have dropped by £300 and if they have agreed to the repayment scheme would it not be deemed as a waste of the courts time by the judge for taking me there??)
  3. if someone could offer some guidance, advice it would be much appreciated
  4. also fogot to add that for the previous 3 months ive paid the normal mortgage amount plus the extra £100 im proposing so there is some evidence that this is manageable plus at no point in my time on arrears have ai been offered any options such as putting the arrears on the term of my mortagge or going to interest only for a period of months until the arrears is cleared. Any advice would be really appreciated as I'd like to complete my defence form and statement of earnings / outgoings tonight. Also
  5. Hi All Please could you urgently assist before i worry myself into an early grave In one weeks time I have to attend court as my mortgage company is seeking possession of my family home. Im currently 2 1/2 months in arrears totalling approximately £1200. I have had past agreements with the mortagge company which have broken for one reason or another, ie boiler breaking, car needed fixing and with feeling under pressure to agree to unrealistic repayment schemes. A couple of years ago the arrears were 6 months so slowly but steadily they have been coming down although there have been months when things have happened when ive not been able to make a payment as we have no savings for emergencies such as stated. Please could someone advise what is likely to happen at the court, is the judge likely to allow me to set up a repayment plan for the arrears, id be proposing an extra £100 / month so could clear the arrears in 12 months ( theres approx 16years left on my mortgage). Also whats the likelihood that the judge wouldn't allow me the time and agree to repossession, just for added info i'm amrried with 2 young children and have no where else to go?? Worried sick, please advise.
  6. Hi Jollyjojo, Sorry to hear about ur predicament but at this point please do not worry too much. Branch managers can no longer offer reduced payments or final settlements however they will hassle you to get as much as you can physically pay to try to continue to meet their targets (as their job role entails!) My advice would be to pay what YOU can afford and the next time the branch phones you flatly refuse to talk to them and tell them that you will only speak to head office going forward. They WILL ring you several times but you must stick to your guns. Once your arrears meet 6moths you will be passed to the head office which is what you want. Head office will then request your income / expenditure off you, i know several people say dont respond and legally at this point u dont have to but i would,if you show you have enough disposable income to pay around 40% of the normal monthly payment they will then accept and amend your payments to match. Now here comes the good part, whilst your account is at head office all interest payments will cease, they will tell you this over the phone but make sure that before you agree that the revised lower payments are acceptable they send you written confirmation to confirm this. Basically this then means that although you are paying less a month, with the frozen interest the term of the loan will not increase by any significant time. (The people at head office realise that anything is better than nothing and to be fair are generally far more sociable creatures than your ickle branch managers.)
  7. The branches can no longer extend terms, reduce monthly payments or freeze interest, HOWEVER, this shows the incompetance for welcome as if u wait tunill such time that your loan gets passed to their secured collection centre (normally 6 missed payments) then all interest is instantly stopped and you will be asked to complete an income / expenditure form. So long as your figures show that your incapable of making your normal monthly payments they will accept your reduced payment proposal based on your disposal income. Sould u decide to stop paying it may be worthwhile in placing what u would have paid into an account which could then be used to show willing to make a first larger payment than norm before settling into a reduced payment scheme with no interest for the duration of the loan and thus saving u 000's and placing you in cotrol to pay only what u can afford
  8. shameless bumpety bump Any input would be appreciated - is this worth investigating or do you feel its a non starter?
  9. Hi All, Just been having a look through my old finance agreements with Welscum and all agreements (secured loans) appear to be variable based on the LIBOR rates (for those not in the know the interest rates that banks lend money between each other) Now my question is this, if the above is correct and with the credit crunch that happened over the past few years surely the LIBOR rate (as per interest rates) have reduced and if so was joe public informed and their monthly payments rightly reduced - has this happened for anyone? Anyone / MODS can you give some feedback on this - if LIBOR did reduce surely people can reclaim the savings not passed back to them OR would the fact that Welcome never did this is and the fact that it is stated in the contract then completely invalidate it?? hmmmmm
  10. They have a compnay meeting at the start of Feb where they will confirm if they have enough votes for the company to buy of each of their share holders for 1p per share (There shares were worth over £3 each at their peak). Once the deal goes through and unfortunately it will, the company will then reform under the new name Bovis - debt will continue to be collected until the point where its more expensive for the company to continue to collect then they recoup (they are already £1billion in debt) at which point its anyones guess what will happen - personally id be hoping for administrators but we live in hope. My own personal view is they will go to the wall eventually but will then re rise again like a pheonix from the flames. Directors will stay the same grabbing their huge salaries, all companies debts will be wiped (wish joe public could do the same) and they will begin lending again under stricter criteria.
  11. 8%!! - better than any interest they'ld get at a bank!
  12. Hi Tam, Can you give a few more details, was the loan a secured loan or for car finance. If for car finance did welcome then apply for a charging order on your property? If secured, was it agreed that you would increase your payments over a period of time to remove the arrears?
  13. Hi Billy - when you said your loan was for 18k was that inclusive of welcomes interest rate or is that solely the amount of the loan? - if solely the loan i think you'ld be lucky if they would do the norm and offer you the std 50% reduction as you would have only paid 2/3 of the original amount out and no interest back. I know its not great news - have you tried entering into a repayment scheme with salans or are they now after the total amount outstanding or nothing? Also is their equity in your property, if not and you can provide the solicitors with a couple of valutions plus mortgage outstanding details to show that if they did repo they wouldnt recoup their losses you may have slightly more wiggle room in regards to what they would accept
  14. nioclik - this highlights welcome stupidity, at branch level the most they can reduce the debt by is 35% but should you ''choose'' to miss 6 payments your loan can then get transferred to solicitors where the reduction is generally increased to 50% - therefore penalising the people who pay on time every month. I would never condone or suggest anyone does this but i have heard of people not paying for 6 months (not blowing the money that should have been used to fund the loan but keeping it to one side), waiting for the loan to be passed to the sols, offer to be made of f50% and loan to be paid of in F&F. If the offer wasnt forthcoming the money placed to one side would have been used to bring the account back upto date. The mayor downside to this is though is you have to be prepared for the constant calls and letters and the payment (or lack off) markers on your credit file and then be prepared to reclaim all the charges they would have applied!
  15. Billy Goat - Welcomes normal protocal is when an account gets passed to solicitors the settlement figure gets reduced to 50% of the outstanding debt - in your case 9K which is still a large amount. How many payments have you missed, how much are you behind and is the loan secured / unsecured?
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