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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 payme
  3. 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 th
  4. 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
  5. 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 h
  6. shameless bumpety bump Any input would be appreciated - is this worth investigating or do you feel its a non starter?
  7. 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
  8. 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
  9. 8%!! - better than any interest they'ld get at a bank!
  10. 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?
  11. 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
  12. 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 pai
  13. 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?
  14. I totally agree it would be foolhardy to believe loans will be written of because quite simply they won't(dont know who said they would just dissapear??!!)However what is likely to happen is when the expenditure of the company becomes more than the intake of monies gathered on outstanding loans its at this point the company will be sold on and at which point significantly reduced settlement figures should be available.
  15. The staff in a few more branches have today been told they're to be closed. Slowly, slowly catchie monkey.... the end crawls nearer
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