Hi, This may be an odd question but here goes. I have a CCJ instalment order which I pay £40 monthly, and they also got security on my property for 9k when Restons took me to court for unsecured credit card which I did try and fight but they got security and an instalment order. Now I am at a bit of a crossroads as I dont live in the house, it was rented and I was going to sell and may have a potential buyer. I am now thinking of moving back in the house as the equity may not be enough to repay my other debts and would want to come out debt free, however if I sold but would be about 2k short. So my question is if I rang up the lovely Restons and said I will sell the house if you pay me back 2k otherwise I will move back in and pay my £40 til eternity what reaction do you think I would get (I am a single parent so unlikely they could force sale if I moved back in the house) Is there any negotiation after security granted? If anyone could offer advice it would be appreciated.

Hi, First time posting and hoping for a little advice. Just had a letter land on my door mat from Credit Solutions Ltd with regard an £80,000 secured debt with Barclaycard Secured Loans. No other details apart from the usual "give us a call, we are really nice and helpful". the property that this loan was secured against was repossessed over 5 years ago ( I won't go into details as it was the same story for a lot of us back then). I have sent off the prove it letter and am awaiting a reply. I cannot actually remember the amount that was outstanding and think that the sum quoted is really high? I have no paperwork relating to the loan and even though I had contacted them years ago about being made redundant and unable to afford payments on both the main mortgage and their loan, I heard nothing back until last week through this DCA? I am not sure what I can actually do about this but one thing they cannot do is kick me out of that house! I have no fear of the DCA's and cannot be intimidated with silly threats. What I would like to know is what my next step should be? As I say the loan is no longer secured, I have no possessions as such, not much money left at the end of the month etc and was wandering what they can actually do to me? Thanks in advance for any advice you may have. Cheers

Hi. I'm new to this and I apologise that this isn't in the right place to post a financial question but I watched the video and still couldn't work out how to post properly. Sorry! Please can someone give me some advice. I really need some advice regarding my whole debt situation. I am in a current CCCS debt management plan for a series of Payday loans I took out over recent years. I was told that CCCS didn't get involved with secured loans but have an issue with a GE loan I took out in 2006 and I need help!. The original loan amount was £35,000. Because I missed some payments when I was ill and off work for over a year, they took me to court in 2009 and I have an arrangement to pay, which I have kept to despite significant pressure from them to increase my payments. I am currently paying £400 per month. I have been paying this (with about 6 missed payments) since 2006. But the debt is now over £40,000 and I am being charged £50 per month in Administration charges and £450 in contract interest charge. What is contract interest???. I am drowning in this debt and with charges of £500 per month will never get back in charge of it. All these arrangement are 3 month 'temporary' arrangements as they won't enter into a long term arrangement with me because I cannot offer enough. I desperately want to either address this debt and reduce it (if its not right for them to charge this much) or re-mortgage and have a single monthly payment I can afford. I am not looking to avoid my responsibilities.. .I know I took the loan out and I am responsible for it. But do I have any other options?. I have a poor credit rating and I don't know where to turn. I have excellent pension provision (I listened to my dad when I was 17! )... but no money now and my life is just so stressful. If I could could just get on top of this debt, I could start to live again. My house is worth approximately £120,000 and there is £70,000 left on the mortgage. I'm so scared to go to financial companies because I know that they all take commission and I just need to know what's best for me. Please, please help me.

Hi, I'm new to the CAG I'm I am sorting out a similar situation where ocean money have passed a secured loan through to reliance property loans and I want to offer them a lump sum to get rid of the loan. Two questions I'm wondering if the poster had any success with offering them a percentage ? also more generally, whether that approach usually works ? thanks in advance...

Hi, Im new to this forum so looking for some guidance. Me and my partner took out a First Plus loan back in 2004 for £55000 at an APR of 10.5% over 300 months. We took out the optional Payment Protection Premium which came to £13469. We had been paying this off at monthly payments of £623. Due to other financial difficulties with my wifes redundancy etc..we defaulted over the years and trying to pay the installments ontime was difficult due to FP's variable interest rates, and the monthly installments kept going up to about 700 per month. We have received a letter from FP looking for a payment plan and they say that we now owe £79,500 which includes outstanding arrears and current interest rates. They are asking for £800-900 payments per month which I just cant afford, I am very worried now that they will call for an eviction notice. I was hoping that I might be able to claim back the PPI, reading some of the forums I have downloaded a PDF copy of SAR. I was thinking if I claim back some PPI on the loan it might decrease the amount I have to pay to a more acceptable level. If anyone can give me any guidance on this I would be eternally grateful. I feel as if im at a brick wall and really need help. I am in full time employment with a hard working wage to see my family through but getting sucked dry by these FP people. My loan is now in the hands of TLT Solicitors. Kind Regards Alan

...we are having a little bit of temporary trouble with affording the mortgage ( a long story I will post up later when I have more time) but was wondering about being in arrears. If I paid 50% of the mortgage this month, being the most I could afford at the moment, then 50% next month, would I be 2 months in arrears, having only paid half what I should? That being so, if I pay nothing next month, then a full payment the next month after, would I not then have just been 1 month in arrears, and now up to date? Just seems a quirk of the system. Probably wrong... anyone know?

Hi everybody, I just joined today and this is my first post: Can my father still claim the PPI back on that loan - it was £2,700 and added to the loan from outset; so total loan amount was £29,700. I have seen some claims companies that go back 15 years. Also he had a £5,000 personal loan with midland/hsbc in the early nineties with £970 PPI added - despite the fact he banked with midland bank for 30+years as a self employed person. Any help much appreciated.

My husband and I took out a loan (secured) with our friends at Welcome in 2006 for £10,000. We have had our PPI refunded already. We have approximately £4500 left on the account which is in default and with their "last chance saloon" department so no further interest is being added to our account. We are meant to be paying £220 per month, but at the moment are experiencing financial difficulties and they are not willing to help. My husband is highly likely to be made redundant in February and will be getting a payout which we intend to use to clear some debt, this being one of them. I have been paid today and after paying everything am in the red by about £200. I have spent most of the day negotiating with everyone I owe money to in order to get reduced payments for the next 2 months as I should be in a better position in the new year as a few debts will be finished. The last time I spoke to an account manager at Welcome they told me that the next step is to get an attachment of earnings on my salary and that was that, really quite an upsetting conversation. Now I do know that they have to take me to court etc first but with my DD due out on Monday has anyone got any suggestions of how to deal with them. I have 3 children and need to live but though I have dealt with PDL companies, this lot intimidate me

Hi, Im not sure this is in the correct category - please be kind i've not written on here before. In July 2007 my husnad and I took out a secured loan on our home - which we couldn't afford but needed and there wasn't enough equity in our house so now in hindsight we dont think this was responsible lending. We have asked for a settlement quote and on an origonal loan of £29,000 after paying £24,000 already we still owe according to the company £23419.... scandalous. We have written to the company and complained about this and they have as a good will gesture told us they will waiver our accrued interest charge and admin fee if we did decide to settle. They also stated because our origonal lenders went bankrupt and they bought the loan (prope for 10p in the £) they cannot comment on wether it was a responsible loan or not. Is it worth taking this further or shall we just cut our loses (get an unsecured loan - our credit is now good) any advice on this would be gratefully recieved. Thank you

Hi, Just a quick question. Is it legal for a company to continue to charge interest on a secured loan after the person who took it out has died and they have been informed of this? Thanks in advance.

Hi all, I could do with some advice on our secured loan with First Plus which is for £30 K (plus PPI of £8K ) taken out end of 2003. Firstly we are having no luck reclaiming the PPI, we have been trrying since 2007, FP claim we bought loan and PPI through broker Central Trust even though we were an existing FP customer at the time and got a call from who we thought to be FP offering a further advance on loan, we were deceived into thinking we were speaking to FP when we were not !! FP will accept no responsibility for PPI as sold through Central Trust ( even though they must have given them our info as they called us!) Central Trust were not regulated at the time so wont do anything, we still have an official complaint with fos which is now being fast tracked due to hardship but FOS have already told me it is very unlikely they can help as they have no jurisdiction !! Shortly after taking out the loan I became ill which then got worse and I am now disabled and my husband is my fulltime carer, we have 3 kids and our house has been specially adapted for my disabilities hence why we really need to stay here. We also have a main mortgage with Barclays which is up to date. Over the last few years we have awful problems meeting the monthly payments and the account was passed to and fro different debt collectors who just kept on telling us to make reduced payments etc and in the meantime we heard nothing from FP, no statements or letters about arrears or how we would pay them back etc. 2 years ago we started getting some help with mortgage interest from DWP so we have since been paying our full monthly payments plus some off arrears and again heard nothing from FP to say this wasnt acceptable . In June this year completely out of the blue we got a default notice from them demanding we pay them back the arrears of £8000 etc, I called them and for once spoke to a very nice lady who set up a proper arrangement to pay our monthly contractual amount plus £130 per month off the arrears, this would clear the amount in approx 2 years, they would not consider spreading it over alonger period !! we are now paying more for this loan than we are our main mortgage for over £100k !! We have been paying it as arranged but we had a hiccup last month as we have absolutely no savings or credit cards etc and needed to buy kids school uniform for them to be allowed back to school I called FP spoke to a lady who said thats fine as long as you pay by end of week you wont break arrangement (they claim she said to pay by the 5/7 which was a thursday but I am sure we agreed end of week and I paid on 7/7) the account is now up to date until end of this month. To our shock we then got a default notice dated the 9/9, thinking it was a mistake I called them straight away, really horrible woman said it was correct we had broken agreement and there was nothing she could do and that our account had been sent to Eversheds, their solicitors who would be seeking a suspended possession order, she refused to put me through to manager or even the complaints dept I have raised an official complaint on the grounds that it is very unfair of them to do this to us when we had notified them, they agreed and we paid when arrnaged, so far I havent heard back from them. I am beside myself with worry and my health is being really affected by it, not only does it seem that due to the fact we were lied to by FP and contacted by an unregulated broker we are stuck with the useless PPI and all the interest charged upon it, but now they seem hellbent on repossessing our home! We have infact paid them over £1800 off arrears since June as we also gave them a lump sum of £1500 we borrowed from a family member, arrears are apparently £6400, there is no way we can raise that kind of money but can happily continue the current arrangement, what do you think the chances are of a judge granting them a suspended possession order when we are not saying we cant or wont pay, I wouldnt care if we just didnt bother too ask them if it was ok but we did !!! Any help very gratefully received, thanks so much everyone

Can someone tell me please if a Welcome Secured loan, which has never actually been secured on the property, can be treated as unsecured. I have recently discovered that my secured loan is not recorded on the Registry anywhere. I have not made any payments for around 4 years and apart from a few threats not a great deal of contact

Hi have got two secured loans with ge , both over 10yrs both insured but only for one of us ,and they only insured them for 5 years.the time is up but we still owe a lot of charges , can they try for possession thank you

Hi, I am new to this forum and wondering whether anyone can help. We have a Secured Loan which is subject to a possession order which we are now in a position to repay in full. What do I need to get the bank to sign or acknowledge to say that they accept the payment as full and final settlement of this Judgment Order? Is there a particular form I should use. I don't want to pay them anything unless they acknowledge that this will settle the matter in full. Does anyone know of a proforma I can use. Thanks, Mags

Hi Guys I was wondering if someone could give me any help/ideas/info.... I will try and keep it as short as I can with as much info as I can remember.... I have had a couple of BlackHorse loans in the past which for one reason or another got topped up or rewritten. I think these had PPI on but were a long time ago 10-12 years maybe. The last time I consolidated was perhaps 7 years ago I removed any PPI on the loan but they did request that it be a secured loan which they did. I think it was between 12000/150000. I paid for a few years then I lost some income and stopped. They sent me letter for a while and kept adding interest which ended up being more than my original payment. I couldnt afford to keep living in the house so moved out and rented it out and into a flat. The rent covers the mortgage but nothing else really. I have heard nothing for 18 months now. no calls letters nothing and while I had it in the back of my mind I just (foolishly) did nothing about it. I have received a statement last week dated July 2013 off them saying the balance was now 270000! the last activity on the account from this statement is from August 2011 at which point they were adding almost 500 a month in interest which looks like it stopped in August 2011. There doesn't look like there are any other movement on the account since then? but says the balance is as of July 2013. Im not sure what has happened between 2011 and now? Today I received a letter of assignment to Marlin Europe asking to contact their solicitor. It says they have the title interest benefits and security (i.e the charge on my house?) Im not sure what to do now? My income currently is over 80% less than I used to earn and I take home maybe 600 per month now total so there is no chance I can afford really to offer very much at all. Certainly not for the next 12 months or so. Can/Will Marlin now start adding interest? My house has no equity it in my mortgage was a 95% interest only and my house price dropped because of the market soon after I bought it so there is absolutely no equity in it which would be easy to demonstrate. But how likely and hard are Marlin likely to push me now? What are my options? what can I do? As I hadnt had any contact I never pushed any PPI but there would be some from older agreements but im guessing its from too long ago to do now? and as the agreements rolled from one to another I wouldnt have any idea if/how to do anything? If they went for a possession order would they get one even tho there isnt any equity and in fact serious negative equity? Will my Tenants find out anything? Sorry for all the questions just really scared me. My own foolish fault I know. Any advice of what to do would be really appreciated. Thanks.

Hi we took out a secured loan with welcome for £10k a few years before 2005 this was when my wife had a brain tumor and we both had to give up work we carried on paying the loan for about 18 months more by this time we owed just over £10,k. we were finding it hard to make payments we spoke to welcome and they agreed to rewrite the loan at the balance it was at with no interest on it we are know paying £92 per month to try and pay it off, they have 3 times applied interest and 3 times i have fought it and got it refunded but i am fed up with them now ringing all the time how can i find out what i have paid how much i have to pay and because of there messing us around can i get this account put into any disagreement or anything like that. Also when they rewrote the loan they did not change the charge on the house with land registry. Any help would be great. Thanks Dave

Hi. I am a new user and would really benefitfrom any help and advice. Thank you. My name is Ian, I am married and with my wifehave been directors of 2 limited companies for many years. Company A for 10years and company B for 5 years. Each company had its own overdrafts with thesame bank and were run simultaneously. Our personal finances are a small mortgage, (40k)a small loan (2k) and a small overdraft (2k) all fully and properly servicedwith no failings or defaults at all. Indeed, these are still being serviced, ontime and as per agreement as we speak. Company A's overdraft was in the region of20k and company B's was in the region of 10k. Both of these were secured onPG’s. During the bank’s good times, funds were often offered without beingasked for. Now with things having changed for the banks as they have, with theawful bad press they are currently receiving, the bank withdrew its support, inmy opinion, without due care and attention and without proper negotiations.This made the running of both companies impossible and company B was liquidatedat the end of January. With trading for both companies being predominantlyseasonal, the bank wanted to reduce the overdrafts at an alarming rate, at atime when historically, we have little or no income. During the last negotiations with the bank Imade it clear that the removal of support at such a critical time would dountold damage to both companies’ finances and that of our personal. Following a final phone call the bank it wasagreed that they would only take 2k and the rest later. This was never done andon 24th December the bank called in 7k from one account and wantedto take 3.5k from the other before any substantial income Despite my protestations, the bank went aheadand withdrew its support. As it stands, we are on a debt management programmewhere all personal credit cards and our personal overdraft (2k) are beingserviced by an agreed amount. Our personal mortgage (40k) and personal loan(2k) are currently serviced and in order. Without success, we have tried to makecontact with the bank to commence negotiations with a view to offering arepayment schedule for both the limited companies. It would appear the bank wouldprefer to put all accounts together in one pot whether they are in default ornot. This I am loathe to do. Indeed, I am meeting great resistance to preventthis. The fear of losing our home is making me and my immune suppressed wifereally very ill. Satisfactory arrangements have been made forthe repayment of the personal overdraft, the personal loan and the mortgage butthe bank continues to harass for payment. On the 11th January I instructedthe bank to cancel all standing orders and direct debits from all accountsuntil further notice and still they continue charge us for failed paymentshaving not cancelled them. Despite continued efforts to inform the bankof our dilemma, they continue to absorb BACS payments from customers trying topay the liquated company in error. This is not showing on the bank statementsas this account is in the hands of the receiver. The bank has continued toinsist that it takes time to close the account despite the receiver havingcharge over it. So, I am desperately seeking 3 separatepieces of advice to my issues, please. Issue 1. The bank has prevented me fromcontacting a responsible person to discuss my unsecured company debts with and,I feel this is an attempt to secure a default allowing them to follow adifferent course of action. How does a default change the status of my debt andto what end? Issue 2. If, as I believe, the reason for the bank trying to group myloans together is the fact that my good loans are secured and my bad loans arenot. How do I prevent the bank from doing this? Issue 3. In view of my belief that the bankacted irresponsibly by removing the increasing overdraft when it suited themand not the service user, I feel I have cause to consider a court actionagainst the bank for damages. How do I quantify and start such a process?

Hi, I'm hoping someone can give me some advice here. I'm currently trying to help my dad sort out his debts. The main thing he is having problems with is Welcome finance. Him and his then wife took out a loan secured against the house about 7 years ago. they have been making payments every month until a year ago when his wife left. My dad was then left trying to pay the mortage, loan, and all other bills. When the wife stopped paying anything he called Welcome and told them he wouldnt be able to pay the full payments each month but the house was up for sale so he would be clearing soon anyway. He has since then had nothing but problems from them, they have refused a payment agreement, they keep increasing the amount he owes by more than a months payment each time, they constantly harrass him at home and work-one day they called while he was at work 6 times in an hour and every time I told them he was at work!. He told them last week he has accepted an offer on the house so he will sort everything out soon. Their next move was to contact the estate agent the house is with and try to get details of the sale from them -even told the agents who they were and why they wanted the info...data protection?- Personally I feel he should offer them a settlement amount and hope the accept to just get rid of them. Is there a best way to do this or a certain amount anyone thinks they will accept? Any other advice for dealing with these guys? The seem to be complete cowboys? Should I write direct to head office or to the branch he has been dealing with?

Hey everyone I'm new to this and really need some help! Please direct me to the correct place if needs be! I took out a 'secured' loan with Welcome in April 2008. I put the word 'secured' in inverted comas as i recently went to the land registry office to see of there are any charges on my property and the only charge is my mortgage provider! Since taking out the loan, every payment has been made on time until January 2013 when my husband lost his job. After doing some jigging about with our finances, my husband looked at my credit agreement and statements etc from welcome and saw that they have charged me for things I said no to on the original credit agreement such as healthcare, etc. This loan is in my name only as I took it out before even meeting my husband. I decided to send a SAR and received a letter saying they aacknowledged my request and would be in contact soon. Yesterday I received a letter saying they need me to verify my ID which I find strange as they have always communicated with me at the same address. I'm wary of sending a copy of my passport or driving license as I read on here that when SAR'ing Welcome, you shouldn't sign with your usual signature as they are fond of scanning it and using it without your consent. Not sure what to do and need some advice. My husband thinks the agreement is unenforceable and this is what we want to look into hence the SAR in the first place. Please help me!! Madison's Mummy

Can a secured loan ever be Statute barred?

Hi there just wondered if there is any advice out there ,my husband and i got a secured loan in january 2006,it was a consoidation loan,we had no ppi has my husband had medical problems and retired through ill health i didnt work at the time due to anxiety and depression ,our only income was benefits and my husband had a small ocupatinal pension,the money we borrowed was to pay sill debts we was charged a fee too . the total ammount of loan was 30,684.81,we owe around 16000 now we are struggling with the payments and asked if i could lower them ,but was told we couldnt,could anyone tell me if we may have been missold this loan and what we should do thankyou

Hi All My wife and I are in the position of many others on this and other forums who wilfully and short-sightedly took out a secured loan with Welcome Finance, in 2007 to start with. The original loan was for £8000, we then inceased this to £12,000 in July 2008 with a refinance, not thinking about the consequences of the high interest they charge, and blissfully unaware of the arcane ways they work out the interest. Suffice to say, over the last year or so we've had various financial difficulties and this loan has become very prohibitive. We feel that the amount the are charging us is extortionate to say the least - by my working out, we have paid them approx. £18,000 since the loan started, and if we continue the payments as they are it will be another £15,000 before it's done with. The payment of approx. £260 per month is far too high but I'm concerned that a) they won't be very amenable to reduced payments and b) even if we do reduce payments for a while, we will still end up paying more than ever because the amount of interest we'll have to pay will only increase the longer it takes us to pay off. Indeed, 3 years ago we defaulted on one payment, which we later caught up with via overpayments, but for a while the amount we owed them was actually increasing, even though our payment amounts stayed the same! I doon't understand how that can be legal!! Anyway, to get to the point, do I have any way in finding a way out of paying what they say I still owe? I know there's no PPI on the agreement, and it looks like the acceptance fee has not been included as the credit element, so no comeback there. I do know that they increased my interest rate wityhout giving 14 days notice under the terms, and the interest rate has increased from 24.5% to 31.29% - can they increase the interest rate this much? If anyone can help with this, please get in touch on this thread - we are losing the will to live with this abominable loan, we have a young daughter and I recently lost my job so suffice to say we are in dire straits at the moment. Thanks for anyone who takes the time to read this and offer any advice/solutions - there may be no easy or simple way out for us, but you never know unless you put it out there!! BR S.

Hi, I really need some advise please re a loan secured on my home. It was taken out 5 yrs ago, still 5yrs to run. It is in mine and ex husbands name, but secured on my home. He was paying in full up until 1st March, and suddenly stopped paying - and since then I have had numerous calls and letters from them. I have agreed to providing an income/expenditure, which will show I am unable to make any payment ( just lost half my work hours, and struggling to survive). Question, should I talk on phone to them, or ask to correspond through letters? I am already feeling pressurised by them, and only 1 payment missed so far. Is any small offer of payment beneficial? Any advise would be appreciated, many thanks.

I posted another thread but I really need information at the moment, I have spent the last two days now trying to figure stuff out. I had an eviction hearing yesterday for a secured loan with SPML it was originally taken out through Ocean finance 7 years ago for £6000. Due to ill health I have fallen way into arrears they stand at the moment at £2300 and the charges are now standing at £9500 yes you read right... they tried for possession for arrears of £11,800. The judge was horrified at the amount of charges on the account, and said so to their solicitor, but he said that because the loan was governed by the Consumer Credit Act that they were intitled to ask for the whole amount. The judge said to me that something had to be done about the amount of charges on the account, he gave me breathing room to pay off the arrears at £25 per month but for the next three months, by that time I should have the money to actually pay off the arrears in full. Now the trawling about.... from what I have read the secured loan comes under the OFT because its under £25K and the date it was taken out... I have looked at the second charge lending guidance and its rules... I obviously need to do something about the charges, they are actually standing £3500 more than the original loan was Now the help, I really dont know what how to start to handle this, I need some help because the MCOB rules dont actually apply here do they? Is this the same sort of thing as reclaiming credit card charges? are the charges lawfull? Can somebody please help get me started on this thanks

Hi, I have an flat in UK which is in huge negative equity. I moved to US a few years ago. I am not able to pay the mortgage anymore and I am planning to give the keys back to the bank and apply for bankruptcy. I understand that mortgage is a secured debt. Can I apply for bankruptcy based on the negative equity on the mortgage? Will that be written off in bankruptcy? Or should I wait for the bank to sell the house and send me a shortfall notice before applying for the bankruptcy? Thank you very much in advance.