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  1. 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
  2. Can a secured loan ever be Statute barred?
  3. 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 i
  4. 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 i
  5. 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
  6. 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 beca
  7. 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.
  8. Hi, I have just successfully completed an IVA and I now want to focus my attention on the secure loan that is attached to my property . This could not be included in the IVA due to the charge on my property. Details: 45k secure loan plus 140k mortgage equals 185k debt. House worth £160k 25k approximate negative equity. I want to be out of debt as quick as possible ie. get rid of the secure loan. I do not see a mortgage as debt as long as I have equity in my property. I would also like a bigger house for me and my family - have 3 kids now and had only 1 wh
  9. Hi, We have recently taken a steep drop in our family income and we are having to cut back on everything to survive. We have a secured loan which was originally for around £12k taken out in March 2010. The outstanding balance is now about £6k. We no longer own the goods the loan was secured on, and would like to know, what would happen if we defaulted on this loan? Thanks R
  10. Hi all, having read through a number of similar threads I thought I would start my own to seek some assistance. Had a GE Money secured loan for 64 months, £217 per month = £13888 paid to date. Borrowed £21700, owe as at January 2013 £21,800!!! I have asked them repeatedly why no capital has been paid back in 5.5 years and they cannot provide me a suitable answer. Received a statement to date, there have been £1243 worth of charges, of which half are solicitor fees and the rest £40 admin charges, £25 failed DD charges, £30 missing instalment fee charges, £30 default notic
  11. Hi folks, been reading about welcome and MKRR this afternoon as getting up to speed on this little issue I will have to resolve sooner or later. I took out a secured loan about 5 years ago with welcome and fell into financial difficulty a couple of years later due to sickness, no ppi. Debt has defaulted and ended and I have received Noa from Welcome and a company called MKDP LLP who claim to be the new legal owners of the debt. They have asigned MKRR as DCA and I have received a letter from them asking to make contact with them to resolve the matter. Im just wondering if I should be
  12. Hi, Hoping someone can help. I received a letter stating my PPI claim was being upheld, brilliant! I didnt make the application it has been instigated following my soon to be ex-husbands bankruptcy. I will be entitled to 50% of the claim so a bit of a bonus! Anyway how do I work out how much I could expect to receive, will come in very handy in relation to the debts he has left behind! I have tried to access the calculators on here, but I dont have excel access, it opens in excel but I cant input any figures. Is anyone able to assis me? Thanks in advance
  13. Hello everyone. I am looking for some help on a secured loan (second mortgage) with GE Money.... The loan was taken out mid 2005 for consolidation of credit cards.. Figures are: Amount Borrowed £44,800 fixed at 6% above base rate over 180 months less Broker Fee £500.00 less PPI £4800.00 (yes, we were told we had to have this in order to qualify for the loan!) Processing Fee £500.00 Amount Received £39,000 Monthly payments have been maintained to date, albeit many times payments late so there are loads of charges, (approx £3000 + interest on charges of £800!
  14. Hi guys and girls, i wonder if anybody can help me i'm looking for some finance by using my property i have for a secured loan of around £10,000 to £15,000, problem is i have poor credit. I own the property with no mortgage or debt owing on it. I did try a pawnbroker and although they will give a 24 month loan on a property with a very high interest they wouldn't do it for me as the property is in north wales and they only cover england. Any ideas would be welcome.
  15. Hi all, I have a friend who wants to get a secured loan agianst his house but he is unsure of which company to go with. He has a house with no mortgage on there, tenants living in the house paying rent each month they have been living in the house for over 2 years now, He also works full time and has been working for the company for over 3 years so has a stable income, with his income and rental income his monthly income is close to £2000 a month. The only problem he has is his credit score, he has two defaults agianst his name so i know he would probably get rejected by a bank
  16. Hi Everyone, I was looking for some advice on negotiating with a secured loan provider. We have a flat worth approx 80k - the mortgage is currently sitting at 70k and we have a secured loan of 23k From the sale of the property there will be a shortfall of 13k left on the secured loan - we have asked if the loan company can turn this into a unsecured loan on the same terms as we don't have any other savings etc to clear it off. We plan on renting as we can't afford to buy a new house so it is not possible for us to transfer the loan onto another property. They have said this is a poss
  17. Hi, I have a secured loan with paragon and a mortgage with Nram totalling £161K. I owe Northern Rock £118K and I owe paragon £43K. I am struggling to pay them both every month. I am basically paying two mortgages and I can't cope anymore. I have already paid Paragon £38K over the last 7 years and still have a balance of £43K so £35K of that is interest alone. Our monthly income has dropped and we have accumulated arrears in gas, Electric, Council tax and water as well as other debts. We can't keep up repayments for much longer so I have had the house valued
  18. Ive got a secured loan with Nemo personal finance that my brother has been trying to help me with, theres about £7500 outstanding from a £20k loan. My borhter offered them £1500.00 in full/final settlement but they have not accepted, he explained i could not make the repayments and that i was considering bankruprcy but that he was trying to work out a fair repayment to all debtors to save me from going bankrupt. They have now sent a letter to me saying that If I do not pay up they will issue proceedings. What im wondering is if i can bargain with them to reduce the
  19. Hi all wonder if anyone can help. I took out a secured loan several years back for £15k and have no paperwork other than an agreement number that is on an old bank statement. We paid off the loan when we remortgaged and moved house, is there a time limit as it is over ten years ago that I took the loan out... and if not presumably I will have to write to them for a copy of our loan agreement? Any help would be great x
  20. Dear CAG Desperately need some urgent advice on current predicament. Have been threatened with repossession from GE Money on a loan that I have secured on my property. I'm in arrears with the loan and as I've been unemployed for quite some time now, have not been able to get back on track with them. (reconsolidation loan for £20k, taken out in 2006). The mortgage I have on the property is with A&L and although I'm in arrears with them (and have just had an eviction order stopped), touch wood, a repayment agreement has been made (set by them) and I am now repaying each month what
  21. I currently have a secured loan on my house which there is about £37,000 outstanding. The loan had been taken out whilst I was still with my husband but since we are in the process of getting divorced he hasn't paid anything towards the loan for over a yr. I had been paying half the monthly repayments until I lost my job around xmas. I then got notification of court proceedings due to there being about £3000 arrears. I managed to borrow the £3k from a family member so stopped it going to court and agreed a reduced payment with them until the end of aug. The reduced payment has now fin
  22. Hi, I'm looking to re-claim the letter and telephone call charges from Paragon on a secured loan I have with them. Can anyone give me any advice please? I don't expect them to pay them back easiif anyone had any tips? Any ideas what template letter to use? Is the bank charges template suitable. Many thanks in advance
  23. Hi I am new to this so please bear with me. I have been trying to find out some information regarding Picture home loans (now Webb Resolutions) and the legality of the loan in the first place. I took out a loan with Picture back in February 2007 and fell into arrears within 6 months. Got back on track for a while but have been struggling for about 3 years now since my husband was made redundant. We have filled in at least 3 income and expenditure requests and have offered to make a nominal payment but they have ignored this and just want the arrears plus the normal monthly payments.
  24. Hi there everyone, as you can probably tell I'm new on here, don't want to bore you with too many figures etc so will try to keep it short........here goes A few years ago I made the grave mistake of taking out a secured loan with Welcome Finance, recently i have struggled to pay them but always wrote to them to inform them of my outgoing and incomings. I currently have just set up a debt management plan which has really helped with the unsecured debt but obviously Welcome finance is a secured loan and they won't care about this. I am an honest hard working person who doesn't want to
  25. How can I find out if Welcome actually have a charge on my property. I have a loan with them which I have been unable to service for some time now and have not had a great deal of contact from them. It appears on only one of my credit reports also
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