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kowalski72

Repossesion,Welcome and debt.Long first post

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Hi folks, I'm new to posting,although I've been reading these forums for some time now. I've now decided that things are on top of me and its time to do something.People on here seem to go well out their way to help and advise,so I thought I'd give it a go.

Myself and my wife married very young,and had 3 children, my eldest is now nearly 15.I have always worked,as a mechanic,but mechanics,until fairly recently were very poorly paid,so raising the kids etc has always been a struggle.We have had various loans over the years,along with various windfalls,which have gone to pay back the loans! We have been in our own mortgaged house for nearly 9 years now, but are in about 5 months of arrears,along with a secured loan,which is the same.These arrears really started when my wife and I split for a short time,mostly due to the pressure of the money problems.We sorted things out,and decided that we both want to stay together,and need to get our lives sorted out.

Both lenders have applied to the court for repossesion,and we have agreements to pay in place,but being honest with myself,these are too much,and being totally honest,the normal repayments are too much- nearly £900 a month. We have basically resigned ourselves to giving up the house,and going back to renting.I want to just send the keys back,the house is worth around the same amount as the outstanding balances,and nothing is selling in the area at the moment.I know this isn't that easy, but I just want to get some control back I'm absolutley worn out after years of sleepless nights trying to juggle finances to pay bills, and have been caught up in the payday loan trap for nearly 2 years now...I've had enough of phonecalls and harrassment,and for my family's sanity and well being something has to be done.

 

The other problem I have at the moment is with Welcome Finance. I have had a few loans with them over the years,and have paid them off early each time. I took a loan out about a year and a half ago, and repaid about £165 a month. I was struggling with this,and during a phonecall they said they could drop payments down to £90 a month. Of course I agreed,and was happy to be in the clear again for a bit. I have never recieved anything in writing from them,but I believe they have started another loan to pay off the old one. I have no idea of the amounts etc,and didn't sign anything at all. They have been calling me non stop as I was supposed to pay them on Friday, they have called my work numerous times,and getting me in trouble with my manager.I do have this months payment,but don't know what to do,as I believe I'm being taken for a ride,and also very annoyed about being called and texted at work.

 

I'm on a fairly good salary now, and my wife works part time,along with recieving tax credits etc. We aren't seeing any benefits of this,and can't face being in this position for the next 18 years.. Can anyone offer some advice?

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Bumping this post for some of the Welcome experts... sorry but there isn't much I can help with... maybe Ell-enn could look in about the reposession side as you have children.

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