Secured Welcome Loan - Help!

[postggj]

You Bet Important

 

Prescribed Terms And All That

 

The Error On The Apr Can Be No More Than 1%

 

Checking Agreement Now

[emandcole]

Thanks Post. How's the recovery anyway? All good I hope?

[Gram1]

also, the payments have gone up twice since i took this out in 2007 so the monthly payments are now higher as i think they have increased the APR twice.

[postggj]

My God

 

Thats The First Welcome Secured Agreement With Out Mortgage Indemnity Fee

[postggj]

Thanks Post. How's the recovery anyway? All good I hope?

 

 

THANKS

 

GETTING ABOUT MORE NOW

[Gram1]

thats bad for me isnt it? typical, it would have to be me.

[postggj]

Was The Agreement Signed At Home (confirm)

How Long After You Signed Were Funds Transfered Into Your Bank Account

 

After You Signed Were There 14 Days With No Contact With Welcome

[emandcole]

Gram, if the loan is secured did you get a quiet period of time to consider the loan before accepting?

 

I believe Post is clued up on this but I believe the creditor in such cases needs to stay away from you between the loan offer and your acceptance in order to ensure you are not pressured into taking a loan secured on property. Perhaps Post can comment when the apr check is done. If it's out then you'll be a happy bunny. The apr can be under by 1% but not over by more than 0.1% I think, something like that anyway.

[postggj]

thats bad for me isnt it? typical, it would have to be me.

 

 

BAD

 

TOTALLY THE OPPOSIT

 

THIS IS LOOKING LIKE A BAD AGREEMENT BUT NEED CONFIRMATION

[Gram1]

Gram, if the loan is secured did you get a quiet period of time to consider the loan before accepting?

 

I believe Post is clued up on this but I believe the creditor in such cases needs to stay away from you between the loan offer and your acceptance in order to ensure you are not pressured into taking a loan secured on property. Perhaps Post can comment when the apr check is done. If it's out then you'll be a happy bunny. The apr can be under by 1% but not over by more than 0.1% I think, something like that anyway.

 

Unfortunately the one thing i do remember is that they did give the cooling off period before they would pay out the loan. I remember this because they kept sending out our quote and we didnt receive it so they had to keep resending it and they said the cooling off period had to start again each time they resent it

[Gram1]

BAD

 

TOTALLY THE OPPOSIT

 

THIS IS LOOKING LIKE A BAD AGREEMENT BUT NEED CONFIRMATION

 

Oh good. i hope so Not sure what the apr thing means but hopefully that is another good thing.

 

Also, i blacked out the address on the agreement before posting it, but i just noticed when i did this that the address is actually wrong. The 1st line of our address is correct, ie the house number and street, but the town&city are for somewhere in Wales i think - I live in Scotland. I think this explains why we didnt get the paperwork a few times originally (see previous post).

[emandcole]

Congrats to Post on achieving 12,000 posts!

[postggj]

Emandcole

 

Seems We Are On The Same Wave Length

[postggj]

Did They Send A Pre Contract Agreement

[Gram1]

we signed it at home and yes i do remember them giving us the cooling off period (see previous posts regarding not receiving the documents several times)

[postggj]

Gram

 

I Have Enough

 

Ime Going To Do A Letter For You

 

Check Back Tonight And Decide How You Want To Play This

[emandcole]

Same wavelength for sure but only because I remember one of your older posts explaining this to another Welcome customer. As such my understanding of this is not as comprehensive as yours, I merely know the basics. Had a secured loan myself actually with our mortgage lender Abbey.

 

I checked the paperwork and saw from the date of their letter offering the loan to the date the money cleared into our account (after they sent the cheque) was literally nine or ten days, all extremely rapid. I wrote to them about this and they stalled for a bit before stating I was incorrect about the cooling period. Not too sure where I stand actually but something I resolved myself to find more about. Keep getting distracted with helping people though!

[postggj]

Its The 14 Day Cooling Off Period

 

They Have To Do It By Law As Is A Secured Agreement

[Gram1]

Gram

 

I Have Enough

 

Ime Going To Do A Letter For You

 

Check Back Tonight And Decide How You Want To Play This

 

 

Thats great postggj i really appreciate it. I will check back later.

 

The long and short of our situation is that we are currently a couple of months in arrears and had been paying a bit extra each month to help eat into the arrears. We cant afford to do that now and are struggling to make the normally monthly payment so i suspect they are going to up the ante even more now with regards chasing us. We have already received a default letter saying we had to pay the arrears within 14 days etc but they guy i spoke to said to ignore this as we were currently paying more than our contractual monthly payment so it was all ok at the moment. - obviously this now isnt the case as we cant afford it so im really worried about what will happen next and want to fight with fire so that i can get some breathing space here and not be taken to the cleaners by them!

 

Also whether this makes any difference or not i dont know, but it would be pretty poitnless in them trying to force a repo on us as they wouldnt get a penny as we owe more to our mortgage and 2nd charge (Picture) than what the house is worth so there would be no money left to give to welcome if the house was sold.

 

Just thought i'd give you all the info in case any of it helps. and thanks ever so much again.

[Gram1]

Its The 14 Day Cooling Off Period

 

They Have To Do It By Law As Is A Secured Agreement

 

Yeah i'm pretty sure they did abide by this bit unfortunately.

[emandcole]

Gram, out of interest what is the date on the default letter/notice and what date is given for you to comply in order to avoid the default? They need to give you 14 days but many forget to allow for postage time meaning the default is invalid.

 

Could be useful if at any time in the future they start to get really heavy, irrespective of the potential apr irregularities that may surface.

[Gram1]

Gram, out of interest what is the date on the default letter/notice and what date is given for you to comply in order to avoid the default? They need to give you 14 days but many forget to allow for postage time meaning the default is invalid.

 

Could be useful if at any time in the future they start to get really heavy, irrespective of the potential apr irregularities that may surface.

 

Hi

 

They didn't give a date to comply by, they just said within 14 days which i gather from other posts is wrong on their part - they should have quoted a date.

 

Can't wait to see what postggj's verdict is on the agreement as a whole and the apr.

[brassed-off-2]

Gram, out of interest who is the 1st charge with?

 

as for the 2nd charge...picture! search the mortgage and secured loan thread...you might find useful info over there to help you with those parasites..

 

b-o-2

[ozzywizard]

Yes they have to give a numerical date, this makes their defualt invalid. I am also learning as I read through the threads but to my amazment welcome make the same mistakes over and over ...

[emandcole]

Quite right, default has to give a date for you to comply by. Another point to you I think