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secured loan help


lynn74uk
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Hi i have a secured loan with welscum bad mistake i know. When i took the loan out i wasn't working to they based it on my partners income but he isn't on the mortgage don't know if that makes any difference. We rewrote the loan with them another bad move after reading this site. We have had difficulty paying and last month i recieved a letter sayin if i don't contact them then they will do a deductions of earnings through court. This week someone from welscum rang asking for a payment and for a change which totally shocked us they were very nice (think i know why now lol they are after all they can get) anyway we explained having financial difficulty mainly through csa and told them we would ring them at end of the month to pay some off. I owe them alot more than what i borrowed off them through stupid charges, phone calls, letters and a man hand delivering a letter. I have not got many phone calls lately as i sent them the letter about harrasing phone calls off this site. Was just wondering if theres anything i can do to sort this problem out without losing my house. Any help appreciated. Thanks

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Hiya and welcome to the forum, first rule is to not worry about them, do not give them the satisfaction, but your right in coming here as loadsa help available and as much as we would like it too the debt will not just go away so needs dealing with the law and us on your side.

 

First thing if you have your agreement then post it up using a site like photobucket so we can check what is going on with your account. If you do not have a copy of this then write a cca request to them for your agreement this will cost one pound.

 

 

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Hi have previously sent a cca and recieved this back think it's the right thing you are after i have so much paper work from them.

 

welscum.jpg

 

hope that works i'm new to all this.

Thank you

Edited by lynn74uk
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right sorry for slow reply just been through the paper work i have i got them october last year an they was a bit mixed up...i have a secured loan statement which covers from 07 when i first took it out until 08/2009 and copies of everything i signed when i renewed the loan in 01/2009 but don't know if they came with the cca.....should i send for another copy ????

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Yes Please Lynn. I Think That would Be The Best Move At the Moment. Although Some One Else May Well Come Along And Tell you to do Something Different. :)

 

If You Aren`t Too Worried About A Time Factor On All This, Send Again For The CCA ( £1 Postal Order). They Will Have 14 Days To Supply A true Copy of the Agreement And An Up To Date Statement. The One You Have Already Posted Isn`t Really Readable, And Also It Has Still Got Possibly Identifying Info On The Edge.

 

If You Can Sort It Out We May Be Able To Suss Out Any Mistakes From That!;)

 

When You Get The New CCA Let Us Know. Post Up The Statements, being Very Careful To Remove Any Identifying Stuff. This Will Tell You, And Us What Charges You May Be Able To Claim Back From The ****!!! :cool:

 

Don`t Worry About These ****, They Are A Bag Of *HITE And Can In Fact Do Very Little Against You! :D At Least For A Very Long Time. Whhich In Turn Give s Us A Long Time To Sort The **** Out And Get You Some Pennies Back!!!;)

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  • 1 month later...

sorry lynn cant see it

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Hi lynn i cant do the figures but i know ozzywizard can but he has his hands full at the moment and should be back with us by the weekend this post will bump you back to the top in the hope someone else can help :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Thanks for the bumps everyone.

Okies Lynn you have posted up the same agreement 3 times but you say you renewed your contract at the beginning of 2009 so is the agreement on this thread your renewed one from 2009 or your orriginal one from 2007 ?

 

Either way lets check the figures on it. .

 

It is a loan for 20,296.17 over 300 months which is 25 years with an APR of 12.87% .

 

So your payments should be £216.28

 

your paying a total for interest £44,589.91

 

So you pay back the total of £64,886.08 (I bet thats more than you expected)providing ou miss no payments etc.

 

Welcome say you should pay back 216.24 so if we multiply this by 300 you pay back 64,872.00 leaving a shortfall of £14.08.

 

Hope this helps.

 

 

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