welcome Fixed sum loan agreement...***WON***

[Ricecake]

Hello,been reading this section and pleased i am not alone...

 

Ok just a quickie...

Had loans with welcome on and off for a few years in 2006 took a secured loan out with them.

 

Last year partner lost his job so they "KINDLY" ! refinanced...if i could turn back the clock...

 

anyway partner found emplyment agin etc etc...

wasnt until welcome/cattles were in the news that i came to your forum....and reading what other have gone through made me register and look at my agreements...

ok i have a fixed sum agreement by the cca 1974....

 

I have been told that because i have a 20 year old daughter living with us she should have signed some paperwork to...she never did...

 

i am worried that if they do wind up i will have to pay the loan back within 3 years...

 

Also looking on soem agreements in the past ppi etc...oh my we paid a fortune,but signed for it so guess thats our problem ?

 

sorry all a bit confusing.....

[jackst01]

As far as I am aware, if you have a current agreement and welcome do collapse you will just carry on paying as per your credit agreement to whoever buys the loan. So don't worry at the end of the day they cannot get blood out of a stone!

[Ricecake]

Thanks so much...its a worry hey...

[emanevs]

can you upload your agreement without the personal details?

[beyondhope]

Dont worry yourselves they cannot demand payment within 3 yrs no matter what happens

[postggj]

if anybody is stupid enough to buy these toxic accounts, the new creditor would have to honour the terms of the original agreement

[jamesf104]

Nice to see you back postggj

[Ricecake]

thanks so much for your replies....

 

scanner playing up at the min but have all the figures to hand if you just tell me what you want

[emanevs]

loan amount, how many months, everything really including the agreement.

[ozzywizard]

Can you use somone elses comp or go to local library ? . .

[Ricecake]

We had to refinance due to unemployent a while ago..however we went to the office and had to sign there and then...

 

should we have been given a cooling off period...?

 

Anybody ?

[pwg6565]

Yes. You should still have a cooling off period.

 

BBC - X-Ray X-Guides - the Consumer Credit Act

[essexboy]

hi

 

i part exchange my first car for another after two years and was charge a grand unbeknown to me for refinance

 

is this right

 

essexboy

[beyondhope]

i have in writing from welcome (not that it means its correct) that hp doesnt need a cooling off period..........

[Ricecake]

The thing is...we didnt actually have any more money they just reduced our payments but made it a bigger loan because they extended the time we pay it back..so i imagine a cooling off period wasnt allowed ?

 

And to think i thought they were helping us out the goodness of their hearts !

[essexboy]

welcome will use any excuse to refinance

 

in my case i was up to date with all payment, in fact i was ahead as i paid weekly and chose to part exchange my first car for a smaller second car

 

despite this being two seperate agreements resulting in the first being settled i was charge a 1000 pounds for refinancing on the second car

 

essexboy

[Ricecake]

I suspect i already know the answer..but worth a shot....

 

We have a secured loan...grrrr with Welscum.....

 

We need to relocate,however have not enough equity on the house to pay them off...so guess we are stuck here forever ?

[Major Player]

Not necessarily, they may remove the charge for you as they were never equity based lenders, do you know if you will have some equity after your main mortgage is paid off?

 

Depends also on what kind of charge they have, if you know let me know and I'll be able to advise better

[Ricecake]

Thanks for the swift reply....

 

we would have a few thousand thats all..

 

what do you mean by what sort of charge ?

[Major Player]

Hi, type pf charge just refers to what they have registered on the land registry (If they have a unilateral notice they can't object to the sale).

 

They will basically look and see if you are selling for a fair market price, what you owe the first mortgage and then want everything thats left.

 

They will also more than likely want your new address and direct debit set up for payments of the unsecured debt.

 

Be careful as they sometimes object to estate agent fees, don't know where you are in the sale process but your solicitor would be better writing to them on your behalf.

[Ricecake]

ok...i have the letter from the Land Registry.

 

It says.....

 

Notice to Registered Proprietor of an application to enter an agreed notice....

 

Ok have all my paperwork together but are am now totally confused...

will scan it tomorrow but just very quickly....

 

we took the original loan out in 2006...then had to have a rewrite in 2008...HOWEVER....the paperwork is not the same...no witnesses signed it and we had no cooling off..on the 2006 agreement we had ppi at 2407.96 as we were lead to believe its what you had to do...now we refused it on the 2nd one...so how do we stand with that ....

 

so many questions...sorry...but thanks for your help.

 

Will get them scanned today...

 

Before we had the secured loan we had several little loans from them and yes charged us ppi...can we claim that back to....even though we only have paperwork for one of them...

[Major Player]

Hi ricecake, on the PPI you would still cause for concern and potentiall missold on the original agreement as the total that you rewrote would include the PPI taken out the first time around albeit with a rebate - did you ever get a settlement figure?

 

Don't worry about the confusion, its what Welcome are best at, poorly executed and completed paperwork etc etc. You may have a case but lets see how poor the paperwork is

[Ricecake]

No settlement figure....

 

Did you see my post about the info for the land reg ??

 

Really appriciate your help

 

This is the Original secured loan...

 

too small will try again...any idea how to make it bigger ??

 

 

REWRITE.....

 

The actual paper i have here is so small i have to read it with a magnify glass !! how on earth can i make it big enough for you all to read ?

 

anyone ?

 

and am shocked at what i have found.....and feel stupid to be honest....

 

I have another post on here called sale of house...but thought i should start a new thread....

 

well here goes....I will tomorrow scan the 3 unsecured loans in the past and i have already scanned the ongoing secured loan and rewrite...

 

Our first loan was in 2003 for £500 they then charged us

 

£150 for Healthcare

£136 for ppi

 

next loan was in 2004 £1748 they then charged us

£750 cash advance

£602 to settle the previous loan

£320 ppi

£75 acc fee

 

next loan was in 2006 for £3470

 

£2000 cash advance

£274 to settle previous loan

£836 ppi

£180 lifecare 24

£180 lifecare 2nd person

 

The next loan was the secured one...

 

where they charged us £2407 ppi....

 

when we had the rewrite 2 years later we said and stuck to our guns we didnt want the ppi or anything else...however you will see all the setails on my other thread...

 

its only now i have all my paperwork togther and have sat and looked...i cant believe the ppi...we were lead to believe you had them its part of the loan...we knew on the 2nd rewrite that wasnt the case...

 

so simply...can i claim anything back ??

 

many thanks..i appriciate your time.

[dx100uk]

yep the lot + 8 stat int from each month you paid ppi premium to the date of you claim

also where you had refinance on an existing loan, i bet they didnt refund the old ppi first, just charged you more int on it in the new loan & more ppi .

 

you are in for a windfall.

 

you might this sticky worthy of a read.

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

dx

[Ricecake]

Thank you so much....

 

so where do i begin !