Secured Loan Welcome Finance

[alisono]

In 2005 took out a secured loan from Welcome for £17K , 12 month later I re-financed this with additional funds bringing the loan to £27k this was done at a branch. The loan paper work says its a secured loan and we signed a separate piece of paper for the secured details. When I've been looking at the paperwork it states the loan was for £27,000 which looks as if we took a completely new loan not re-financed. The credit agreement also states its regulated under the credit consumer act but the amount was for over £25k and this I've been told was not regualted at the time? I now have some arrears and the interest keeps making the arrears amount huge, they keep calling me and have now called at my home without even saying they are coming, they charge £10 per call and £25/£50 per home visit, I have never spoken to them on the phone, they just leave voicemails. I sent them a letter a few months asking them not to call at my home or call me but they have ignored this. How can I take them on and get check if the agreement is correct?

[MrZ]

First course of action is to send them your CCA request and SAR. I am inclined to say if your agreement says its regulated by the CCA then it is. I am sure whatever enforcement measure they may try to take will be done under the CCA 1974. They dont want your loan to be regulated as a Mortgage and doubt they will even try to claim it is. Besides if they tried to claim its unregulated that would be a very slippery slopr for them.

 

I am not 100% sure about this though, so I invite other opinions.

 

Also have you sent them a cease/desist letter? There is a good one in the template library. In your letter you can add that they should remove your phone numbers from their records. Make sure to send the letter recorded delivery, if you dont they will claim it got lost in the post. If they then carry on with the calls and visits you have remedy for harassament and trespass.