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Hi Can any one help with information. We took out a secured loan with welcome finance ( bad idea ) we had our house repossessed last year as work got very bad. The house is up for sale but when it is sold there will not be enough to pay welcome off. I have been told this loan will become a personal loan. What I want to know is can I stop paying welcome untill the house is sold. We are paying a reduced amount to them at the moment but finding it very hard. They keep hasstling us for more money.

 

Any information will help.

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I will try and find some help for you..

 

Do you know who the personal loan (for the shortfall) will be with, because it is my understanding that Welcome have gone into administration.

 

Couple of questions..

 

Was there any PPI (Payment protection insurance) on the original Welcome loan or any charges for missing payments etc ?


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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Hi Thanks for your reply.

When they ring me they say they are Welcome Finance.

Im not sure about PPI but I know they have put charges on for none and late payments.

The woman was shouting at me on Friday and demanding payment.

 

Thanks for your help.

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Do you have a copy of the agreement? Do you know if you were charge a Mortgage Indemnity Fee (MIF)?


Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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I suppose we did have an agreement but cant find it now.

Could i get a copy from anywhere ?

Not sure about MIF.

They will be calling again Monday.

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The MIF is a charge that Welcome add to most of their secured loans, depending on when you took the loan. They say the fee is paid by you and in exchange for paying the fee they wont pursue you for any shortfalls in the event they have to possess.

 

Who started possession proceedings? Was it Welcome or your first charge mortgage lender?

 

You can get a copy of the agreement by writing to Welcome and asking for it. There is a template letter in the library that you can use. You need to send a postal order in the amount of one pound. The link for the template is here:

http://www.consumeractiongroup.co.uk/forum/content.php?414-CCA-request-letter

Getting a copy of your agreement and full statements is essential.

 

Secondly, you are under no obligation to speak to them on the phone. In fact you shouldnt speak to them on the phone. If anything is said you have no record or evidence of it. And they use the phone to intimidate and harass you. What they say on the phone they would never put in writing. I suggest sending the template letter found here:

http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter

 

Ammend the letters as needed for your situation. Send them recorded delivery. In the meantime, if they ring you, refuse to answer their security questions. Tell them to put their concerns in writing. Make notes of the date, time, and person you speak to.

 

Once you have these things done you will have a bit of space to breathe. We can then look at the problem of shortfall payments etc.

Edited by MrZ

Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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Thank you very much for the very helpfull information.

I shall be sending the letter first thing on Monday morning.

I will let you know how I get on. Thanks again

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mif should not be charged on a pers loan

 

its a loan not a mortgage

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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agreed

 

you can only have one mortgage at a time

 

you can have a 2nd charge on the property, thats it

 

its the bank who hold the mortgage deeds

 

not welcome

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Do I have to send the letter to their head office as the branch we were dealing with has closed. Im not sure who or where they are who is contacting me.

Also it is the first charge that started proceedings.

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mif should not be charged on a pers loan

 

its a loan not a mortgage

 

dx

 

Should not are the key words here. I agree it should not be charged, but that hasnt stopped Welcome for charging it. The reason I ask if the OP had been charged is because Welcome are chasing for shorfall payments. If the MIF is supposed to protect the borrower against the shortfall, then Welcome will have to explain why they are chasing. This assumes of course the MIF was charged. At the moment we dont know if it was or wasnt.

Edited by MrZ
Spellcheck

Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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Do I have to send the letter to their head office as the branch we were dealing with has closed. Im not sure who or where they are who is contacting me.

Also it is the first charge that started proceedings.

 

 

Send your letters here:

WELCOME FINANCIAL SERVICES LTD

MERE WAYRUDDINGTON FIELDS BUSINESS PARK

RUDDINGTON

NOTTINGHAM

NG11 6NZ

Your account will have been moved to a different branch for collection. They probably haven't gotten around to notifying you yet. My account was moved 3 times in 2 months. Only one of them actually notified me, the other moves I found out about on my own investigation.

Edited by MrZ
Spellcheck

Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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Should not are the key words here. I agree it should not be charged, but that hasnt stopped Welcome for charging it. The reason I ask if the OP had been charged is because Welcome are chasing for shorfall payments. If the MIF is supposed to protect the borrower against the shortfall, then Welcome will have to explain why they are chasing. This assumes of course the MIF was charged. At the moment we dont know if it was or wasnt.

 

 

 

I have today received a letter from Welcome Finance with an agreement. They say our statement of account will arrive separatley.

 

I have looked at the agreement and it says NIL for Mortgage Indemnity Fee

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I have today received a letter from Welcome Finance with an agreement. They say our statement of account will arrive separatley.

 

I have looked at the agreement and it says NIL for Mortgage Indemnity Fee

 

The statement arrived today.

 

The original loan was for £21,631.15

We have paid £8,575.06

 

We still owe £22538.09

 

MORE THAN WE BORROWED !!!!!

 

I would like to know if any one knows if we can stop paying this UNTIL the house is sold then get it transfered as a personal loan.

 

The property has been reposessed by the mortgage company. There will be a shortfall when the house is sold, so will it become a personal loan

Please help !!!

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is it your agreement with your signature on or a reconstructed agreement without your signature

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The agreement does have our signatures on.

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can you post up the agreement minus personal details

 

deleate personal details but leave in the figures

 

scan into your pc and google photobucket to post

 

do you have a document called a statement of price

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I dont know how to do that. i dont have a scanner.

I dont have a document called a statement of price ?

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give me 5 min and ill post up a letter for you to send welcome by recorded delivery

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Thanks for the link. Wht will this do for me by sending this.

Thanks again.

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Thanks for the link. Wht will this do for me by sending this.

Thanks again.

 

It is a Subject Access request specifically designed for Welcome accounts. It should provide you with information that you will be able to use .


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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They have already sent me a "Statement" from when the account was opened. Is this the same thing ?

Or do I still need to send the other letter.

 

Thanks again

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Hello Grumbleweeds. As you can see from the detail of the other letter (Subject Access Request) it is asking for a lot more than just a "statement". It is meant to push and probe into the very depths of all the information and data Welcome have relating to their relationship with you, and to hopefully get them to reveal their wrongdoings (to your obvious advantage).

  • Haha 1

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many thanks for that. I will get this done over the weekend and get it sent off. I will let you all know what happens.

Thanks again.

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