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Today I have received this letter from welcome- can anyone advise the next step ie: should i ring them and speak to them about repaying this balance. The house has been sold but with a shortfall. There is no money left to pay off welcome and the loan has been taken off the property now.

The leter reads...

 

Further to the notice of default revently issued, the agreement has noe been terminated and action to enforce our right to recover the goods and/or full payment of the outstanding balance can commence. The balance of ....... has now become due and payable.

 

We have received no payment from you since .... however you have been chosen to participate in an initiative that could result in the repayment of your loan on terms that may prove to be very beneficial to you.

 

There are a number of offers that we can tailor to suit your individual circumstances and provide you with significant benefits in reducing your indebtness, on the basis that you resume a mutually acceptable payment arrangement.

 

This may, in turn, help to repair your credit history and prevent your account being passed to an external debt collection agency for recovery of the full balance.

 

The amount and time period of the payment arrangement can be adapted to reflect your financial situation.

 

To take full advantage of this time limited offer, could we ask that you contact one of our customer service advisors on 08452937443.

 

 

Any response to this would be appricaited.

 

Thanks

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Did you ever send the Subject Access Request? If not you should, as there may be evidence that they have over charged you or otherwise owe you a refund or some money back.

 

Aside from that, it seems the loan is no longer secured. You can work out your monthly budget and how much you can afford to pay them each month. You can then write to them an offer of repayment at the monthly amount you have decided you can afford. Also make it conditional on no interest or a reasonable interest rate...the Bank of England base rate comes to mind.

 

They will either accept it or reject it. Either way, once you have made the offer you should start making the payments. If they then decide to take you to court to try to get a CCJ, you will be able to show the court that you have been paying each month what you can afford to pay.

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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something smells here

 

welcome appear to be offering a discount

 

can you post up the agreement please

 

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

or ir you have PDF as an installed printer drive use that

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

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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Hi,Are you unable to enter into an IVA now and then leave Welcome high and dry?

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I've got a secured loan with Welcome and yes we have managed to reclaim our PPI successfully but we have never received a Statement of Price. What is so significant regarding this document

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Hi,Are you unable to enter into an IVA now and then leave Welcome high and dry?

 

Another very good option if your circumstances warrant it. From the short history you have given, it sounds as though an IVA miht be something to consider. I wouldnt enter into an IVA just for the sake of Welcome though, as there are effects of an IVA. However, if you are struggling with lots of other debt an IVA may be the way to go. As the loan with Welcome is no longer secure and IVA would deal with the loan.


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've got a secured loan with Welcome and yes we have managed to reclaim our PPI successfully but we have never received a Statement of Price. What is so significant regarding this document

 

An insurance broker is supposed to supply you with this at the sale of the policy. As you have already successfully made a claim there is likely no need for you to try to obtain this. Welcome very rarely supply this with the loan docs. As such its another aspect to support a mis-selling claim.

 

Another a side note, you say your loan is secured....where you charges a Mortgage Indemnity fee? When did you take your loan?


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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An insurance broker is supposed to supply you with this at the sale of the policy. As you have already successfully made a claim there is likely no need for you to try to obtain this. Welcome very rarely supply this with the loan docs. As such its another aspect to support a mis-selling claim.

 

Another a side note, you say your loan is secured....where you charges a Mortgage Indemnity fee? When did you take your loan?

 

From memory I dont think we were charged a Mortgage Indemnity Fee but I can remeber signing a 2nd Charge Form. The loan was took approx 2006 / 2007 I think but will confirm

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