welcome finance secured loan but dont think it was on the deeds

[omghelp]

hi,

 

I took out stupidly a secured loan with both paragon finance 2004 & welcome finance 2005 whilst I had a mortgage with abbey national. things started getting difficult with financial circumstances & went down hill rapidly. I tried to sell the house & had many offers which would have wiped out all of the debt with the 3 creditors.

 

but because paragon finance was unwilling to drop the ppi insurance from 90% charge this meant we had a shortfall, I wrote to paragon finance asking them to reconsider the ppi insurance charge as it was stopping us selling & just adding to the fact that the house maybe repossesed, but they never did respond.

 

as a result of this we decided to hand the keys back to the abbey national & the house was repossesed.

the final outcome was that abbey was paid in full, paragon was paid the origianl loan amount but the ppi still remains owed £12000. where as welcome finance was never on the deeds.

 

due to work & family was unable to pay much towards paying of the debt & still to this day owe 12000 to paragon, and apparently £25000 to welcome even though we only borrowed £15000.

 

I managed to pay a £1 to all debts but stopped paying welcome in 2008 and not paid anything since.

 

I was mis sold ppi insurance from both, but paragon have told me that it was not them it was a broker access loans & mortgages which i've just found out have gone into default,

 

where do I stand as welcome was never on the deeds and in general.

 

appreciate any help as this has been hanging over me for years now like a heavy cloud, and would like to move on but just cant until this is sorted.

[assisted blonde]

If Welcome were not on the deeds then are you sure it was a secured loan?

[Carlybird]

I'm interested to whatever the outcome with Welcome was to this? I have secured with Welcome- not paid for 8 months and they don't seem tone doing anything serious about it apart from annoying me. They have already had £8000 back in three years of payments and decided that I wasn't giving them anymore as the balance hadn't reduced but gone up. Interested to hear what happened here?

[stedfordb]

I had the same problem with a company which had defaulted but I went to the FSA and gave them all the details after I put in a claim to recuperate my PPI charges on my Mortgage, my broker was UK Home Buyers and the FSA investigated to find out who was responsible for the insurance which they did.

UK Home buyers who has defaulted and UK Personal Loans (defaulted) MGM Home Finance PLC and Secured Loan Services Limited are in default and do not have the assets to meet their liabilities.

The FSA put me in touch with the Financial Services Compensation Scheme, should be able to help you as they exist to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. A link to their website is given below.

 

fscs.org.uk remember to put www first as I can not post links.

Hope it works out you can but try (Sted)

[sonnab]

hope someone can help...we have a secured loan with welcome since 2008...we have paid £138 per month ..every month without fail..

 

,my question is this..how do we know if a loan is secured on a property..even tho it says it is.

 

also my husband is now unemployed and we are struggeling to pay the £138 when we also have a mortgage to pay,is there anyway of getting them to reduce the payments and if so how do i go about it please .

 

thanks in advance

[Melodylee777]

I would like to know the outcome of this - unfortunately I don't have any advice I can give as yet as I also have a loan with Welcome Finance and due to non-payment of wages from an employer I am now behind on my payments and they are hassling me and saying that bailiffs can come around my home.

 

I would be interested to hear if they have secured it - I thought the documents you signed were a second charge and gave the loan company the permission to take a second charge on the property after the main mortgage lender.

[Carlybird]

I would like to know the outcome of this - unfortunately I don't have any advice I can give as yet as I also have a loan with Welcome Finance and due to non-payment of wages from an employer I am now behind on my payments and they are hassling me and saying that bailiffs can come around my home.

 

I would be interested to hear if they have secured it - I thought the documents you signed were a second charge and gave the loan company the permission to take a second charge on the property after the main mortgage lender.

 

As yet nothing has happened- I haven't paid for nearlly a year. I have had letters etc and texts but nothing. Mine is a third charge on the mortgage. We are probably going to move into a rented house in a while as mine is a flat. I cannot advise what to do but to be honest- doesn't matter how much you pay them the balance never reduces.

[Carlybird]

Baillifs can't come unless a court order has been passed-they are talking rubbish.

[omghelp]

I have a welcome loan taken out in 2005, in 2007 fell behind payments, original loan was for £15,000 which had a mif and ppi included in the loan, I stopped making payments really in 2007 but welcome have on my credit file that I owe £27,000 which they defaulted in 2009.

 

my house was repossessed in 2007 and welcome had a charge on property by the name of progressive finance, the house sold but left no equity to pay off the welcome loan. I have a few issues

 

1) the default was nearly 1.5 years after last payment was made can this be changed?

2) were do I stand with the MIF and welcomes exteme inflated balance which is made up of a lot of capitalizaion charges

 

thanks and hope someone can help

Edited June 4, 2013 by omghelp

[dx100uk]

I've moved your recent post here

 

as it appears you never returned to look at the replies you got a year ago.

 

dx

[omghelp]

thanks

[dfr200764]

interesting you say that, i have a Welcome loan hat was apparently secured but I got a copy of the title deeds from the Land Registry and no mention of Welcome or Trading name as having an interest in the property. \they made me pay a mortgage indemnity fee but if the loan was not secured, then they had no right to demand that fee ???

[dx100uk]

oh dear

 

they had no right to demand that even if ir was secured

 

MIF on welcome loans was hidden insurance.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318323-Old-Welcome-Debt&highlight=postggj

 

dx

[omghelp]

Hi dfr are you sure they are not on as progressive finance secured

 

Dx where does that leave me? The house has sold and there was no equity left to pay welcome, as ive mentioned they defaulted me in 2009, is this ok for them to do?, what happens with the outstanding balance they state I owe?

 

Whats the best way forward from here how do i tackle them they claim i owe 27k which is outrageous.

[postggj]

Progressive financial services was the old name for welcome

 

If the house has been sold, any balance left becomes an unsecured loan

 

Get reclaiming all that insurance crap back

[omghelp]

Postggj, i do not agree with the outstanding balance as it has been inflated beyond belief with capitalization charges, ive not paid them since 2008 any pointers

[postggj]

Anybody chasing you

 

HAVE YOU RECEIVED ANY ANNUAL STATEMENTS

[dx100uk]

sar welcome tomorrow

 

get all the statements

 

dx

[omghelp]

I did have mucky hall last year i sent a prove it and then they stated they are no longer going to pursue the debt and it was sent back to welcome but ive not heard anything since. Last payment was made jan 2008. I feel that default was added 1.5 years after last payment. Can i force them to changr the default date as it is not correct

[postggj]

One step at a time

 

Have you received any annual statements???

 

`

[omghelp]

Hi the only statements received was when i recently did a sar request. Other than that ive never had one even before default

[postggj]

If the last time you made a payment was 2007/2008

 

Have you considered waiting for six months till it becomes statute barred

 

PLEASE CONFIRM WHEN THE LAST PAYMENT WAS MADE

Edited June 13, 2013 by postggj

[omghelp]

Jan 08 was the last payment, although i recently contacted them about the account as I was none the wiser with this statue barred affair, unsure if i reset the clock when i contacted them.i noted in the link provided by dx that you state if welcome charged a mif that they can go whistle for the debt, is this the same case for me?

Edited June 14, 2013 by omghelp

[postggj]

The only way to reset the statute barred clock is via a payment or an acknowledgement by letter

 

Did you do either

[omghelp]

The only way to reset the statute barred clock is via a payment or an acknowledgement by letter

 

Did you do either

 

I sent a letter disputing figures and the way they have dealt with me , I assumd this means the clock has been reset.

 

In a link from dx earlier in this thread you feature in it and state welcome can go whistle for a debt as a mif was charged is this a true fact?

 

I have original agreement which has ppi & mif attached so no secret payment as its clearly stated on paperwork