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Welcome Finance Secured Loan - Threats of Court


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Hi there everyone, as you can probably tell I'm new on here, don't want to bore you with too many figures etc so will try to keep it short........here goes

 

A few years ago I made the grave mistake of taking out a secured loan with Welcome Finance, recently i have struggled to pay them but always wrote to them to inform them of my outgoing and incomings.

I currently have just set up a debt management plan which has really helped with the unsecured debt but obviously Welcome finance is a secured loan and they won't care about this.

I am an honest hard working person who doesn't want to just stop paying Welcome but they will not under any circumtance give me a payment break or consider lower payments over a longer period, they have seen my income and expenditure and know it is a struggle for me to maintain my current monthly payment.

I have a mortgage but no equity in it.

 

My questions are how quick would they start court proceedings?

Do you know if this firm tends to prefer to thrash out a deal before going to court? Will the fact I have no equity in the property be taken into account?

 

Please help me with advice, i'm scared stiff, i work full time and have stopped smoking and reduced everything i can but i just cannot afford to pay what they require, i have tried to offer them a sensible monthly payment but they will not listen.

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Hi Welcomefinance and a warm welcome to CAG

 

Notice should be by way of a LBA allowing either 7 or 14 days to respond and pre action protocol should be followed/ informed before any Litigation is commenced.If you have kept a good paper trail of all your efforts and correspondence and have a written agreement of payment plan then that will be a good basis of defence and you could argue promissory estoppel.Your DMP is that by you or an adviser/company?

 

Regards

 

Andy

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