will Welcome repossess ?

[dexters dad]

Hi all and great forum

I have a Welcome finance secured loan for £26k.

 

I have defaulted and am not paying regular amounts into it.

 

As it is a secured loan can and would they repossess for 26k ?

 

Also is there a way I can find out if I have ppi on the loan

 

Thank you

[postggj]

I have never known anybody who have had their house repossessed by welcome.

 

I will dig it out but their has been a precedent set where Welcome have stated they do not repossess as they insist that mortgage indemnity fee is included on the agreements

 

Do you have mortgage indemnity fee on your agreement? they always did it as a rule but needs confirmation

 

I believe it was Welcome v Griffiths that supported this

Edited May 9, 2013 by squaddie

[dexters dad]

Thanks for the reply. To be honest I don't know. I no longer have any of the original documents, not sure what happened to them. I'm 99.9% sure we didn't take out ppi as it was so much more expensive but have no idea about the indemnity.

[dexters dad]

OK I've found the paperwork and no Insurance and no Mortgage indemnity fee.. Is that going to make a huge difference ?

[postggj]

Do you, or do you not have a copy of the finance agreement

 

you should have two

 

A pre contract, and a normal secured loan agreement

[dexters dad]

Do you, or do you not have a copy of the finance agreement

 

you should have two

 

A pre contract, and a normal secured loan agreement

 

I have found a

blue 'copy of proposed credit agreement'

yellow 'fixed sum loan agreement'

[postggj]

I need you to scan and post up that agreement onto your thread

 

google a program called photo bucket

 

delete your personal details but leave in the figures

 

IT IS THE YELLOW AGREEMENT

[dexters dad]

I don't have access to a scanner.

I'll be able to do it at work tomorrow. What is it your looking for, anything specific ?

 

Just found another copy of the loan agreement in 2008 which is when we re did the loan as we couldn't afford the payments. Also mortgage indemnity amount is £0.00 as it is on the other original one

[dexters dad]

At the moment we are supposed to be paying them £363 per month and I just can't afford it.

 

I understand we owe them the money but we are in a dm with payplan at 250 per month

- welcome at 363 p month plus the mortgage - 3 children - etc etc

 

All the woman keeps saying is

'well you do realise that as a secured loan we are entitled to repossess the property'

 

I can't work any harder and my wife has just set up in business on her own

so a bright future but need 12 months out of this doodoo

[dexters dad]

Do you know what...I give up, let them take the house if that's where it goes. I can't afford to pay the loan each month so let them do their worst as I'm past caring.

[dexters dad]

I want life to go back to how it was, had a nice motorbike and caravan, went away for weekends. Never had bundles of cash but always seem to have £20 in my pocket. Now that has to feed us. Great parent.

 

Sorry just low at the moment..

[lawrence147]

As already said, you need to scan the yellow copy loan agreement up for us to see.

 

Delete all your personal info on MS paint and put up here on a pdf file (you can find free pdf converters online)

 

Then we can give you further advice.

 

Law

[Jayney69]

Let me know what happens.

 

We've got a secured loan with Welcome (probably about £18k),

we did default (on and off for about 4 years) for a while but I'm paying now.

I did also pay a little bit over the contractual for a while, to try and catch up, but I've stopped that now.

 

they phone me at least 5 times a month asking if they will get the payment that month

(they've had regular payments for about a year ), and demanding a direct debit be set up (I pay by card/cheque),

despite me telling them in writing not too, and they phone me at work (where I just put the phone down on them).

 

I didn't pay for probably up to 6 months but they NEVER threatened repossession or anything like it.

 

When they had an office near us they used to call round occasionally.

I just ignored them.

The office shut and they lost their jobs.

 

My account is now under Milton Keynes office,

they phoned a couple of months ago asking for a direct debit to be set (no hope)

and said they may not be there much longer (I wish).