Welcome Financial Service - when is a secured loan really a secured loan ?

[dfr200764]

Hi everyone,

 

I am trying to get some advice on a secured loan that was taken out with Welcome Finance in March 2005 that was repayable over 10 years.

 

Due to redundancies back in 2008 and 2011, I fell behind with repayments and I think it was November 2010 when the account was officially defaulted.

 

When I took this loan out, it was secured on my home.

However, a while back I managed to get a copy of my title deeds from the Land Registry and I discovered something quite interesting

- under the section listing financial organisations having an interest in the property (e.g. my mortgage lender) I noticed that Welcome Finance was NOT listed.

 

The account has done the rounds of a few debt collection agencies but now am repaying the debt albeit at a reduced rate.

 

Now, if the loan had been secured, it should have been registered with the Land Registry and, if it was truly secured on my property, I would probably have received a repossession order by now !

 

What is also a mystery, is that in the original paper work, listing charges that they added to the loan, they added a mortgage indemnity fee of £ 1100. If the loan was not 'officially' secured, they had no right to charge me a mortgage indemnity fee ? ( as it was technically not a 2nd mortgage/secured loan, as it was not recorded with the Land registry ?)

 

. Do I have any right to get this fee refunded, considering how long ago it was taken out and do I have any right to make an official complaint for the charges incurred when the loan was not secured, as such ?

 

thanks

 

Dean

[dfr200764]

I took out a secured loan with Welcome Finance in 2005 and ran into difficulties paying in 2008-9 when made redundant.

 

However, they had transferred/sold the debt to a debt collection agency as I remortgaged in 2006 with GMAC-RFC who got them to sign a deed of postponement. So, the debt appeared to have become no longer secured or atleast the priority was changed.

 

neither the debt collection firm nor Welcome Finance have ever pursued the debt despite my attempts to contact them to make an offer of repayment.

 

However, it still means they have a legal charge as shown by the land registry. If they are not willing to co-operate, is it fair that they can continue to retain this legal charge ???

 

 

I can only remove the charge by repaying the debt but if they do not respond, what legal rights have I?

 

 

thanks

 

 

Dean

Edited June 26, 2015 by dx100uk
m

[dx100uk]

Old and new threads merged

so is there a charge on land reg or not?

 

And yes you can reclaim mif too