'Secured' Loan with WF - Desperately Need Help!!

[Madison's Mummy]

Hello

 

Was hoping somebody could help me work out if my loan is unenforceable? There seems to be a lot of discrepancies on my paperwork. Really could do with advice.

 

I've also learned that WF have never placed a charge on the property.

 

I'm in arrears (last payment made in Jan 13) and am getting hounded by them.

 

Any help would be much appreciated.

 

[renegadeimp]

Hi there. Can you provide as much info as you can on the loan, minus any personal info?

[Madison's Mummy]

Where to start lol?'! What would be the best way to provide it? I can scan and email ally documentation?

 

[renegadeimp]

A general outline of costs, charges, your issue, what has happened etc etc.

 

If you want to post documents, you need to make sure you edit out ALL identifying markers in paint, then convert the scanned image to PDF.

[renegadeimp]

The main thing to do right now though, is give us a description of what has happened. We can then advise on what info we need.

[Madison's Mummy]

Ok no probs. Will take me a while to type out so if you bear with me I will go on my computer (using my phone at the moment) and will reply to you soon.

 

Thanks so much for taking the time to help me.

 

[renegadeimp]

Take as long as you need. We're all here to help.

[Madison's Mummy]

Ok, so basically I took out the secured loan in April 2008. The amount of credit was for £14,329.09 (initially it was for £12k but as I already had a loan with them the extra amount was to pay that off so it was settled). They also added a further £3,491.55 for Insurances so total is £17,814.64.

 

The insurances were for PPI (which I later reclaimed back), Homecare and Personal Accident Plan - I agreed to the PPI (under duress as I was told at the time if I didn't take it then I wouldn't get the loan). As far as the Homecare (£125.00) and Personal Accident Plan (£125.00) is concerned, I didn't agree to this and on my paperwork the boxes are ticked for not wanting them but WF added this on.

 

Before I claimed the PPI back I was paying £346.71 per month and this was being based on 180 months. After reclaiming the PPI my payments went down to £281.27. The APR (variable) was 25% and the rate of interest per annum was 24.6%. The interest charge is £44,358.45.

 

The balance at the start was £14,107.59 + 235.00 acceptance fee + £175.00 Personal Accident Plan + £125.00 Homecare 24 so that equals £14,642.59. I faithfully paid every month on time until this January where I struggled to make payments as my husband lost his job. (I took this loan out before I even met my husband).

 

I have a few statements from WF but there are discrepancies in them. The 28/03/09 - 28/03/10 statement says the amounts I paid to them each month was £346.71 which was correct. But the statement for period 16/04/08 - 31/05/13 says the amount I paid was £281.27 which is incorrect as I started paying the lower amount when I won my PPI case with them which was in December 2011.

 

The amounts of credit on both statements differ also - the 28/03/09 - 28/03/10 statement says amount of credit provided is £18,049.64 and the 16/04/08 - 31/05/13 statement says £14,642.59.

 

Hopefully I have provided all the info you need but if not, please let me know. It is really confusing me.

 

Also, as I said before, there is no charge on my property. I checked this out with the Land & Registry Office and paid for papers to prove this. I live in Northern Ireland.

 

WF are hounding my by phone. I said to the guy I was speaking to that there is no charge on the property and he said it was an administrative error which can be easily fixed! Is this even possible?

 

Really hoping you can help me!

 

[renegadeimp]

With the PPI reclaim, did you get all of it PLUS extra interest at the rate they charged you?

 

Ignore them on the phone. If they catch you out, just say In writing please. I do not deal with financial situations over the phone. Then hang up. As you have found out already, they will say anything to try and scare you into giving them money.

 

You then need to SAR welcome and get the complete facts about the account.

 

Regarding the land registry, a charge is only put on your property if you have been taken to court and the court allows it. Otherwise, theres just a marker that says a loan is secured.

[Madison's Mummy]

I can't remember about the PPI. Empire claims dealt with it for me. I definitely didn't get as much as £3,191.55 - I think I got £2,000-something??

 

I should have said in my last post that I did SAR them (at least I sent off £1 postal order requesting info on my account). First of all they said I needed to confirm who I was before they sent me info to which I replied that was nonsense as they have had no issue sending me info in the post before. They then sent me a copy of the agreement I signed. All of this was completed outside the timescale allowed.

 

As far as the Land Registry is concerned, there's no indication on my property that a secured loan is in place.

 

[renegadeimp]

SO you didnt get all the PPI back. They took 1/3 of it for themselves plus the interest as well.

 

A SAR costs £10. A CCA costs £1.

[Madison's Mummy]

It must have been the CCA I got. Although with that they must have sent me a statement covering the whole period as that's the one which has the wrong info re my payments each month is concerned.

 

So once I've done the SAR and get the info back, what's the next step? And how do I handle them in the meantime? I have received a few default notices in the post and they've updated my credit file to say default.

 

Many thanks again for your advice:)

[Madison's Mummy]

I forgot to say that my claim for PPI went to the ombudsman as empire claims weren't happy with WF's response so I think whatever I received must have been correct???