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Secured loan with welcome finance - please help!


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In 2008 I took out a loan with welcome finance for £17,500 after I have already re-paid them over £43,000 in loan repayments.

 

I now want to sell the flat the loan is secured over and was horrified to discover that they say I still owe them almost £16,000.

 

I have no way of understanding how that redemption figure has been calculated and they did not provide a breakdown (they say a letter has been sent but it has never arrived). If I repay them at this figure it means I will have paid them a total of £58,593.56 on a loan of £17,500 (3.3 times the loan).

 

Surely that cannot be fair or reasonable?

 

I had offered them the sum of £7,500 to redeem this loan in full and final settlement but this is rejected.

 

I am desperate to sell the house that this loan is secured over but cannot do so until this loan is redeemed.

 

I see others have been getting discounts to clear their loans but despite repeated letters from me they refuse.

 

I am supposed to complete on my new house and am worried this loan is going to make the whole sale fall through.

 

I have a disabled daughter and desperately need this house sale to go through so that we can move to a home which is more disabled friendly for her.

 

Please can anyone review this for me and help? I have attached a copy of the contract.

 

Thanks so much!!

 

MM

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Hi MILLIEMILNE,

 

I have unapproved your attachment as it contains your name and address ect, could you please re-post removing anything that could identify you.

 

Thanks,

 

Scott.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

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Help keep it up and active, helping people like you.

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you need to sar welcome finance

 

 

it extremely rare for welcome to have ever been fair to anyone they never are

refinancing

penalty fees

ppi

compulsory insurance

penalty fees [letter late over debt management]

 

 

you need to get everythin they hold on your by the sar

 

 

then we'll put them apart.

 

 

sad thing is this is not a quick process.

 

 

however unless you want to pay £16k and gamble getting it back

 

 

that's the only route you can take

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for the reply - can anyone tell me if there is a way of getting the £16K back if I have to end up paying it to them so I can complete on my new house?

 

If there are penalty/default charges or unrequired PPI on the loan, then yes you would be able to reclaim this if you have to end up paying them so you can complete on the new property.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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It does say on the contract that you would be repaying £54,456.72 on a £17,500 loan. So where has the other £4,000 come from (you say in your first post that you would have repaid £58,593)

 

There does not appear to be any PPI on the loan, unless this is built in.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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