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Welcome Secured Loan


crampers
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We took a secured loan from welcome Feb 04 this has subsequently been settled however i see from the original credit agreement welcome have charged us £1650 for mortgage indemnity fee on a 15k loan can they do this anyone

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Hi

 

It is my belief that welcome charged most customers this fee. It is normal pracitce to apply a mortgage indemnity fee to a loan which is larger than 75% of the value of the house it is secured on. I wuold certainly write to them and ask them to justify the amount. If they have bought insurance with this fee then im sure you should be able to have sight of it.

 

I have a new claim with welcome for a redeemed loan and i have added the mortgage indemnity fee to the charges i am also claiming as they have not justified the fee...and also they then received interest on the fee, pushing the total up!

 

Good luck, hope this helps. Have a good look through other institutions section, you will see lots about welcome in there

All advice is based on my experiences. I am NOT qualified and as such cannot be held responsible for any mistakes. If in doubt...get professional help.

If you like what i have said then make me a star!!

Some helpful links

I have been successful in many cases..here are links to some

Housing Act and deposits: http://www.consumeractiongroup.co.uk/forum/showthread.php?266260-Deposit-being-withheld.-Please-advise&highlight=

Against Natwest: http://www.consumeractiongroup.co.uk/forum/showthread.php?278646-N-west-v-Mrsfoot-s-Son.-***WON_ALL-CHARGES-REFUNDED***&highlight=

Against Swift Advances: http://www.consumeractiongroup.co.uk/forum/showthread.php?46576-Me-V-Swift&highlight=

Against B&Q: http://www.consumeractiongroup.co.uk/forum/showthread.php?172878-Me-vs-B-amp-Q&highlight=

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crampers, I am challenging this MIG charged by Welcome on a very small loan, less than 5K and then charged again when rewritten, it has to be LTV, if you have equity that would cover their loan then their is no justification (please take legal advice first)

So what is Mortgage Indemnity, it gives the lender some added security against default

 

good luck

 

you will notice that this article refer to 'mortgate lenders' I cannot find any reference to secured loans in relation to this charge????:):)

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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  • 2 months later...

I have split my claim so still involved in first part but will update when I can:)

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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I have done a seperate schedule for the MIG charges plus interest, but still at LBA with this as I have other approaches ongoing. PM me if you wish.

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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