Welcome Finance- HELP

Vickie1982

Hi everyone, I'm new to this site so I hope I'm posting this in the right part.
Anyway, here goes.
I need help and advice, if possible, a few years ago I had a secured loan with welcome finance and cleared it when I remortaged.
Since then I have put more on my credit card and a few more unsecured bits and pieces and have decided to apply with welcome for another secured loan,to clear these, as previously didn't have any problems in dealing with them. I applied 2 weeks ago and was accepted and I still haven't recived any documents in the post, like they said. So I called them up today and I was shipped from pilar to post, to find out I had been declined by them, as they already had a 1st charge on my house, for a loan that has been cleared for about 2 years!!
I spoke to a guy in my local branch who looked into this for me and said there doesn't seem to have been an instruction at the time the loan was cleared to take the charge of my house.
He said he would do it today for me, but what happens if he doesn't? does anyone have any advice for me as I don't like the thought of this charge, being on my house.
Can I do anything legally? HELP!!!!!!!!!!!!!

HelpWhereIcan

Vickie1982 wrote: »

I spoke to a guy in my local branch who looked into this for me and said there doesn't seem to have been an instruction at the time the loan was cleared to take the charge of my house.
He said he would do it today for me, but what happens if he doesn't? does anyone have any advice for me as I don't like the thought of this charge, being on my house.
Can I do anything legally? HELP!!!!!!!!!!!!!

If he doesn't then you will be unable to sell the house or borrow any more money against it until they do.

In practice they could be forced to remove it if you were able to prove that the secured loan has now been cleared so it is unlikely to cause you issues for the long term.

To my mind, it would pay you to get a broker involved to see if they can get you a loan on better terms than Welcome can offer. Depending on your credit profile, this can be easy to do even when you you have had credit problems in the past.

The secured loan market is full of sharks who will charge a massive broker fee ( I have seen 10% and heard of higher) and who will try to make it sound like it is compulsory to take out expensive lump sum payment protection (like Welcome do).

However, being a previous Welcome Finance customer would normally imply that you have had credit problems in the past. This, coupled with the fact that you seem to have run your unsecured commitments back up again, means that you should make sure you have consider all options from basic moneysaving to free up some income to debt management or IVAs before you even think about securing additional borrowing on your home.

The reason for this is the fact that, being blunt, your previous track record indicates that there is a high risk of you running your debts back up again.

When you consider the current gloomy outlook for the housing and credit markets, you have to be aware that you could be putting your house at significant risk of being repossessed and that taking a secured loan now may be just postponing the inevitable problems with meeting your commitments.

It will be better to have your 'problem' borrowing unsecured and being able to deal with that knowing your house is safe.

I am not judging your situation and do not presume that everything I have said will come to pass; but you need to be aware that it might and ensure that you do all you can to avoid it.

I recently dealt with a couple who were facing repossession with no equity 9 months after remortgaging to pay off some debts that should have been handled another way. I would not wish that on anyone.

Just consider talking to a whole of market mortgage adviser who can advise on the full spectrum of options - remortgage, secured loans, debt management/IVAs, savings on insurances etc etc.

You do not need to pay huge fees or be exposed to expensive insurances etc so make sure you ask about their charges and fees upfront.

Good Luck

chilli_dog

Hi helpwereican,

Would you mind if i sent you a PM?

HelpWhereIcan

chilli_dog wrote: »

Hi helpwereican,

Would you mind if i sent you a PM?

Assuming it's nothing my wife will get upset about ...

chilli_dog

on its way, thanks

Dan_Collins_2

I worked for Welcome a few years ago, please do not take out a loan with them! That is all I will say on the matter!