Welcome Finance - Anyone been successful?

marsez

Hi Peeps

I have a question about welcome finance, my wife and i were put through to Welcome Finance by Blue Sky thinking (Broker) in July 2007. At first it was an unsecured loan (so we thought), and we were able to manage the payments. In January 2008, i asked them for a top up as i needed a new car. I didn't take out a vehicle finance loan from them, but we did get another personal loan, although this time it was secured against the property. We already had three secured loans against the property with a value of £83,000 and the value of the property at the time was around £95,000. What i don't understand is how Welcome can secure a loan against a house when no valuation report was done on the property to access the value, and how they never did an income and expenditure form to see if we could keep to the repayments. In fairness we were able to keep the repayments (which were more than the mortgage) until my wife got her hours reduced at work due to the credit crunch.

After all that my question is does anyone know if i have a claim against Welcome Finance to see if i can get the debt written off, because now i am not able to sell the house due to negative equity. who would i need to see and how would i go about it.

any help would be most appreciated.

Thanks

di3004

marsez wrote: »

Hi Peeps

I have a question about welcome finance, my wife and i were put through to Welcome Finance by Blue Sky thinking (Broker) in July 2007. At first it was an unsecured loan (so we thought), and we were able to manage the payments. In January 2008, i asked them for a top up as i needed a new car. I didn't take out a vehicle finance loan from them, but we did get another personal loan, although this time it was secured against the property. We already had three secured loans against the property with a value of £83,000 and the value of the property at the time was around £95,000. What i don't understand is how Welcome can secure a loan against a house when no valuation report was done on the property to access the value, and how they never did an income and expenditure form to see if we could keep to the repayments. In fairness we were able to keep the repayments (which were more than the mortgage) until my wife got her hours reduced at work due to the credit crunch.

After all that my question is does anyone know if i have a claim against Welcome Finance to see if i can get the debt written off, because now i am not able to sell the house due to negative equity. who would i need to see and how would i go about it.

any help would be most appreciated.

Thanks

Hi and welcome

I think this may be one for Dunstonh, who will hopefully be along soon with some advice for you on this one, good luck.

marsez

Thank you Di, i look forward to hearing from Dunstoh

di3004

marsez wrote: »

Thank you Di, i look forward to hearing from Dunstoh

Your welcome, I'm sure Dunstonh will be here at some point soon.;)

magpiecottage

marsez wrote: »

What i don't understand is how Welcome can secure a loan against a house when no valuation report was done on the property to access the value, and how they never did an income and expenditure form to see if we could keep to the repayments

I'm afraid all a secured loan means is that they are in line for a share of the proceeds of the sale of your house when it is sold - but the building society gets its share first.

They should have warned given you the standard warning about what happens if you do not keep up repayments but that is all.

On the other hand, they are unlikely to try to take possession of your home if they do not think they will get their money back but there is a bigger risk when the value rises again.

You need, as far as possible, to keep the main mortgage lender happy as a priority, then address the secured loan and bring that under control. It is far less likely they would take action at a time when the arrears are going down.

marsez

Thanks for your advise Magpie, but surely they should have performed an income and expenditure form to ensure that payments could be made. Otherwise wouldn't this be classed as irresponsible lending.

bambino82

Hi all,
if you read from page 3 you will see i have been trying to get PPI refunded by welcome finance.
Started my letter writing in october.....
Jan 19th 2010...... A CHEQUE FOR £1443,63.......what a shock.
I worked out exactly how much i was owed and and i reckond up £741 for PPI, .....but because i followed the template letters exactly, welcome finance added the interest on top!
So lovely start to the year. Finished paying welcome finance in november 2009...THANK GOD!!!
Worst loan i ever had, wish i had struggled then take a loan with them, but it was a lesson well and truly learnt.
For those of you claiming back your PPI......do not give up!!!!
Send every letter recorded, keep extra copies. They can be a sly company, but with the help of people on here and martin lewis's template letters, just go for it and keep going.
I really hope everyone that is re-claiming PPI back gets it all back plus the stupid interest on top!
GOOD LUCK ALL AND WISH EVERYONE THE VERY BEST OF LUCK.
This website is ACE

di3004

bambino82 wrote: »

Hi all,
if you read from page 3 you will see i have been trying to get PPI refunded by welcome finance.
Started my letter writing in october.....
Jan 19th 2010...... A CHEQUE FOR £1443,63.......what a shock.
I worked out exactly how much i was owed and and i reckond up £741 for PPI, .....but because i followed the template letters exactly, welcome finance added the interest on top!
So lovely start to the year. Finished paying welcome finance in november 2009...THANK GOD!!!
Worst loan i ever had, wish i had struggled then take a loan with them, but it was a lesson well and truly learnt.
For those of you claiming back your PPI......do not give up!!!!
Send every letter recorded, keep extra copies. They can be a sly company, but with the help of people on here and martin lewis's template letters, just go for it and keep going.
I really hope everyone that is re-claiming PPI back gets it all back plus the stupid interest on top!
GOOD LUCK ALL AND WISH EVERYONE THE VERY BEST OF LUCK.
This website is ACE

Fantastic and what a lovely surprise........:T:T
Congratulations.:beer::j

new_to_the_game

Congratulations,
I am currently waiting for my reimbursment from Welcome (or should I say UnWelcome) but due to the fact there are an awful lot of people reclaiming, the poor overworked PPI refunding department at (Un)Welcome are currently 2 months behind schedule according to the FOS. I was due my refund this month but as my case was sent to them in october and they were currently dealing with Augusts claim, it looks like I've got a couple more months to wait.:( But as the FOS did say, well I know it may take a little longer and is'nt ideal, but you will gain that little extra interest as they have to pay you up to the day you recieve the monies.:j

I started a claim with Black Horse via a claiming company and that is due anytime now, but that was on a redeemed loan and obviously will be minus 25% + vat but I don't mind that as I did'nt think I would succeed on my own so its better than nothing.:D

Again congratulations and spend it wisely;)

Regards Chopper

paul091184

Just a quick update, received final response from Welcome and they have offered full refund of PPI insurance,just waiting for cheque. Followed Martin's advice, started claim october 26th 2009 recieved final letter 23rd january. Everyone outthere keep trying and together we will stop big companies doing this!!
GOOD LUCK TO EVERYONE FIGHTING