wellcome finance

windymiller54

hi everyone, hope i,m posting this right, my brother has had his house repossed, he had a secure loan on his house with wellcome finance which he has allso fallen behind with,anyway they have caught up with him last night because he lives with me now(sister) they told him the bank had sold his house at negative equity, he has to pay mth,ly payments of £192.00 untill loan paid in full allso said it will take 15 years to pay could anyone advise if that is right,thankyou for any advice given.

Jemma-T

He'll have to go to his local money advice centre (Citizens Advice Bureau etc) for full advice and help.

They can chase him of course (he spent the money obviously) and he'll have to pay it back, come to an arrangement or go bankrupt.

_Andy_

I don't understand the query - he had a loan which he owes money on. The lender is asking him to pay the loan back.
Why is this an issue?

Jemma-T

_Andy wrote:

Why is this an issue?

It may be an issue because he can't pay back the money that's spent. Very many people on planet GB have been doing this for years. Free cash.

And it could be due to a change in circumstances (death, loss of job etc). Lots of reasons why people can't pay their debt. If you owe money you should obviously be expected to pay it back but -like I said- the UK population has had mad spending syndrome for decades and it's only now people are being diagnosed.

_Andy_

I understand that Jemma - my point was more that the OP seemed surprised the loan needs to be paid back - perhaps I've read it wrong (quite possible).

td_007

windymiller54 wrote: »

he has to pay mth,ly payments of £192.00 untill loan paid in full allso said it will take 15 years to pay could anyone advise if that is right,thankyou for any advice given.

If you are asking if the amount and length of time to repay is correct then with the information you have provided it is impossible to answer. What is remainder due? What is the interest?

CannyJock

You should get your brother to post on the Debt Free Wannabe forum (http://forums.moneysavingexpert.com/forumdisplay.html?f=76), they'll be able to give him better advice over there I think.

Simon_Preston

_Andy_ wrote: »

I don't understand the query - he had a loan which he owes money on. The lender is asking him to pay the loan back.
Why is this an issue?

Once again. Far too many people on this forum are quick to make judgement rather than just respond to a question. I know if I was in that situation than that'd be the last thing I'd need. The guys lost his house and is still being chased for money. You'd think he's probably learnt his lesson without us piling it on top.

dzug1

I think OP might be under the illusion that the loan lapsed when the house was sold at negative equity - ie when the security for it disappeared.

Not so.