A little help please

bigbro1980

Hello,

I am in need of a little help please. Essentially, my father has had a loan with Welcome Finance for approx 6 years (£17,500k original loan... paid nearly £19k... outstanding £21,800!!).

He has been paying this for the last few months and we have also been speaking to Loancheck (loan checking company about this loan - as it seems a little ridiculous).

To cut a long story short... Loancheck have requested documentation. WF have tried prolonging this by claiming the cheque (for admin) was never recieved - we proved it had been cashed (statement was faxed).

WF then told Loancheck that they will send documents in 10 days. That was about 2 weeks ago, so expect them to arrive at Loancheck in the next few days.

However, today, we have recieved a letter from Welcome Finance claiming the loan is in arrears to the tune of nearly £4,000! As you can imagine, my mum is now stressed and my dad is confused.

I am in two minds as to whether or not to pay it. Should I pay and find out? Should I not pay and wait to see what happens with Loancheck? Baring in mind, the Loancheck process could take a number of months still.

Advice is greatly welcomed.

Thanks

Londonboy_3

What have 'loancheck' offered to do and are they charging you for it?

bigbro1980

Loancheck is simply what it says on the tin. It is a free loan checking company. They check to ensure the loan was taken out correctly and is being administered properly. They cannot advise on the actual loan payments etc.

They don't charge.

Rafter

This loan must have had horendous fees and PPI added up front - or your dad has been in arrears in the past 6 years and interest and charges have racked up.

Is there any chance the PPI was missold? although as 6 years have passed you may be too late to do anything about it?

Is the loan secured on the house? How much is the house worth? Could be that using your income you could get some sort of joint mortgage and at least get rid of welcome and their horendous interest and charges?

R.

bigbro1980

Hi Rafter - I honestly do not know what the history is behind this loan. Trying to get that information from either my dad or WF is akin to trying to get blood out of a stone. My dad doesn't know and WF don't want to tell (hence the LoanChecking route).

Whilst the loan says it is secured, I have checked the deeds of my house and they don't have it fully secured. They have used a different 'tool' to put a charge against the house (the name I forget at the moment).

I believe the loan was for a car intially. But again, I cannot be sure. Once I have all the documents, then I can start making headway.

The issue at the moment is the arears. Whilst I am looking into the issues surrounding the loan, I need to make sure I make some headway in this loan itself. It is just getting larger and larger.

Adding the loan to our current house mortgage is an option, but again, probably not likely. This is due to the current LTV on the mortgage of the house. As you can quickly gather, this is a bit of a mess.

I am percerviering with the loancheck people, but I am also interested in anyone that can help advise on the loan situation too.

I am not keen on talking to Welcome Finance without at least having some idea of where I stand and what I can do - and as you can appreciate, my personal opinion of the company is extremely low.

Thanks again.
BB

BigBro_1980

Hello - sorry to spam this back up, but I was hoping someone may be able to give some form of advice?