Help to check over some loan docs (Welcome Finance)

BigBro_1980

Hi,

This is a bit of a long story... but essentially, I have been going over my father's loan agreement with Welcome Finance.

From what I can work out, he had a loan for £17k, he has paid nearly £19k, and £20k is still outstanding.

I asked a company called LoanCheck to start checking this (as I didn't know where to start). I sent a cheque to Welcome Finance to request the documents and I received them approx 2 months ago. I forwarded these onto LoanCheck.

Then about a month ago, Welcome Finance sent me a letter in the style of a sales promotion saying that I could settle my loan for 80% of the total amount. I thought this was strange considering the documents I had received previously. Again, I sent this to LoanCheck and was advised not to settle, in case there is a chance of a much larger settlement.

The problem I am faced with now is that it seems LoanCheck are no longer (their website is down). It seems it has been replaced by yourloancheck.com (same thing, different name). Have tried calling numerous times and haven't had a reply.

Essentially, I don't want to pass the opportunity... I am looking for some help/advise on where to have these documents checked?

If it turns out that everything is above board, then I can take that on the chin and look at ways to lower the loan etc.

Thanks for your help.

BB

Fonz_2

Has your father missed payments on the loan? Is that why they are offering to settle for a lesser amount?

BigBro_1980

In the past he has. But in the last year or so, he has been on time. Only we then had the kicker of him not paying enough to cover the monthly interest (slaps head).

Have told him to top up the amount he pays and to keep that up. Have taken all other bills off his hands to help him out and am keeping an eye on his finances.

But, essentially, need to check over the docs. Just reading them myself, it doesn't add up. And that is a worry.

Rafter

How old is the loan? There must be a very nasty single premium payment protection insurance policy on it.

Does your father have any health conditions, or was he ever told that the insurance might be compulsory to get the loan?

If so, he may have a misselling claim.

Much better to go and speak to citizens advice rather than pay a loans company to do the work for a fee.

Good luck

R.

BigBro_1980

Hi Rafter,

My father has had health problems for a number of years. In 2004 he had a heart op. The loan (according to the statements) dates from 2003 (26th Sept). But I cannot find the original loan agreement and when I requested the paperwork from WF, they sent everything but the original loan agreement. Even sending a personal loan agreement from Feb 2003.

So am confused as to what this is... mind you the personal loan agreement was for £1000 with an APR (wait for it...) of 85.1%!

A little lost as to what my next steps should be. Will the CAB have the skills to explain and help out with this? I know I am losing time (6 years etc) - so time is of the essence.

Thanks for your help.

BB

BigBro_1980

It gets better... This morning I get a letter from WF telling me they have charged me £10 as they had sent me a letter on the 3rd of Sept.

So I look through my documents and find the letter dated on the 3rd September. It was from them offering to settle the loan for 80%!!

I've now found a different company to look over the documents for me. Unfortunately they are a little wary as loancheck have started their process first. They are concerned I may get charged by Loancheck for the work they have done. But I can't get through to loancheck!

Can anyone advise or help please?

Thanks

cflarry

Hi

I am in the same boat had various files with Loancheck's first company Protective payments and now find Loancheck are unobtainable.

I had just one file that was with their auditors!!!!

I would also like to know how I get this file back so I can pursue this file (FIRST PLUS LOAN) with another company.

I have been using these companies since early 2008!

If I had know they would drag these files out for so long I would have tried to deal with the loan companies myself.

Hope we find the answer to both our questions.

CF LARRY

BigBro_1980

Hi cflarry.

Did you send your original documents to LoanCheck? I think I was a little lucky in that Welcome sent me the original docs, which I copied and sent the copies to LoanCheck.

I have spoken to a different company and they were unwilling at first to take on my case as LoanCheck had started (issue is that I could be charge costs if I settle when they start).

Have found proof that LoanCheck (Severn Administration which is Socal Management - or something like that) are in recievership.

Confirmed this with the new company and am now awaiting for them to get back to me. I looked on a different thread and have had a quick convo with someone else and whilst doing it myself would be cheapest, the issue is time and other external factors. He said that I make sure that whoever I use are registered on the Department of Justice.

Hope this helps.

Regards

BB

cflarry

No , I copied all the documents and sent them the copies. Can't believe the only one which they did not manage to send on to Solicitors, is the one I took out with Loans.co.uk (First Plus) was the loan. Loans.co.uk have already been fined. I know that they sold me PPI.

Under duress I took it out as I was scared that if I didnt they would not process the loan.

This is the second time this company has been in receivership!
I have emailed the government department to find out where I stand as they have been registered.

I am sure I deserve some better luck, as I mentioned before I have been pursuing these loans companies through Loancheck since March 08!

It is very frustrating.

PS: Thank you for your reply.