Welcome Default

scorpio_stu

Hi all,
First post here so here goes.

I have a secured loan for £27000 with Welcome and have not been able to pay it for the last few months. They have sent a default letter today. Can they make me sell my home as it is a secured loan even though they are not the first mortgage on it as that is the Abbey ?

Thanks

Rafter

All depends whether they think the value of the property is greater than the welcome loan plus the abbey loan and whether they can persuade Abbey to go along.

You really need to get some debt advice and see what your options are. Suggest CCCS, national debtline or citizens advice should be your starting point.

Good luck

R.

scorpio_stu

Thanks for that.I have spoken to cccs and went through a debt booklet with them. I have now sent one of their template letters by email to Welcome and have had a response within 1 hour !
I proposed to pay them £100 per month for 6 months and to review the situation then. They said that they would not enter into an arrangement but would accept the £100 per month until I could afford the complete £303 payment again.
Obviously I am gratefull that I have been able to pay the reduced amount but am confused as to why it can't be called an arrangement ?

CLAPTON

scorpio_stu wrote: »

Thanks for that.I have spoken to cccs and went through a debt booklet with them. I have now sent one of their template letters by email to Welcome and have had a response within 1 hour !
I proposed to pay them £100 per month for 6 months and to review the situation then. They said that they would not enter into an arrangement but would accept the £100 per month until I could afford the complete £303 payment again.
Obviously I am gratefull that I have been able to pay the reduced amount but am confused as to why it can't be called an arrangement ?

probably because they will add lots of fees/charges and add lots of interest too
and will probably harass you in couple of months to increase your payment

scorpio_stu

As long as they leave me alone until after christmas.
What a mistake getting involved with them and for so much money..seemed like such a good idea at the time.My own fault I suppose.