Negative Equity V Welcome Finance

zelig

Hi - a few years ago I was in desperate need of help while being 4 months in arears with both Mortgage and Secured Loan company - had some great advice on this forum and in need of some more if possible?

I have eventually managed to keep on top of my debts but now wish to sell the house which has been valued at 77,000 - which coincidentally is around about how much I owe on both Mortgage and Secured Loan.

OK the stupid part now :mad: - I also have what I stupidly assumed at the time was an unsecured loan from Welcome - after reading again my contract (duh!) I find its actually a secured loan of which is now around 13,000 - although after checking with the land registry I find also that the loan hasnt been registered against the house??

OK after all the waffle - my question is ? - will I be able to sell my house and turn whatevers left into an unsecured loan?

Incidentally (and I am sure this is a bit wrong?) I am paying them 101.96 a month of which 86.21 is taken for "CAPITALISATION" anyone know what that is?

Many thanks in advance

Zelig

LilacPixie

capitalisation is interest i would imagine.

zelig

LilacPixie wrote: »

capitalisation is interest i would imagine.

Cool as I suspected thanks .....its abit high dontcha think?


So back to my initial question - will I be able to sell my house and turn whatevers left into an unsecured loan?

Any ideas/advice appreciated

Ta

dimbo61

The interest rate may well be high with welcome finance but how do you think they pay for all them adverts on the TV !
You need to read you paperwork that came with the loan agreement to find out the APR of the loan

VIGILANT22

zelig wrote: »

Cool as I suspected thanks .....its abit high dontcha think?


So back to my initial question - will I be able to sell my house and turn whatevers left into an unsecured loan?

Any ideas/advice appreciated

Ta

No offence I didn't mean to thank you,,,

Re any ideas....yes...ask them!.....Welcome are loan sharks..only they can answer this...