Cannot move home due to Welcome finance

vaporate

dancingfairy wrote: »

That doesn't really help does it? The OP has admitted that they have not always made the best decision? -Have you? Perhaps the OP wasn't blessed with a good education about debt from school or their parents.
As far as I can see they are not trying to get out of paying it just stuck in their house.
Maybe if you have nothing constructive to say you should go elsewhere.
df

Same old protectionism crap.

There is irresponible lending and then there is irresponsible borrowing.

Innocent public...rollocks!

vaporate

The OP should do what is in his/her interest. Who cares about morality when u r being stung by a legalised loan shark.

Ms-Pacman

welcome are pretty slack when it comes to dealing with complaints. A lady from FSA even said to me on the phone once that they are swamped with complaints about Welcome and that it was difficult to get a decent response let alone in a timely manner.

Welcome are struggling to survive and appear to be running purely to collect current loans.
It is not difficult to assume then that a struggling company is going to collect every penny it can, so it is doubtful that whilst you are paying full amount on a regular basis that they will offer anything less. Again that is my opinion but if you google cattles plc who own welcome you will get a better understanding as to why this company will not shift on what it is collecting.

Once FOS get no where it then go back to FSA, FSA do tend to request you go the FOS first and then if not resolved it goes back to FSA.

I really hope that FSA and FOS can get this sorted for you and if you can be patient follow their advice as they know full to well what cattles/ welcome are trying to do. It does take time but that way using FSA and FOS who know welcome only too well should get you a deserved result.

There are a lot of threads about welcome on here and on other sites. Some people have done well, some stuck with defaults after being advised to stop paying. By all means do read these situations as it will prepare you for what this company do to people, after all its only interest is to recover as much money as possible but please be careful on what advice you take and make sure you run it by FSA and FOS first.

Please keep updating here, hopefully you will find it beneficial if only just a place to vent sometimes.

cheekychco

theoretica wrote: »

Do you have a useful employee assistance scheme at work, or are you a union member with legal advice that way? Sometimes insurance policies come with legal advice.

I do believe that my work place have a call with free legal advice if you are having issues with things.

I'll certainly look into that. Dunno why I didnt think of that before.

Thank you.

cheekychco

Thanks Ms-Pacman. I will keep everyone updated who is interested. Even if I don’t get anywhere, maybe my experience will help others to be more careful when borrowing and to do their homework. Wish I'd found this years ago, would’ve saved me a lot of agro. However, you live and learn.

Got a letter last night, from Welcome, regarding final response (and this is only cos I emailed the CEO!) stating it’s been rejected and they went by the valuations I gave them. BS.

They asked how much the property was worth and I stated that, however, I also stated that I only own 25% and what my share was worth. They never contacted my housing association, which they should have done.

Then to annoy me further, they stated, that if I get a property that I should instruct my solicitor to advise them how much they would get when I sold my property and they may accept this figure. That’s the whole point; I can’t get a mortgage unless they change it to unsecured or move the charge to the new property. Clearly not read anything properly and they'll only get about 7k that I know for a fact they won’t accept as they won’t even accept £15k.

cheekychco

theoretica you're a star. Have checked and we do have a free service at work that helps with personal problems etc and can help with financial issues and legal advice. its available for all employees plus immediate family.

thank you - I'll be calling them later as well. See if they have any ideas.

jennyo

theoretica wrote: »

This whole situation does rather make a mockery of the idea of a secured loan- securing 21k on 7k of equity. As this loan is mostly 'secured' on thin air I don't see how they can prevent you selling up!

From your numbers it looks like you may be paying interest on most of the money twice- you borrowed 7500 +1500 +4000 which somehow turned into a loan of 21000. Do you think they included the interest that would have been payable over the full term of the loan in the settlement figures when they paid off your old loans and opened new ones? This would mean they are now charging you interest on the loan which already includes interest- so in effect paying interest twice -- with interest on the interest for good measure. If this is the case I sincerely hope you can get it wound back to pay them only the money you received from them + one lot of interest. Paying what you owe is right, and you clearly plan to. Letting incompetent bloodsucking leeches make an unreasonable profit out of you is another matter and only encourages them.

i wonder if you bought a ppi each time either know to you or otherwise, back in my past i had a couple of loans from similar lenders, and my ppi's were added straight to my loan.
Best of luck, wish I could help

geoffky

remember...a house is for living in...not to be used as a cash point,,,,,alas you are just one of many hundreds of thousands who thought it was christmas every day egged on by the banksters..i wish you well

cheekychco

geoffky wrote: »

remember...a house is for living in...not to be used as a cash point,,,,,alas you are just one of many hundreds of thousands who thought it was christmas every day egged on by the banksters..i wish you well

thanks for the good luck, but I actually didnt think it was christmas. I didnt take the loans out to just to flitter away.

I consildated old debts, furnished my property and also helped my mum with her debts.

The last time topped up was so I could actually stay at home for 3 months when I gave birth to my son as due to contracting, and obviously not working when I had my son, the maternity allowance was very low. This gave me the option to at least stay at home for a bit ,before returning to work, so I could still pay all my bills etc without missing a payment and ruining my credit again.

blue_monkey_2

geoffky wrote: »

remember...a house is for living in...not to be used as a cash point,,,,,alas you are just one of many hundreds of thousands who thought it was christmas every day egged on by the banksters..i wish you well

And as already stated the OP was younger and naive. It is very hard to do the right thing when you have no-one to ask and there are people giving you the loans. I did the same thing as a youngster, you learn the hard way. You assume those people know what they are doing when you tell them your circumstances. I too had a few loans with Welcome as well as another Cheque Cashing place when I was younger. I am mortally embarrassed about that now I know what they are like though and the stupid APR I was paying.

The OP is not trying to get out of paying the debt but find a way of being able to move to a larger, more suitable, property while still paying the debt.

Did you not read that bit?