Cannot move home due to Welcome finance

luluspice

Hi,
First of all. Do not ask Welcome Finance for any advice or information - other than a setlement figure. They are in dire straights right now, just about out of business!!! Welcome will not give honest answers, so don't bother asking them. Write to Welcome, ask them in writing if they will oppose the sale of the property, explaining that the charge is worth more than the equity after the main lender is paid. You are being reasonable they are not. Then once you have there reply - in writing - contact the Financial Ombudsman. They will decide if they are using unfair menthods.You should also ask for a settlement figure. Remember the total loan figure you have is what you would pay back IF you carried on with the payment plan as is, not what you actually owe at present. You should then contact the Financial Ombudsman as there is no way they should have lent you that amount when the equity was never going to match it. Also, did your housing association give permission to secure the loan on what is in majority, their property. This could be your out! Speak to your housing associatons finance people, tell them the situation. You may be able to get a new mortgage enough with to pay off shortfall. Many people have secured loans, it does not mean that the second lender can automatically stop the sale of a property. It would be down to your lawyer who deals with the sale to pay off any secured debts from the equity. If there is not enough then they or you have to make alternative arrangements to pay the balance. It does not serve them to stop the sale as in todays market your property is unlikely to go up in value anytime soon. How about selling your share back to Housing association with a view to a bigger property to rent?

cheekychco

Hey Lulu.

thank you for all your advice. I will certainly be including the points you made.

The housing associtation did not agree nor know about the loan but I have advised them, they said they were also going to look into it but not much has been done at their end.

I did ask about them buying the share back but that is not something they do, unfortunately.

cheekychco

Update;

Well while this is all going on, I've quit my job and going back to ocntracting. this will enable me to save enough to pay this stupid loan off in a year, regardless of it they agree it can be changed to unsecured or not. I just want it gone

Will be on a very good wage to clear this in a year (and still be abel to live) if my calculatiosn are right and maybe have a bit left over using a high interest account.

Its a gamble going back to ocntracting, but its better than doing nothing and it s a 12 month contract to start.

Also applying for a part-time job as audio typist which will be extra money to save an di wil never be taking out another loan (barring a mortgage) ever again.

Thanks to everyone on this forum i have learnt an awful lot, found good ideas and tips on up your income and the advsie of using the tool to work out how to save anc clear loan and the length of time has been an immense help.

Just once again... A MASSIVE THANK YOU XXX

dantheman2010

I have been sat here for the last, god knows how long, intently reading every post, I was just wondering, not sure if I missed something (my eyes are hurting) how it went with try to reclaim the PPI?

cheekychco

dantheman2010 wrote: »

I have been sat here for the last, god knows how long, intently reading every post, I was just wondering, not sure if I missed something (my eyes are hurting) how it went with try to reclaim the PPI?

Bless ya dantheman. Thanks for reading.

I havent requested PPI yet. Just trying to sort this out 1st, which is the main thing, then I'll hit them with the PPI.

I think if I try to do too much at once it'll backfire and right now my priority is seeing if I can get this changed to usecured and getting it paid off as quickly as possible and to ensure soemthing like this doesnt happen to anyone again

Then I'll hit em with PPI

dantheman2010

Ah ok that sounds very sensible. I wasnt sure if I had missed something, I was hoping as I was reading through that I would see a post saying you had got a load of money back. I will keep an eye on this.

Fingers crossed.

cheekychco

Thanks Dan.

I will keep updating on here until its all done and dusted.

Even if i dont get anywhere, maybe, just maybe, this will help others from making the same stupid mistake I did and get people to do their homework.

And if it helps just one person, i'll be happy

dedogsbolloxx

if you can afford it seek professional advice welscums contracts by design are meant to confuse, they are very creative when doing top ups and rewrites

dedogsbolloxx

cheekychco wrote: »

Bless ya dantheman. Thanks for reading.

I havent requested PPI yet. Just trying to sort this out 1st, which is the main thing, then I'll hit them with the PPI.

I think if I try to do too much at once it'll backfire and right now my priority is seeing if I can get this changed to usecured and getting it paid off as quickly as possible and to ensure soemthing like this doesnt happen to anyone again

Then I'll hit em with PPI

check if you still have ppi if so hit them now, its prob front loaded when you win you should get a modified agreement without the ppi at the same rate and you might be pleastly surprised

ILW

dedogsbolloxx wrote: »

if you can afford it seek professional advice welscums contracts by design are meant to confuse, they are very creative when doing top ups and rewrites

I do find it highly amusing when people change names of organisations they do not like to something insulting.