Cannot move home due to Welcome finance

cheekychco

Defo dont have PPI anymore. only had it with personal loan and 1st secured loan (and then when it merged) after I toppped upI cancelled it, but I still have all the ref numbers.

Lol ILW

king100

Tried reading all the posts, hope everyting goes ok chco, with the contract and the loan.

One thing i must say is I really cannot believe that they loaned you that amount of money in the 1st place. What exactly have they secured the loan against, I cant understand it, mortgage 38k, house worth 45k so secured loan should have been max 7k. And all i have is GCSE maths. I would seriously look further into this.

meg72

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

I have read every post carefully, but do admit to be an old dumbo when it comes to financial things but I cannot understand how they managed to put a secured loan on a property that is only 25% yours
withouthout the other 75% agreeing or being informed. and do think that maybe your way out if you get legal advice.

Best of luck OP do hope you manage to sort this and hit them with
anything you can.

dedogsbolloxx

cheekychco wrote: »

Defo dont have PPI anymore. only had it with personal loan and 1st secured loan (and then when it merged) after I toppped upI cancelled it, but I still have all the ref numbers.

Lol ILW

do no harm to check with insures directly and see if any are still running

~Brock~

ILW wrote: »

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

I must admit to have thought the same - reminds me of the type of juvenile name-calling you find an a typical primary school playground.

dedogsbolloxx

~Brock~ wrote: »

I must admit to have thought the same - reminds me of the type of juvenile name-calling you find an a typical primary school playground.

very constructive brock, I assume your are a teacher

PasturesNew

business_man wrote: »

I would suggest OP to look at the firgures, obtain approval from her 1st charge mortgage lender if its possible to rent the property out

It is usually a very strict condition of SO that you can't rent the property out. It's not the mortgage lender's decision alone, but the (housing association?) other part of the share agreement.

cheekychco

This is mainly directed at business_man.

I'm sorry but you have got a lot wrong...

1. I'm not a single teenage mother. Never have been. Didn’t have my 1st child until just before I turned 30! Not sure what that has to do with anything anyway. I work; my partner stays at home with the kids. I earn the most out of the two of us. House is in my name, debt is mine and therefore he should not be responsible but he helps with all other issues. I.e. shopping, kids clothes etc

No other debts accept this. Credit card and catalogue were used to help rebuild credit. I use them now and again but generally, they are clear balances.

2. Not asking for the loan to be written off, just want it changed to unsecured. I borrowed it so I pay it back.

3. Never once stated my credit was bad! Used to be but not anymore. I can get a high street loan, now, but only to £15k, which welcome will not accept and it would be very stupid of me to pay welcome that then run the two loans concurrently. I can’t get more than that due to having this loan they see it as me having too much credit already.

4. From the get go told welcome in was a shared ownership property. Apparently, they shouldn’t have lent me this amount secured. If they had lent this to me unsecured, I wouldn’t be moaning now. Yes, interest is crazy but I wouldn’t be in the situation of not being able to move. House price has not changed since I got the first secured loan yet they still allowed me to borrow. As stated before I should've done my homework.

5. Housing association own 75% of the share and therefore should have agreed they were never contacted.

I just want this loan changed to unsecured, not written off! I said if it was written off, it would serve them right but that was me venting.

Can’t rent it, as housing association will not allow me to.

I've said this time and time and time again, just want it changed to unsecured so I can move.


In a nutshell, my complaint is: should the loan have been secured as not all parties (i.e. housing association) were contacted and agreed and how the interest was calculated as when I had the secured loan and unsecured and they were put together, it was done on the phone. No paperwork signed.

I'm grateful for your comments but really wish a least the majority of the posts had been read before you posted a comment.

If you can help in anyway, please do, I never say no to help

thecableguy12

grey_lady wrote: »

Sorry, you're right - an IVA would need welcome's agreement and creditors dont tend to agree IVA's when they have the security of the charge on your house. So not a practical suggestion.

I hope the CAB or CCCS can help you, it seems like welcome gave you a secured loan for more than the equity you had, which I didnt know they could do.

Otherwise I think your options are fairly limited to staying put, finding a way to pay it off early, or going bankrupt and getting a new job.

IVA dont need a secured creditors say so, such as welcome as they ony deal with unsecured creditors(anyway an IVA would put a ristriction on the sale of a property so its not an option, also if welcome are the second charge I believe they cant stop a sale going ahead its only the 1st charge that can do that the ops bank, welcome will come out with all this bull because there going under anyway!, welcome should let the sale go through and turn the remaining debt to an unsecured loan.

cheekychco

Would be easier if they did change it to unsecured but been a flat no, so thats what I'm fighting for.

I'll still be paying the loan off as never misseda single payment but it would allow me to move. ARGH lol.

Thanks cableguy