Cannot move home due to Welcome finance

cheekychco

IVA would be just as bad. IVa's also only deal with unsecured debt (correct me if I'm wrong) I cant have CCJ or defaults in my job. I'm trying to get an appointment at my local CAB office.

I did check and was told as its a secured loan, i.e. they have a 2nd charge on my house after the mortgage lender, then have a say and can stop me selling as then they have no security over the debt. Welcome finance refuse to move the charge to a new property or change it to an unsecured debt.

grey_lady

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.

iamana1ias

Can't your partner help?

cheekychco

Its just me and my kids.

cheekychco

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.

I didnt know they could do that either. I never checked it through properly. High street banks say they cant lend me the money due to responsible lending so go figure how they did. It would make my life a lot eaiser to geta high street one. lower apr and I could pay the same amount each month and be donw with it a lot sooner...

iamana1ias

cheekychco wrote: »

Its just me and my kids.

Then can't the person that made the kids with you help? Perhaps he'd rather see them homeless?

cheekychco

lol. ok i'll try and explain my life story ;-)

He is singed off work. He looks after the kids while I work as he cannot. He gives me money for the kids and he doesnt get very much as it is. If it wasnt for him i wouldnt be able to work and he's great with the kids. If he could help me, he would without a doubt. Hope that helps explain the situation. I really ddidnt want to go into the whole thing but hopefully that will stop any further questions about him trying to help.

UnderPressure

You really need to get some speialist advice, Cab etc, but on the face of it (and I am no expert but want to try and offer something )............................

Your screwed with Welcome completely the only logial option I can see for you would be to try and gain unsecured finance from elsewhere bank etc which may not be out of the question if you have a good payment history with Welcome your credit score should be well on the way to being good by now, the pay Welome off and NEVER go near them again!!!!

Welcom are 99% sub prime they deal mostly with peopl that cannot get credit and charge extortionate amounts of money for the privelage as I am sure you now know

Unsecured finance from another lender is the only thing I can think off if bankruptcy is not an option due to your job.

Out of interest when you had the 21k did it not occur it may be a good idea to buy further shares in your own home?? Just a thought...............

Best of luck

cheekychco

Lol yes it wouldve been but I was young and stupid. When i was much younger had a lot of debt so got an usecured loan and paid that all off. Then got the secured, when I got my flat, to do it up (and yes on hidnsight i shouldve just saved lol) then I was contracting and fell pregnant, didnt have enough money to stay off work so toppped up so i could at least stay at hoem for a few months. Stupidly did the same again with the 2nd child. So yes big time I have learnt my lesson and will ensure my kids NEVER EVER do soemthing like this. I was not so fortunate to have people around me to advise me financially and had no value of money.

I did state above, I've tried high streets and they said due to responsible lending they cant lend me the money. Basically I should never have been allowed to borrow it.

And thank you underpressure and indeed everyone else that has tried to help me. It really is appreciated.

dancingfairy

A couple of off the wall thoughts from me:
1) have you tried a credit union? you may have to borrow a small amount and pay it back before being loaned a bigger amount but it might work? although you would have similar issues re affordability
2) could you swap the secured loan to another secured loan on a new property - say you got a new property would welcome agree to move the loan across?
3) Apart from that the only thing I can think of is to just chuck as much as possible at the loan and get it paid off as quickly as possible
df