Cannot move home due to Welcome finance

iamana1ias

But you did borrow it, and you knew it would have to be paid back.

dancingfairy

iamana1ias wrote: »

But you did borrow it, and you knew it would have to be paid back.

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

iamana1ias

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

They've also stated several times (on both of their threads) that under responsible lending they should never have been allowed to borrow so much. It more than hints that they feel less than 100% responsible for their current situation

grey_lady

Do they allow overpayments? by paying say 550 a month you could finish paying for the loan years earlier.

Also was the loan taken out before April 07? if it was did they sell you the PPI?(payment protection insurance) you might be able to reclaim that.

cheekychco

dancingfairy wrote: »

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

1 - I never tried a credit union. Dont know anything about them but I'll do some research and find out

2 - They refuse point blank to move it to another property (if they said yes this wouldbe so much easier) or to change ti to unsecured. I have been told, point blank, it must be paid off when I move, in full.:mad: I have never ever missed a payment.

UnderPressure

grey_lady wrote: »

Do they allow overpayments? by paying say 550 a month you could finish paying for the loan years earlier.

Also was the loan taken out before April 07? if it was did they sell you the PPI?(payment protection insurance) you might be able to reclaim that.

2 EXCELLENT points that you should look into immediately, both of them could potentially save you a fortune

We (well me lol) have all been a bit siily financially and made sill decisions none more than me believ me This is how you learn unless you are very lucky, you just seem to have come of a lot worst than the majority.

What about sub-letting? could that be a posibility get some tenants in to vover the mortgage and rent then go and rent somewhere else bigger for yourself? That might be a way forward, I know for normal housing association tenants this would not be possible but seen as you own a set percentage they may well be more of a posibility?

Either way I hope you get it sorted out, have you asked Welcom wht the figure would be to pay off early, known as an "ealry settlement figure", dont think you would have to pay all of the interest in this case and obviously then would be a lower amount you would need to borrow from elsewhere?

I hope you get something sorted I really do, we have 3 children and I know space can be very cramped and we are lucky enough to have a decent sized house still feels terribly small sometimes

Best of luck chin up

cheekychco

iamana1ias wrote: »

They've also stated several times (on both of their threads) that under responsible lending they should never have been allowed to borrow so much. It more than hints that they feel less than 100% responsible for their current situation

1. I am 100% responsible for borrowing it and paying it back i'm not disputing that.

2. due to responsible lending if i had been told that I should (not could) not borrow this amount of money. The problem is not paying it back, the probelm is being nto being able to move becasue of it and clearly trying to get help on how I can move with this loan that i have and not trying to get rid of it as i took it i pay for it.

3. yes it would be great if i could get the interest frozen etc cos it a fair amount to pay and my own fault for not reading the full terms. When I topped up i was told it was over the same period and i just signed. Its only when they were forced to start finally sending statements (which I never had for about 4yrs) did i realise the extent of the issue.

I wasnt blessed with being brought up with great financial advice but I have learned and will make sure my lessons are passed on.

While I accept your comments i'm afraid that you may have misyunderstood what I'm trying to achieve.

To reiterate, I just want to be able to move home, be it council, shared ownership etc. The issue is not trying to not pay for the debt. If you borrow you must pay it back.

dancingfairy

You could try the snowball calculator - I'm not sure of the link but you put in how much you can afford to pay off each month and it tells you when it would be paid off. You need to find out how the loan is done though -whether the interest is up front or calculated daily.
Like the OP said - ask for a settlement figure and whether you can overpay at all.
df

UnderPressure

Here you go make sure you read thw whole thread

Welcome and PPI

https://forums.moneysavingexpert.com/discussion/603765

Hope that help

cheekychco

The last time I topped up was around Nov 2007. I knwo I said I didnt want PPI but cannot actually remember when I cancelled it, if it was before on on this date.

I could oput the payments up to £550 but I'll have to find out what the last payment would be.

The settlement figure is around 22k at the mo. I oringinally had a personal loan with them then got the secured loan and they advsied me to push the two together and then I stupidly topped up - yes i know dumb lol. I think in total i have paid them over 20k so far over the years and i know that by the end of it the toal amount paid (if i dont pay it off qucker then the last payment date) will be around 72k... biy have i learnt my lesson