Cannot move home due to Welcome finance

welshmoneylover

If your partner is looking after the kids, have you considered getting a 2nd job in order to gain extra income so you can pay the loan off earlier?

Just my tuppence...

immoral_angeluk

Would you be eligible for the Mortgage rescue scheme? Are there any arrears on your mortgage?
Sorry I don't have the eligibility criteria to hand so though I'd at least throw it in for you to have a look and see if it's something to consider.

Tubbss

Hi,

As the property is shared ownership as far as I am aware the mortgage rescue scheme may not be feasible.

Tubbss

Hi.

Whats the APR on the loan - if you increase the payment to £550 it should shave more than 3years off the loan!

emmilee

What a nightmare for you. I'm afraid I'm not as practical as other people, I don't see how Welcome can put you in a situation whereby you are stuck in a 1 bed property with 2 children with no option but to declare yourself bankrupt to get out of the situation.

Have you been to your own bank to see if they can help in any way - I found when we moved house that our own bank were willing to lend us more than most other banks.

I guess letting the property out and renting elsewhere for the time being would be a good solution - if it's allowed. Surely you could get on the council list given that there are 3 (or 4?) of you living in a 1 bed home, then sell your place & pay the balance towards the loan. I know it wouldn't get Welcome off your back but it would help your accomodation problems and probably you could finish with Welcome more quickly that way.

I'm sure it can't be legal to 'trap' you in your home like that.
Good luck x

grey_lady

'Whats the APR on the loan - if you increase the payment to £550 it should shave more than 3years off the loan! '

That's what i was thinking

bouncydog1

Would it be worth you seeking an appointment with a specialist solicitor to find out for sure what options would be. I know that some law firms provide a free half-hour appointment.

I'm not condoning borrowing and not wanting to pay back, but it does appear as if you are in a situation that although originally of your making, has spiralled out of control because of the way that Welcome charge interest and consoldiate one loan on top of another.

You should try and find copies of all of the paperwork that you signed in connection with all of the arrangements so that you have as much information available as possible.

At the end of the day you should explore all the options available as this situation is not good for you or your boys.

cheekychco

Thanks all for your help and suggestions.

The ARR is about 23.?. I'm not too hot on that stuff. I'll have to dig out the paperwork and double check.

Yes if I pay £550 a month it would shave off 3 yrs but the end date will be 2019 instead of 2022, so it’s still a lot of years to be stuck.

Council said they would house me, but once a place is given to me I must sell the property, so catch 22, I can sell the stupid place at the mo due to the secured loan from Welcome. They will not change it to unsecured.

I'm waiting for the housing association to agree to see if I can rent my property so that I can move to sell it.

I contacted the Law Centre yesterday and awaiting a call back.

I also emailed the CEO of cattles (Margaret young) to see if anything further could be done. As stated before, never missed a payment and always kept them informed when I changed my mobile and house number so its not like I'm running away...

As for a 2nd job, I barely see my kids as it is. I work 40hrs a week and get a pretty good wage to pay my mortgage, rent and loan and have enough left over for food/clothing for my kids and me. It is something I've looked into before, but as we are all in the same room and they sometimes still wake up I'm shattered all the time which has led to a few health complications.

I tried both my banks that I have been with for years. Even though they say my credit score is good (I even took a copy of my credit file) they always say "due to responsible lending we cant lend you that amount". They wont lend me anything as they say I have too much in my name as it is. Just the loan, mortgage, credit card (which is always paid) and a catalogue (which is always paid) I got these to repair my credit and it worked but I'm still stuck!

I explained that them helping me with a loan would obviously reduce my credit and help me clear the loan quicker. As usual - the computer says no lol.

Sorry for the epilogue.

immoral_angeluk

It would be worth going to your local CAB and speaking to a specialist debt caseworker to see if you have any argument for irresponsible lending, or whether they would negotiate with Welcome to allow you to sell the house and then them apply for a charge on the new property instead?

cheekychco

immoral_angeluk wrote: »

It would be worth going to your local CAB and speaking to a specialist debt caseworker to see if you have any argument for irresponsible lending, or whether they would negotiate with Welcome to allow you to sell the house and then them apply for a charge on the new property instead?

Thank you. I am waiting for a call back from Islington Law centre and I will also contact my local CAB office today.

As I now have all my details of loans, the amounts, the dates and which ones had PPIs', once I read the PPI thread I'll be claiming that back too which will go straight back on the loan. Something is better than nothing.