Cannot move home due to Welcome finance

Jaggers_2

Hhhhmmm. Seen this one before, albeit not with Welcome.

As far as i am aware, the loan could not be secured against the property unless ALL the owners agreed. Now due respect you are only a 25% owner. Did the housing association (or other body) give authority for the loan to be secured? It needs to be properly registered as well.

This happened to a friend of mine and in her case we managed, with the help of FOS, to get the loan onto an unsecured basis.

PM me if you want further details as the situation regarding job was similar to yours.

cheekychco

blue_monkey wrote: »

Just stumbled across this this cheeky and wanted to wish you luck.

We do all learn by our mistakes unfortunately.

My 2p's worth is this:

Stop paying Welcome now, find somewhere to rent while your credit rating is still good and go for Voluntary Repossession. The house will have to be sold and as they have the 2nd charge on the house the HA would get the first lot of money when it is sold, then Welcome would get the balance. Then they could either come to an arrangement with you or take you to court for the balance - which would mean the ridiculous interest would be stopped too.

In the meantime use the money you pay Welcome each month to find somewhere to rent.

I do not know all the ins and outs but is this an option? Can welcome stop you selling the house even if you do not pay for it and it get's taken off you?

Many years ago I had a loan secured on a car and it was repossessed - I split with my BF (I was young and stupid too) and could not afford it so they took it and sold it for a pittance and I was told to pay the balance of £1800. This was, wow, 15 years ago and I am still paying it now, £3 a month. Ho hum. I've asked numerous times for a settlement figure but they do not respond to my letters so I'll just keep on sending my £3 a month until I die no doubt.

Thank you. I cant afford to get a CCj or default or I will have to change my job otherwise I would so lol.

I work in IT for investment banks and therefore get security and credit checked each time, so if I change jobs (which I'm looking to do as contracting pays more and would therefore help me clear this loan quicker) having a defualt or CCJ would be a nightmare.

Wow, wish I could pay £3 a month.

And thank you for the luck, I so need it...

cheekychco

Thanks to Jaggers I've got more info.

I do nto think welcome contacted my housing association and waiting for a callback from the lease dept. They have stated they must be told, by the lender, and agree to any secured loans.

Waiitng to see if they did that. They never mentioned to me that they would and soem time again when I wanted to remortage was told by them i could but i would only get up to 80% of the equity at the time...

so if they didnt contact them, as the housing association own 75%, then looks like I might have a case.


I know, I know, I borrowed it, but if they didnt follow the correct avenues then as well as me being at fault for being dumb, they are seriously at fault for lending it to me and nto checking with all parties.

also on my lease, the 2nd charge is only from jul 06... nothing from oct 06 or nov 07...

blue_monkey_2

Ah yes, I forgot about the CCJ side you did mention this, however, my secure loan (on the car) is paid back by agreement, I do not have a CCJ, I guess it would just be a default.

I just thought anything was worth a mention really, as I say, I do not know whether it works the same way but anything is worth looking into really. Especially as they gave you finance that was worth more than your equity (and pretty much almost the same as the mortgaged value). Bizarre.

I do not want to be paying £3 a month but I've been paying since god knows when and they don't answer my letters. They send one if I am a week late in paying but they never respond when I ask for a settlement figure. I've offered them money and they don't respond either. So £3 a month is all they'll be getting if they do not want it back quicker.

silvercar

also on my lease, the 2nd charge is only from jul 06... nothing from oct 06 or nov 07...

I was going to say that they did register the second charge - secured loans are sometimes not formally registered. If the second charge is registered it will cover all money you owe that company; unless the charge states an amount specifically, it will cover all money you owe that company. It will not have been necessary to register new charges each time you took more money AFAIK.

cheekychco

silvercar wrote: »

I was going to say that they did register the second charge - secured loans are sometimes not formally registered. If the second charge is registered it will cover all money you owe that company; unless the charge states an amount specifically, it will cover all money you owe that company. It will not have been necessary to register new charges each time you took more money AFAIK.

Cheers for that. I did check with the housing associationm to see if they were informed as they also have to agree, seing as they own 75%. I never had to give their details when I signed the loan and waiting for a call back from the lease dept to see if they were contacted.

I've been informed if they havent and didnt agree then its not a secured loan. Not sure how it all works but boy this has beena learning curve.

cheekychco

Just an update. Got my letter from the FOS stating that the complaint has been made. Then received a letter on Sat from Welcome that they have received my complaint and will contact me in due course. Well they have 8 weeks and if nothing I'll complete the questionnaire, from the FOS, and take if from there.

Seeing as they never contacted my housing association, which the FOS were surprised about, hopefully they will change it to an unsecured loan and I can get on with my life

dancingfairy

Good Luck getting it sorted.
df

cheekychco

Well got a letter from Welcome stating they had received my complaint and would be in contact.

There version of contcat was to send me a letter a few days ago stating (considering they had 8 weeks this repsonse is a joke!)

Contact your branch manager - well i did that and go nowhere
Contact head office - well i did that got not where

Hence why i made the complaint with the FOS.

So now i will be completing the form for the FOS and let them take it from there. Not that i was ever trying to get out of the debt, just get it changed to unsecured, if the FOS get the thing written off it'll serve them right!

Iron_Pyrite

Cheeky,


Your situation is exactly one where you should get it written off - you have been taken advantage of - mi-sold and are paying a disgusting amount of interest ( they are already in profit from what I can gather.

There is a difference to being responsible and having an institution take advantage.

Also ignore those sad individuals who look for people to point out their mistakes. its normally caused by insecurity over their sexual organs :rotfl: