Secured Loan on the house??

simonts

We bought our house in May from Countrywide Reposessions via an Estate Agent after it has been reposessed in March.

Along with all the other bills we get delivered still for the chap that got reposessed we started started a few months ago to get worrying ones from a company called Welcome Finance based in Nottingham.

These letters were stating that he was owing £7500 in missed payments on his £28000 secured loan which I assume would have been secured against the house??

I have phoned them and given them all the information I know...who repossed/when etc and they thanked me for calling them and said they would now have to do what they do. They also asked how much we paid for the property??

The bit that worries me is that if there was a loan secured against the house our Solicitor searches should have picked this up?

spunkeyrich

You do not have to tell them anything. If there was secured loan on the home before you took it. then direct this company to the company you bought the home off. It is up to them to chase thier debt that way. If it comes to anything then yes, your solicitor should have p[icked it up on one of his searches, its probably an unsecured debt though as the details would have been on a title search.

I would phone your solicitor about it and get some advice. to ease your mind.

Also, you may find that you may have problems getting credit as the debt is registered at your address. You may need to check on that.

rich

simonts

certainly would explain why I cant get an overdraft from my bank when nothing has changed apart from we moved!

clutton_2

credit checks should have nothing to do with your address - they are against a person - but you can buy your credit report from experian or equifax for a few quid.