full write off

SONIA79_2

Hi

My husband and myself had a secured loan, and to cut a long story short the loan was written off fully, by them in Oct 2005,leaving a balance of zero. We re mortgaged our home in April last year and agreed to settle the loan with this company by giving them £5000, which we did,as we didnt know anything about it having been written off. Were they right in accepting this money when the loan had been fully writen off by them?

jonesMUFCforever

Why was the loan written off? Have they still got a legal charge over your property?

If it had been written off why did you pay them £5k? Or why did you pay £5k and not the whole amount which was £???????.

To answer your final question yes they were quite within their right to take your £5k contribution.

Please tell us how you managed to get a secured loan written off though - it must be one hell of a story!

SONIA79_2

The loan was written off because it was deemed unenforceable by a solicitor because the loan was not calculated correctly. It was with Welcome Finance and many of the loans that they gave between 2001 and 2003 are the same.

jonesMUFCforever

Did it go to court?
They may have written the amount off but I bet the charge is still on your property.
Why did you pay £5k if loan was unenforceable?

SONIA79_2

no it didnt go to court. The charges is not still on because we re mortgaged last year.

jonesMUFCforever

They were still right to take the money. Presumably you borrowed more than £5k so you still came out on top.