Welcome finance

AUTUMN5

hi,


has anyone got any problems with welcome finance?


I was paying them fine and they have 'sold' my loan on.



I have written complaint letters but they are literally just ignoring me?


help please if possible
thank you

Poppops

Were you in an agreement with them to make reduced payments?

What amount have they sold on?

By that I mean have they sold on what your balance currently stands at, to a DCA who won't apply any further interest?

At their rates, is this not a good thing?

AUTUMN5

yes


15k secured mortgage with interest lodged for welcome at land reg


interest was frozen at welcome at my request


they accepted reduced payments for last 18 months - then just sold it on


I have diagnosed depression and severe anxiety/PTS and welcome finance knew this all along. they have consistently abused me.


do secured loans come under the lending code?


new 'owner' has threatened to add interest.


new 'owner' has marked credit file as defaulted - thought they couldn't do that if its a mortgage loan/second/third charge etc.


either is it a loan or mortgage - yes?





thanks

Poppops

So are you saying that the welcome loan is your only mortgage?

It isn't a secured loan?

AUTUMN5

no I have my main mortgage which is fine. the welcome loan is a third charge secured loan!....

Poppops

So why would your first mortgage provider, or your second for that matter, let Welcome have the deeds?

AUTUMN5

sorry...don't understand

Poppops

Well it's very odd.

I can't see anything that says your second post has changed or been edited but when I read it, it was much shorter and I'm sure it said that Welcome had your deeds?

Anyway, I think Lenders are asked to consider keeping the debt in house where the borrower has mental health issues but I'm not sure they have to. Am happy to be corrected.

You say you were paying them 'fine' but that they have consistently abused you. Is it fair to assume they wanted you to pay back more than you were paying? Or that their agreement to freeze interest was for a set time only?

Were you diagnosed with mental health issues prior to you taking out the loan? Have you sent them proof of diagnosis or tried to discuss this with them? You said they aren't answering you but also that they are consistently abusing you. Could you have used one of their calls to discuss?

Who have they sold the loan on to?

AUTUMN5

not sure about the editing thing?


I went back and changed my post as I had written it incorrectly - ie that welcome have a third charge interest registered on my house - not the actual deeds if you see what I mean.


I wrote to welcome to set up a reduced arrangement and they accepted that and I paid it on time every month.


I subsequently wrote to them about other issues that I was in severe dispute with them about but they abused me by not even writing back to answer my queries etc. three times they did this and the last time I offered a full and final settlement but they ignored this again.


only last week I got a letter saying they admit they haven't replied to me properly all along but they from now on I should contact a company called cabot as they own the debt now.


please can you answer the others questions I raised.
thanks




there are many problems with my case with them and I am about to tackle it.


yes they have been aware about my health from day one and literally do not give a monkeys.

Poppops

You need to post more information and then someone else who is much more expert than me will be able to advise.

What are the other issues? At the moment, all we know is that you haven't been able to service your debt in accordance with your original agreement and that Welcome have sold on your debt.

So

When did you take out the loan?
When did you request a reduced arrangement? Did Welcome put a timeframe on this? Seems unusually lenient for them if they didn't?
Have they never contacted you with regards to getting your payments back on track?
What did they 'admit' in the letter re not replying?
What have Cabot said about the interest you said they are proposing to charge you?

I'm afraid I don't think it is the case that lenders have to accept reduced payments without question because of depression. I know they are supposed to work with you though. Have they anything that proves you have a diagnosis?

AUTUMN5

thanks Poppops,


I have to just go out but I will answer all your points raised later today and hopefully will get more help and support like you have offered me...thank you


just quickly - the loan was taken out in 2007 and I have proof from the doctor about my health which has been an ongoing that welcome knew about.


back soon
thank you again