*** help***Welcome finance secured loan.

Potbellypig

What is it that you want from this?

financegeek

A23548 wrote: »

As soon as I seen this sneaky condition I checked the land registry and luckily nothing appears on my parents address. It looks like the loan was secured on their property for the sake of the application to as you like "get" the loan approved and then the legal charge a separate document which I also have both my copy and the creditors official.copy was the property I was buying. When checking my property bueno and registry the charge shows at my property.
The credit agreement copy I was given shows just the postcode for the property I was buying as the security however the official credit agreement had my parents full address and postcode.
I have been advised lately that a secured loan is only available to homeowners to which I was not at the time of apply for this loan.
Is this fraudulent? It appears the loan was applied with incorrect/false information?
The broker was paid a fee which I only know of this now due to the breakdown of figures given by my solicitor when buying the house. Welcome also had their "commission" too from.this loan giving a financial gain for them.to approve the loan.
Is this a valid agreement with so many flaws/fraudlent information?
I still have 4 years left to pay on this however infeel there in.serious breach of TCF as they have not dealt in a fair or clear manner and appear to have been very underhanded.
What outcome will I try to look for as I'm completely out of my depth.
Appreciate all the replies

I don't suppose you have a copy of the credit agreement you could post? obviously with the name / address information blanked out.

I'm no expert and it's been a while since i've seen a CCA credit agreement, but i believe in order to be CCA compliant all fees / commission would need to show on there.

Welcome finance (assuming they're the lender) would have paid the commission to the broker, not the other way around.

it sounds as though the address showing on the credit agreement was your correspondence address at the time (e.g. your parents address, which would have been correct) and the legal charge stated the security address (e.g. the property you were purchasing). They wouldn't have been able to address the credit agreement to the property you were purchasing, as you didn't live there at that point.

it would only be their loss really if they were trying to secure against a property you didn't own, as in theory by then you'd have the money and they'd have no where to secure their charge! giving them much less chance of even recouping the amount lent, let alone any interest / charges.

That being said even if the credit agreement had your parents address as the correspondence address, i would have expected the security address to show in full as well, rather than just being a postcode.

I'd be temped to send a SAR to the lender to request copies of all information they hold and then go from there in terms of your complaint. Assuming you signed the documents, if they had incorrect information on there the lender may assume you were complicit in this, which may cause you issues. It might be better to check what they have / can provide first and then go from there.

I'm not saying you were complicit as it's clear from your posts that you didn't realise this had happened, but if you were in a rush / not checking properly you may have signed documents that didn't reflect accurately your position at the time. As most lenders don't like paying compensation / admitting mistakes, if there's a way they can wriggle out of it (e.g. by putting the blame on you) they'll probably try to!

A23548

Thanks for the replies.
I have both CCA my copy which i was sent out first and a copy of the original.held by the lender.
I do recall that the agreement was just signed with the reason being.it was the same S the one I have received earlier so there was no discrepancies established at this point.
How do I upload the attachments?

A23548

But the CCA turned out to hold different information. I will start by sending a SARs and will upload all CCAs when I can figure our how to. Or.if I can pm them to you?

DCFC79

A23548 wrote: »

But the CCA turned out to hold different information. I will start by sending a SARs and will upload all CCAs when I can figure our how to. Or.if I can pm them to you?

Do you have a scanner ?

Scan it to pc then use image hosting site a post the link on here.

If you have a decent smart phone you could use the camera then upload that way.

financegeek

A23548 wrote: »

But the CCA turned out to hold different information. I will start by sending a SARs and will upload all CCAs when I can figure our how to. Or.if I can pm them to you?

I'm not an expert in CCA secured credit agreements, i just used to work with them many years ago, so have an idea of what information needs to be contained in order to make them a valid agreement Certainly for the lender i used to work for, it was drilled into us that we had to ensure they were correct and the CCA legislation followed exactly, to ensure that if the customer were to do a SAR that we could evidence the procedures had been followed.

From memory the first agreement should have been sent out, then the 'signature' agreement 8 days later to give you time to consider the offer. At that stage if you wanted to proceed you could sign and return the credit agreement straight away, or if you didn't the broker / lender should leave you a further 8 days prior to chasing you.

There should have been no difference between the two agreements, other than one being the 'advance copy' and the other the 'signature copy' e.g. the terms / addresses / figures etc should all match exactly. Any changes in the terms (e.g. if you requested more money) would mean the process would need to start again with the new figures.

I'm not sure what the consequences for Welcome finance would be if they haven't followed the correct procedures, i doubt the loan will be written off (if that's what you're after) as you've received the funds, but it may affect what interest they can charge you. once you've got all the details from the lender it's probably worth discussing it either with your solicitor (as it seems you have one working for you anyway) or one of the free consumer debt charities to see if they think you have a valid claim.

A23548

I don't have a pc to upload through but I have copiea.on my smartphone. Just can't find anywhere on this thread to attached it to?

A23548

Thanks financegeek.
I did receive the first copy of the CCA in the post in advance. Which I still have. I.wasnt sent the signature copy I was asked just to.sign it with broker as it was "the same" as what I had been sent. However this was not the actual case!
There's also no total amount repayable on either? Is.this not a necessary part ofbyhe agreement?
I've had this.loan now 11 years and have repaid double what was originally lent I don't expect any of the loan back however I would like to challenge the interest as that's what brought about me querying the loan in the first instance.just cannot believe a company can act fraudulently as that's what it is really and nothing can be done about it. As if true information had been supplied by welcome and or the broker I would have had to use my deposit as would have been ineligible for the.loan and this saving myself £33k in interest on a £15k loan. Which I.was sold as a being a temp loan.until house.prices increased the following.year and the loan could be repaid using.equity when remortgagingas the value would have increased. All just assumptions tho...