Welcome Finance Secured Loan

penelopepitstop1

I took out a Welcome Finance secured loan many years ago. The reason I took it out was because I needed money to stay in my home and had been missold another loan by my bank who promised to offer me a remortage deal and then didn't... it was my only choice and a bad one.

Anyhow, my question is this. Has anyone been repossesed by Welcome Finance? I did doubt that the loan may even be secured. When I got into financial difficulty a few years ago (employer didn't pay my wages, couldn't pay my mortgage, buy food or pay bills) I had to agree to pay £150 per month to Welcome Finance not the full monthly amount.

I missed a payment recently and they never even contacted me when usually they would be hassling me but I think they have closed down. I don't want to avoid paying what I owe but am simply struggling - due to factors that were not my fault (e.g. working and not getting paid) I got into arrears, cannot remortage. I also have this 'secured loan' which I cannot afford to pay at the monthly amount I am paying.

I know they didn't follow procedures when they offered the loan. They only offered the loan by coming round to my home and it was just me and the person selling the loan present. I was also missold PPI.

I really want to know what to do as I don't want to keep being crippled every month if I can turn this into a non-secured loan? Is this possible?

I am up to date on my mortgage payments and was of the assumption that if the house was repossesed Welcome Finance would only get money after the Mortage lender got theirs.

Any help would be greatly appreciated, particularly if anyone has any factual information about Welcome Finance and their secured loans.

[Deleted User]

http://www.wfs.co.uk/contact-us found this not sure how recent, but they appear not to be accepting new business

foxy-stoat

Do the PPI reclaim thing and pay that towards the debt - get a settlement figure to find out where you are with the repayments.

-taff

Welcome stopped trading in 2011 They are only collecting loans now. If you default, the loan will be sold to another firm. I would post on the debt free board regarding the loan repayments. And I would check with the land registry to see if they put a charge on your house for the secured loan.
I think you have to complain to the FSCS about the PPI, post about the PPI on the PPI board. Unfortuately, if you ocmplain now you won't get any of the 8% compensatory interest payments and you will get 90% of the PPI total you paid assuming you fall within the right dates to complain.

penelopepitstop1

Thanks for your reply. Can I check which Debt free board as there seem to be a few?

Thanks :)

sourcrates

penelopepitstop1 wrote: »

Thanks for your reply. Can I check which Debt free board as there seem to be a few?

Thanks :)

Debtfreewannabe board can be found here :

https://forums.moneysavingexpert.com/forumdisplay.php?f=76

Come on over and we should be able to help you.

DCFC79

penelopepitstop1 wrote: »

Thanks for your reply. Can I check which Debt free board as there seem to be a few?

Thanks :)

Its after the loans board (which is where you have posted).