If Swift Advances have bought Welcome finance secured loans ?

Davged

If Swift Advances have bought Welcome finance secured loans are they responcable if welcome gave me a loan that was iresponsable borrowing (ie) 12k loan to a unemployed person that had a 133000k mortagage already and had to get the secured loan to pay the mortagage on income support paying intrest of 700 and 700 to mortagage company then additinal payment to welcome do over the phone? No ppi claim off either company no questions of income 
Are they now responcable as the company now who own the debit 

MattMattMattUK

Davged said:

If Swift Advances have bought Welcome finance secured loans are they responcable if welcome gave me a loan that was iresponsable borrowing (ie) 12k loan to a unemployed person that had a 133000k mortagage already and had to get the secured loan to pay the mortagage on income support paying intrest of 700 and 700 to mortagage company then additinal payment to welcome do over the phone? No ppi claim off either company no questions of income 
Are they now responcable as the company now who own the debit 

I cannot see online what actually happened in terms of the structure of the purchase so that does have some bearing on things.

The main point though is that secured loans are not subject to the same affordability criteria as unsecured loans because the point is the asset exists as a backstop. It is unusual that they did not ask about your income, but the rules are quite different for secured vs unsecured.