Miss 105

[Laura105]

Hi there just looking for a bit of advice. My partner and I had taken out a secured loan in 2007 we fell in to financial difficulties my partner lost his job and was ill for a period of time. The company we took the loan with now is no longer a company. We heard nothing since then but recently (past couple of months) they have been sending letters. First of all it was letters saying there was outstanding ppi to claim for. We ignored it but now a company called cap quest seem to have acquired the debt. We have not acknowledged the letters at all. Was just looking for a bit of advice on the best course of action. Thanks

[Diana M]

Re: Miss 105

My partner and I had taken out a secured loan in 2007 we fell in to financial difficulties my partner lost his job and was ill for a period of time. The company we took the loan with now is no longer a company. We heard nothing since then but recently (past couple of months) they have been sending letters. First of all it was letters saying there was outstanding ppi to claim for. We ignored it but now a company called cap quest seem to have acquired the debt. We have not acknowledged the letters at all.

You say this is a secured loan so who is/was the original loan provider?

You say that the loan provider is no longer a company which suggests that your debt may have been sold to a debt purchaser. If that's the case who are the new owners of the debt?

CapQuest is a Debt Collection Agency so possibly not the owner of your debt.

How much was the original loan prior to any interest or fees subsequently added?

Was their PPI on this loan (you've hinted that you've been encouraged to make a PPI reclaim)?

Di

[charitynjw]

Re: Miss 105

Hi Laura105 & welcome to LB.

All of @Just Di 's questions above, plus

Was it a joint loan?

When was the last time you/your partner paid into or acknowledged the alleged debt in writing?

[Diana M]

Re: Miss 105

My partner and I had taken out a secured loan in 2007 we fell in to financial difficulties my partner lost his job and was ill for a period of time. The company we took the loan with now is no longer a company. We heard nothing since then

One more quick question to get a fuller picture.

Is this loan still secured on your property, or has the property been sold with not enough equity to pay off the secured loan so that the creditor is chasing you for the shortfall?

Di

[Miss105]

Re: Miss 105

Hi there
It was welcome finance. It was not a joint loan. The property it was take out on is stilled owned by him. The secured loan was for £5000. Cap quest are the company that has now started sending letters after all these yesrs. The property is still in negative equity and no where near the value of what the mortgage is. How I've answered all the questions that you've asked. Thanks

- - - Updated - - -

Sorry realised I hadn't answered everything. Last time the loan was acknowledged was 2007/2008

[Miss105]

Re: Miss 105

Hi there just wondering if anyone has any advice?.
Thanks

[Diana M]

Re: Miss 105

Last time the loan was acknowledged was 2007/2008

Since this is a secured loan it won't be statute barred.

If you miss payments the creditor/lender can take action to repossess the property. If the lender knows the property is in negative equity they may wait several years in the hope the equity will grow back before they seek to recover the outstanding balance.

Has the creditor not contacted you at all since 2008?

How long was the original fixed term of the loan (in other words when would it have expired naturally)?

Di

[Openlaw15]

Re: Miss 105

Hi there just looking for a bit of advice. My partner and I had taken out a secured loan in 2007 we fell in to financial difficulties my partner lost his job and was ill for a period of time. The company we took the loan with now is no longer a company. We heard nothing since then but recently (past couple of months) they have been sending letters. First of all it was letters saying there was outstanding ppi to claim for. We ignored it but now a company called cap quest seem to have acquired the debt. We have not acknowledged the letters at all. Was just looking for a bit of advice on the best course of action. Thanks

Hello, Laura

Sorry to hear of these problems.

In short, your property is likely safe, ie Cap Quest require a Court Order for Sale to have you evicted/ removed. They currently have security and in any event you have the main interest, ie the legal interest (via deeds), whereas Cap Quest (it seems) merely have beneficial interests in the security. Companies such as Cap Quest are not 'secured creditors' such as say Barclay's Bank unless the loan is a mortgage type, so they will need a court order for a sale (to sell your property). A mortgage type loan is secured against the property, in which they (the Banks) require an Order for Possession, now this is a bank so are classed as 'secure creditors.'

What are the letters specifically stating, are they making any threats at all. DO NOT IGNORE the letters. Keep them safe.

In general: A company may have several names but it is recognised legally by its legal name, ie company name, followed by 'Ltd' usually. If it is a secured debt/ loan against your property (ie 'secured loan' via a land charge, many years later), it will be on the property's register.

As it's not a simple contract, ie not a normal loan, and affects property the limitation period I believe for Cap Quest to make claims for the debt is 12 years, and not 6 for simple contracts.

[Diana M]

Re: Miss 105

It was welcome finance. It was not a joint loan. The property it was take out on is stilled owned by him. The secured loan was for £5000. Cap quest are the company that has now started sending letters

Amongst the many things Capquest does is manage credit/debt portfolios for third parties which are their clients.

The fact that Capquest are writing to you may not necessarily mean that Welcome Finance no longer own your secured loan. If that was the case then you should have been told of any assignment at the time, but that's another story.

Capquest are owned by Arrow Global so is there a possibility that the original loan was assigned to them (Arrow)? Just a shot in the dark question.

See this > http://www.capquest.co.uk/who-we-are/who-we-are/

To check who currently has a charge over your (partner's) property (to secure the secured loan) you can check on Land Registry (which will cost you £3 for a download) https://eservices.landregistry.gov.u...013.1468009355

Di

[dogtired]

Re: Miss 105

Welcome Finance is in the process of Final Winding up can I ask [MENTION=55034]nemesis45[/MENTION] to look at this as he along with me and hopefully others are looking into the activities of them as a whole. And hoping to get a mass complaint of some kind against them.
More often than not what paper work they have is dodgy or non compliant.
They have already confirmed that the final winding up will be " within a year" so will by trying to sell off any thing they can get away with as assets.

[Diana M]

Re: Miss 105

Welcome Finance is in the process of Final Winding up . . . . others are looking into the activities of them as a whole.

Me too

Di

[dogtired]

Re: Miss 105

Hope we can Co ordinate!
Just a frustrated ex customer and sick of the bullying and threats. Not proved an alleged loan in in over seven years .
:flame:

Me too

Di

[nemesis45]

Re: Miss 105

Hope we can Co ordinate!
Just a frustrated ex customer and sick of the bullying and threats. Not proved an alleged loan in in over seven years .
:flame:

##

Good morning,

Capquest Investments is a debt purchaser some time ago they acquired some Welcome accounts, these " secured loans" have a very doubtful history with Welcome's lousy paperwork rewrites being common practice some times it seems without the customers agreement or knowledge.

I would check carefully upon the current " ownership " of the debt a quick check on credit reference files ( Noddle is Free Online) may reveal the status of the account.

It may be that no agreement exists much paperwork was lost/destroyed when Welcome branches closed down so get a CCA request off to Crapquest asap, see template in green box above.

Use a postal order for the £1 statutory fee mark is for " Statutory Fee Only " and send by signed for post and check delivery date and signature.

BTW have you checked the Land Registry to see if the charge is registered properly ( quite a number were faulty)

nem

[Laura105]

Re: Miss 105

Hi there
Thanks for all your advice will look in to things. For some really strange reason the secured loan from welcome finance dropped off his credit file?. Welcome finance were the worst company I've had the pleasure of dealing with. He has not been contacted in anyway about this debt, although they tried a sneaky tactic and sent in a letter asking us to contact them in regards to ppi that was due. There is no ppi due and I can only assume that is a sneaky tactic for us to reply.
We were told by cab that welcome had closed years ago?. So what's our best course of action?. My partner now has his own business after a long time of hardship and there are other financial matters we need to attend to first. He also had a secured loan with black horse they were a disgrace as well but we haven't heard from them in years either. Is this not very unusual?

Thanks
Miss105

[Laura105]

Re: Miss 105

If they don't have the original agreement where do I stand?. We didn't want to reply as we were advised that this could make things worse as we have nothing to offer. The house is also in severe negative equity by about 40-50 thousand.
Thanks for replying you have been very informative.