Secured Loan, Welcome Finance

[Bazza]

Re: Secured Loan, Welcome Finance

Welcome and dodgy/incompetant seem to go hand in hand be it dodgy loans for cars as "personal" loans that somehow turn into mortgages.
Getting in touch with the Land Registry and local CAB again tomorrow. Don't do easy as I have another matter on the go with a local trader!

Cheers dogtired and good luck.

I have just contacted CAB today and now awaiting further.

Was your original loan pre 2007 ?

[dogtired]

Re: Secured Loan, Welcome Finance

Yes 2002 at another address.
Could not access the Land Registry as they were having problems.
Local CAB was just answer phone so waitng foir a call back.
Good luck to you as well x

Cheers dogtired and good luck.

I have just contacted CAB today and now awaiting further.

Was your original loan pre 2007 ?

[Bazza]

Re: Secured Loan, Welcome Finance

Yes 2002 at another address.
Could not access the Land Registry as they were having problems.
Local CAB was just answer phone so waitng foir a call back.
God luck to you as well x

Cheers again dogtired

Regarding your agreement / legal charge if secured - did your copy have all relevant details such as agreement number and signed / dated by Welcome rep ?

Please keep me posted on any developments.

Bazza

[dogtired]

Re: Secured Loan, Welcome Finance

Think so got a busy evening and won't be able to check until later or tomorrow

Cheers again dogtired

Regarding your agreement / legal charge if secured - did your copy have all relevant details such as agreement number and signed / dated by Welcome rep ?

Please keep me posted on any developments.

Bazza

[Bazza]

Re: Secured Loan, Welcome Finance

Think so got a busy evening and won't be able to check until later or tomorrow

Ok dogtired no worries, whenever convenient with you as I would be interested to know.

Cheers

Bazza

[dogtired]

Re: Secured Loan, Welcome Finance

Had a quick look. Have original documents.
One Secured Personal Loan as header the break down of costs, some information about Data protection and customer declaration.
Signed and witnessed .
There is a signiture from Welcome but really cannot remember if they were actually present
Date is 08/08/02 also three different sets of numbers on the top.two yellow copies and two blue.
The other has legal charge as a header the same date more customer information and also signed and witnessed but NO signature from Welcome and NO customer numbers.
Again two yellow and two blue .
Actually only just noticed he missing numbers on the Legal Charge would that in itself make the original loan unenforceable @charitynjw your views please They re wrote this early the following year without our knowledge they changed the number as well

Cheers again dogtired

Regarding your agreement / legal charge if secured - did your copy have all relevant details such as agreement number and signed / dated by Welcome rep ?

Please keep me posted on any developments.

Bazza

[Bazza]

Re: Secured Loan, Welcome Finance

Had a quick look. Have original documents.
One Secured Personal Loan as header the break down of costs, some information about Data protection and customer declarstion.
Signed and witnessed .
There is a signiture from Welcome but really cannot remember if they were actually present
Date is 08/08/02 also three different sets of numbers on the top.two yellow copies and two blue.
The other has legal charge as a header the same date more customer information and also signed and witnessed but NO signature from Welcome and NO customer numbers.
Again two yellow and two blue .
Actually only just noticed he missing numbers on the Legal Charge would that in itself make the original loan unenforceable @charitynjw your views please They re wrote this early the following year without our knowledge they changed the number as well

Sorry to throw the cat amongst the pigeons dogtired but it seems strange that they cannot even provide copies of completed agreements and do not remember ever receiving them.

Even when I submitted SAR, incomplete details were returned and requested again but were never provided. Mine are all missing including agreement numbers.

I have put this to CAB and now awaiting a response as reviewing my agreement and legal charge.

If anyone else can add anything please kindly advise.

Cheers

Bazza

[dogtired]

Re: Secured Loan, Welcome Finance

From what I have experienced and other posts it's par for the course. Paper work was appealing!
They ceased trsding/ lending how are they able to keep offices ooen, pay staff etc?

Sorry to throw the cat amongst the pigeons dogtired but it seems strange that they cannot even provide copies of completed agreements and do not remember ever receiving them.

Even when I submitted SAR, incomplete details were returned and requested again but were never provided. Mine are all missing including agreement numbers.

I have put this to CAB and now awaiting a response as reviewing my agreement and legal charge.

If anyone else can add anything please kindly advise.

Cheers

Bazza

[Bazza]

Re: Secured Loan, Welcome Finance

From what I have experienced and other posts it's par for the course. Paper work was appealing!
They ceased trsding/ lending hoiw are they able to keep offics ooen, pay staff etc?

I believe my local / debt chasing one has closed. Tried to call them today regarding a response to my letter regarding arrears but number unrecognisable.

Checked details on website and the telephone number has changed ?

Anyone else any wiser as to what the latest situation is regarding Welcome. Recently received a NSOA letter from branch with Welcome Finance is the trading name of Welcome Financial Services Limited (Reg No:133540) at bottom of page ?

[charitynjw]

Re: Secured Loan, Welcome Finance

Hi

As far as I can see, the secured loan (2nd mortgage), depending on how much & when it was signed, should be covered by the Consumer Credit Act 1974 (amended 2006).

A first mortgage isn't - that's probably why they are trying to call the secured loan a mortgage; the CCA gives you a lot of protection.

It's worth noting that they cannot opt out of the CCA [s173(1)]; if the loan isn't exempt, then by law it should be covered & any agreement should be compliant (prescribed terms, etc).

Obviously the contract/agreement needs to be scrutinised.

But for starters, see this

[dogtired]

Re: Secured Loan, Welcome Finance

Thank you would that apply to one taken out in 2002 ? ( not forgetting that Welcome rewrote it early the following year without notification)

Hi

As far as I can see, the secured loan (2nd mortgage), depending on how much & when it was signed, should be covered by the Consumer Credit Act 1974 (amended 2006).

A first mortgage isn't - that's probably why they are trying to call the secured loan a mortgage; the CCA gives you a lot of protection.

It's worth noting that they cannot opt out of the CCA [s173(1)]; if the loan isn't exempt, then by law it should be covered & any agreement should be compliant (prescribed terms, etc).

Obviously the contract/agreement needs to be scrutinised.

But for starters, see this

[charitynjw]

Re: Secured Loan, Welcome Finance

Thank you would that apply to one taken out in 2002 ? ( not forgetting that Welcome rewrote it early the following year without notification)

Imho

It should do.

Are you saying that the CCA 1974 isn't mentioned on your copy of the agreement?

[Bazza]

Re: Secured Loan, Welcome Finance

Hi

As far as I can see, the secured loan (2nd mortgage), depending on how much & when it was signed, should be covered by the Consumer Credit Act 1974 (amended 2006).

A first mortgage isn't - that's probably why they are trying to call the secured loan a mortgage; the CCA gives you a lot of protection.

It's worth noting that they cannot opt out of the CCA [s173(1)]; if the loan isn't exempt, then by law it should be covered & any agreement should be compliant (prescribed terms, etc).

Obviously the contract/agreement needs to be scrutinised.

But for starters, see this

Thank-you charitynjw

My loan is a secured personal loan for approx £15,000 in which is CCA 1974 regulated.

I received a letter from Welcome Finance Nottingham last week advising that as from 21st March 2016 of the implementation of the Mortgage Credit Directive (MCD) and therefore my secured loan account will called a mortgage.

They refer / state details in relation to a second charge mortgage but this loan already sits behind a previous second mortgage (charge) so therefore would this still apply and be a third mortgage ?

I will also read up on the link provided.

[Bazza]

Re: Secured Loan, Welcome Finance

Thank you would that apply to one taken out in 2002 ? ( not forgetting that Welcome rewrote it early the following year without notification)

I would have thought so dogtired.

That new telephone number from their website for my branch is the same in which has been quoted on the recent letter from head-office :tinysmile_twink_t2:

[charitynjw]

Re: Secured Loan, Welcome Finance

They are probably feeling a bit vunerable (& skint!), given their capitulation re the long-standing dust-up with PWC (£1.5bn claim?).
The out-of-court can't have been cheap.
& they've also got the (newish) FCA CONC to contend with.