Secured Loan, Welcome Finance

[charitynjw]

Re: Secured Loan, Welcome Finance

Presume our old address.
Been at this one 12 years in June.
IF they had anything they would have done something by now!

https://www.gov.uk/search-property-i...-land-registry

[dogtired]

Re: Secured Loan, Welcome Finance

Thanks will do this next week.

https://www.gov.uk/search-property-i...-land-registry

[Bazza]

Re: Secured Loan, Welcome Finance

Going to do the same!
Not paid them for over six years.
CAB have told them any alleged loan is " irritriveably unenforceable".

Hi Dogtired,

I may do the same with visiting my local CB for further advice.

If you don't mind me asking, on what basis did they say that agreement was unenforceable ?

I presume yours was a Secured Loan.

On what I have just read on the GOV.UK site regarding MCD, it does state that CCA regulated loans taken out before change on the 21st March 2016, will still be covered under the original agreement conditions.

I will still need this to be confirmed from other sources.

[Fred]

Re: Secured Loan, Welcome Finance

What happens to second charge mortgages
entered into before 21 March 2016?
If a second charge mortgage was regulated under the
consumer credit regime as at 20 March 2016, it will
become a regulated mortgage contract and relevant
MCOB provisions will apply from 21 March 2016 – for
example, the rules on post-sale disclosure (MCOB 7)
and charges (MCOB 12). In addition, some Consumer
Credit Act (CCA) provisions will be retained for these
loans, including the prohibition on interest being
increased on default (section 93), the right to complete
payments ahead of time (section 94) and the right to a
rebate on early settlement (section 95)5.

[dogtired]

Re: Secured Loan, Welcome Finance

Hi at Bazza , from memory ( and this was from the paper work we did have) was to do with how it was calculated will need to get my files out and check and let you know.

Hi Dogtired,

I may do the same with visiting my local CB for further advice.

If you don't mind me asking, on what basis did they say that agreement was unenforceable ?

I presume yours was a Secured Loan.

On what I have just read on the GOV.UK site regarding MCD, it does state that CCA regulated loans taken out before change on the 21st March 2016, will still be covered under the original agreement conditions.

I will still need this to be confirmed from other sources.

[Bazza]

Re: Secured Loan, Welcome Finance

Hi at Bazza , from memory ( and this was from the paper work we did have) was to do with how it was calculated will need to get my files out and check and let you know.

Thanks dogtired and it would be much appreciated.

I would like this to form part of my complaint as I am sure the same has occurred with mine including lack of prescribed terms in relation to total interest payable figure and early settlement amount being omitted.

Cheers

Bazza

[dogtired]

Re: Secured Loan, Welcome Finance

cab.pdf

This is the letter note the date.
Not sure if the rules changed though after March 2012.
Already sent Welcome a copy which they ignored

Thanks dogtired and it would be much appreciated.

I would like this to form part of my complaint as I am sure the same has occurred with mine including lack of prescribed terms in relation to total interest payable figure and early settlement amount being omitted.

Cheers

Bazza

[Bazza]

Re: Secured Loan, Welcome Finance

[ATTACH=CONFIG]23076[/ATTACH]

This is the letter from CAB please note the date!
Not sure if the rules changed after March 2012. DT

Thanks dogtired and perhaps I will need to arrange a meeting with my local CAB.

So was the acceptance fee shown as a separate amount on your agreement or was it just included in the total loan amount ? I also have a separate charge for MIF.

Did you post up an edited copy of your agreement anywhere on previous posts ?

I just want to make a comparison as to what I have as I am sure yours was around the same time as mine.

Many Thanks again

Bazza

[dogtired]

Re: Secured Loan, Welcome Finance

Loan details and Payments (on original documents)
Optional PPI
Acceptance Fee
Mortgage Indemnity Fee
Amount of new Cash advanced
Then totals
Monthly payment and length ( in this case 120 months.
Sure that I did post up a copy somewhere but hope the above helps

Thanks dogtired and perhaps I will need to arrange a meeting with my local CAB.

So was the acceptance fee shown as a separate amount on your agreement or was it just included in the total loan amount ? I also have a separate charge for MIF.

Did you post up an edited copy of your agreement anywhere on previous posts ?

I just want to make a comparison as to what I have as I am sure yours was around the same time as mine.

Many Thanks again

Bazza

[Bazza]

Re: Secured Loan, Welcome Finance

Loan details and Payments (on original documents)
Optional PPI
Acceptance Fee
Mortgage Indemnity Fee
Amount of new Cash advanced
Then totals
Monthly payment and length ( in this case 120 months.
Sure that I did post up a copy somewhere but hope the above helps

Thanks dogtired I will have a look at some of your earlier posts and see if I can find it.

I appreciate the details provided, so looks as if though your charges were individually advised rather than for part of total credit - If that sounds right ?

[dogtired]

Re: Secured Loan, Welcome Finance

Don't remember ever having any " advice" or any thing being discussed.
If I posted them anywhere it would be back in 2009/ 2010.
They really are incompetant and I wish we had never gone to them.
When we moved the verbally accepted a lump sum "in settlement" Then lots of calls and threats and like idiots we paid them until the SDAR which showed the lengths they will go to.

Thanks dogtired I will have a look at some of your earlier posts and see if I can find it.

I appreciate the details provided, so looks as if though your charges were individually advised rather than for part of total credit - If that sounds right ?

[Bazza]

Re: Secured Loan, Welcome Finance

Don't remember ever having any " advice" or any thing being discussed.
If I posted them anywhere it would be back in 2009/ 2010.
They really are incompetant and I wish we had never gone to them.
When we moved the verbally accepted a lump sum "in settlement" Then lots of calls and threats and like idiots we paid them until the SDAR which showed the lengths they will go to.

Sorry meant individually stated amounts on your agreement (charges) and not just included in total loan amount as they should have been.

I will have a search through old posts for yours or anyone elses Welcome agreement details pre 2005 as I sure there are details somewhere.

I detest this lot so much and I am sure all is not above aboard.

There is also the validity of the MIF charge and that no policy actually exists - Mine was a secured personal loan and not a mortgage ?

I could go on but all has been raised in previous Welcome posts and have current disputes in which I am not receiving any replies.

[dogtired]

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!

Sorry meant individually stated amounts on your agreement (charges) and not just included in total loan amount as they should have been.

I will have a search through old posts for yours or anyone elses Welcome agreement details pre 2005 as I sure there are details somewhere.

I detest this lot so much and I am sure all is not above aboard.

There is also the validity of the MIF charge and that no policy actually exists - Mine was a secured personal loan and not a mortgage ?

I could go on but all has been raised in previous Welcome posts and have current disputes in which I am not receiving any replies.

[Fred]

Re: Secured Loan, Welcome Finance

Why do you guys define a "mortgage" differently to a loan secured on residential property please ?

[charitynjw]

Re: Secured Loan, Welcome Finance

Why do you guys define a "mortgage" differently to a loan secured on residential property please ?

AFAIK a mortgage is the original charge on the property.

A secured personal loan (sometimes called a second mortgage or a householder loan), is usually secured on the equity. (It's much more complicated than that, as there are all kinds of each, but that's the gist)