welcome finance help

[collinsfamily]

Good evening,

My Husband and I have had a secured loan with WFS since sept 2007. The interest rate is shocking and their customer service awful.

Since taking out this loan we entered into an IVA in 2009. It completed last year but monies have been very tight. We already had a £15,000 charge on our property and this made no odds to welcome freely lending us a further £17,500. We were definitely over borrowing.

We do not believe to our knowledge that any substantial income and expenditure was ever done to prove the affordability of the ongoing loan payments. Nor was a valuation of our home ever done.

We feel we have been irresponsibly lent to.

We contacted them and requested a full SAR. They responded within the 40 day guidelines however they cannot provide us with a copy of any of the following:

Income and expenditure Details of our original agreemeny Or the loan agreement itself.

Is the loan unenforcable?

The original loan amount was £17,500. We have however paid back circa £350 per month for 7 years totalling circa £35,000. The loan is heartbreakingly still at a balance of nearly £12,000.

Most months we struggled to make the payments of £300, to find that only £30 of it went towards the balance (the rest was interest.)

Please can you advise if our agreement has any grounds for being written off.

Kind Regards

[nemesis45]

Re: welcome finance help

Hi welcome to LB.

Please edit your phone No from the post, all contact is conducted online. I'll be back when you've done this
nem

[Kati]

Re: welcome finance help

Hi welcome to LB.

Please edit your phone No from the post, all contact is conducted online. I'll be back when you've done this
nem

Sorted

[nemesis45]

Re: welcome finance help

Hi,

Welcome now exists under " the scheme" to collect outstanding accounts.

Was the Welcome loan included in the IVA?

When you say Welcome " cannot" provide the agreement (s) what reason is given? Why do you say the original agreement and or the agreement its self ?

Was this agreement " rewritten " at some point.

nem

- - - Updated - - -

Sorted

Thanks Kati:tinysmile_twink_t2:

[collinsfamily]

Re: welcome finance help

Welcome was not included in the IVA as its a secured loan. Only unsecured debts can go into an iva. The agreement has never been re written. When I requested the SAR all they sent was bank statements correspondence and wage slips. And all telephone notes etc. They said they didn't have the agreement or income and expenditure.

Thanks x

[nemesis45]

Re: welcome finance help

Ok, are you still paying?
I am wondering if this is one of Welcome's dirty tricks, denying existence of the agreement, ( happened before with SAR's) as there is no specific obligation to supply an agreement with a SAR (source ICO) some creditors will comply others don't.

It's worth a £1.00 to Make a CCA Request for the agreement to see what Welcome comes up with, there is a template in the forum library for this, use a Postal Order endorsed " For Statutory Fee Only" Welcome has 12 + 2 Days to comply.

nem

[collinsfamily]

Re: welcome finance help

Yes we are still paying thank you for the advice.

If I do pay the £1 and request the agreement and they either fail to respond or say they don't have it,where do I stand? X

[nemesis45]

Re: welcome finance help

If there is no agreement, the debt cannot be enforced via the courts.

I agree with you completely on the " irresponsible" lending, and would
suggest checking on exactly what you have already paid back compared
to the original loan.
Is this account showing on credit reference files?

nem

[collinsfamily]

Re: welcome finance help

Hi there. The loan is not on any of our credit files bizarrely. However it is registered on the title deeds as I have checked.

We have to date paid £26,000 in total. The balance still stands at actually £14,000.

So £23,000 in interest

[nemesis45]

Re: welcome finance help

s

Hi there. The loan is not on any of our credit files bizarrely. However it is registered on the title deeds as I have checked.

We have to date paid £26,000 in total. The balance still stands at actually £14,000.

So £23,000 in interest

The account will have been removed from credit files on the 6th anniversary of the default
date paid or not.

Many Welcome secured loans were a complete con as your repayments and interest shows.

I would suggest that now this cannot ever go back on your credit files, cease payment once
you have the " result" of the CCA request, and see what Welcome come up with.

nem

[collinsfamily]

Re: welcome finance help

As it is secured against our home they have advised that if payments are not made our house will be reposessed to clear the debt

I am worried to miss a payment. We are trapped in negative equity and a huge secured loan on top.

I feel stuck x

- - - Updated - - -

We have not defaulted on this loan. We have always paid it. It has NEVER been on our credit files.

[nemesis45]

Re: welcome finance help

Ok when was this advice given?

There is I think a case of irresponsible lending and an unfair contract.

nem

[Ruby]

Re: welcome finance help

Please do the CCA request ASAP! Without a credit agreement NEM is right the account cannot be enforced in court. Your situation sounds almost identical to mine in every way, however perhaps I was lucky who I spoke to at the time at Welcome because I have been paying back my secured loan INTEREST FREE for the past few years so every penny I pay has been going directly against the balance.

I did get all the threats that you have described too. My secured loan was for 15K at an interest rate of circa 23 % (from memory).

[FlamingParrot]

Re: welcome finance help

Ok, are you still paying?
I am wondering if this is one of Welcome's dirty tricks, denying existence of the agreement, ( happened before with SAR's) as there is no specific obligation to supply an agreement with a SAR (source ICO) some creditors will comply others don't.

The agreement should be included in the SAR because it IS part of the personal data held about you by an organisation, what the ICO says is not part of a SAR are terms, because they are not personal data.

If there is no agreement, the debt cannot be enforced via the courts.

I agree with you completely on the " irresponsible" lending, and would
suggest checking on exactly what you have already paid back compared
to the original loan.
Is this account showing on credit reference files?

nem

This is a SECURED loan so they can go straight for repossession action: http://england.shelter.org.uk/get_ad...cond_mortgages
:scared:

s

The account will have been removed from credit files on the 6th anniversary of the default
date paid or not.

Many Welcome secured loans were a complete con as your repayments and interest shows.

I would suggest that now this cannot ever go back on your credit files, cease payment once
you have the " result" of the CCA request, and see what Welcome come up with.

nem

This being a SECURED loan, it would be unwise to stop making payments.

[nemesis45]

Re: welcome finance help

1. The ICO states that although it might expect an agreement to be supplied with a SAR there is no specific reason so to do.
CCA 1974 has provision for requesting this information.
Those who have experience of such matters will know that many creditors will Not supply the agreement, the point behind this is that the largest part of a credit providers agreement is generic being that it is largely terms and condition relating to all that creditor particular financial product.

The rest of your post FP is purely post stalking and repeating what has already been said.

nemesis45.