Help with Welcome Finance....long post!

[m2000]

Hello,

I write in the hope that someone can help with how I should proceed.
In May 2007 I took out a secured loan with Welcome finance. In September of the same year they called me and offered to provide me with a new loan, paying off the old one and giving me a further advance on top. I stupidly proceeded.

Over a period of months I had some misfortune, lost job etc and this resulted in me missing a lot of payments. I then looked through all of the documents from welcome and noticed a number of anomalies and I put the account in dispute.

Over the last few years Welcome have denied Anything is wrong with the documentation or indeed the compliance process, but they suddenly went quiet until last week.


Out of the blue I had a letter, a final response letter to a complaint. The thing is that I haven't raised a complaint for over a year, it's all been quiet! The letter goes on to explain that in their opinion the loan agreement is still valid, no compliance issues and the full debt is outstanding and needs to be paid.


I have just checked the land registry and something has stood out and I need some help with, hence my writing here today...


On the land registry it shows as usual the main mortgage company details and then a charge placed by Welcome Finance in May 2007. The thing is, this loan was cleared when I took out the new loan in September 2007. There are no other charges present.

I have have just looked through the docs which Welcome supplied under my SAR last year and I did sign a legal charge form for the new loan in Sept 2007, but it appears they didn't proceed with officially putting it on the land Registry.


So, where do I stand? Is there a time limit within which a legal charge has to be placed on the registry?

Can I request that the old loan charge (May 2007) is cleared, as this loan no longer exists as was paid off with the Sept loan?

I hope someone can assist. Apologies for the long post!

Thanks in advance

[Ruby]

Re: Help with Welcome Finance....long post!

I have a loan with Welcome taken out in mid 2008 and in my personal opinion the fact that the company name is on your Land Registry and the money is still outstanding that is all that counts - sorry to say. However I would channel my energy on the compliance side.

I believe (and I may be wrong) but I have been told by a solicitor at CAB that they can enforce the charge in court as long as you have signed a legal charge document. I am assuming that that you still live at the same address?

[m2000]

Re: Help with Welcome Finance....long post!

Hi Scottie Dog, thanks for your reply.

Ahh, typical! I just thought that the charge date would have to relate to the agreement and once one loan as been completed/paid off a new charge for woud have to be done for a new loan.

Yes,I do still live at the address.

I am shocked that Welcome won't consider a reduced settlement, given their financial situation (unless things have changed?) I would have thought they would want cash in the bank.

I just don't know where to start with it all really. I know I took the loan out, but I was in a pretty bad place mentally at the time, now in the cold light of day facing negative equity with mortgage alone, let alone WFS wanting £49,000 for £16k I borrowed!


Thanks again

[m2000]

Re: Help with Welcome Finance....long post!

I have a loan with Welcome taken out in mid 2008 and in my personal opinion the fact that the company name is on your Land Registry and the money is still outstanding that is all that counts - sorry to say. However I would channel my energy on the compliance side.

I believe (and I may be wrong) but I have been told by a solicitor at CAB that they can enforce the charge in court as long as you have signed a legal charge document. I am assuming that that you still live at the same address?

I did indeed sign a legal charge for the first loan, and this was properly registered at land registry, this was then paid off when I consolidated and took out a new agreement. I signed a new charge, but it hasn't been put on the and register... The first charge remains on the register when I believe it should have been removed.

[Bill-K]

Re: Help with Welcome Finance....long post!

I just need to ask you M2000 - did you take out any Payment Protection Insurance on these loans. It may have been included as part of the loan - or possibly as a separate 'stand-alone' insurance policy ? If so, this may have been mis-sold, and could be used to reduce the balance owing.

[Ruby]

Re: Help with Welcome Finance....long post!

Sorry but I think you have a very weak technical argument there with regard to the land registry record - wish I could be more positive, however I sat with a solicitor for 2 and a half hours at CAB and she was very negative on that note.

I really feel your pain with regard to negative enquity and outrageous interest rates! They did at one point accept reduced settlements however that does seem to have changed. I have no idea what is going on behind closed doors. Due to the irregularities in the agreement would they accept a reduced - or even 0% interest for the remaining term? It seems really odd that you did not hear from them for a year. Where you making any payments during that time?

[m2000]

Re: Help with Welcome Finance....long post!

I just need to ask you M2000 - did you take out any Payment Protection Insurance on these loans. It may have been included as part of the loan - or possibly as a separate 'stand-alone' insurance policy ? If so, this may have been mis-sold, and could be used to reduce the balance owing.

Hi Bill-K

Thanks for your reply

No I didn't take out the insurance. On the first agreement I initially did, but cancelled within the cooling off period and loan amount was reduced to reflect it.

Thanks again

[m2000]

Re: Help with Welcome Finance....long post!

Sorry but I think you have a very weak technical argument there with regard to the land registry record - wish I could be more positive, however I sat with a solicitor for 2 and a half hours at CAB and she was very negative on that note.

I really feel your pain with regard to negative enquity and outrageous interest rates! They did at one point accept reduced settlements however that does seem to have changed. I have no idea what is going on behind closed doors. Due to the irregularities in the agreement would they accept a reduced - or even 0% interest for the remaining term? It seems really odd that you did not hear from them for a year. Where you making any payments during that time?

Hi Ruby,

No payments have been made for over two years now. For some reason they have just got in contact again but are sticking to their guns re not doing any 'deals'

Thanks!

[miliitant]

Re: Help with Welcome Finance....long post!

does a charge not have to be registered with the land registry within a certain time after signing the agreement to become valid

just asking as i do not know

[m2000]

Re: Help with Welcome Finance....long post!

does a charge not have to be registered with the land registry within a certain time after signing the agreement to become valid

just asking as i do not know

Hi Militant,

thanks for your reply, that is exactly what I was trying to ask... Couldn't get my words out lol.

[miliitant]

Re: Help with Welcome Finance....long post!

i will check on that

if the charge is confirmed as "not registered" in time (to be confirmed)

the loan would be then an unsecured loan

[Ruby]

Re: Help with Welcome Finance....long post!

My own situation is that I checked my LR records and welcome were not on them in any shape or form. The solicitor said that I should keep very quite about this as they could potentially enforce it in court.

To be fair though I was not really 'fired up' by this retired solicitor and should have asked what her area of law was, hindsight .....

I would be VERY interested to know how long companies have to register. I potentially have two unsecured loans which I thought were secured.

Very odd how you have managed to get away from not making any payments for the last two years m2000. I wonder If something has stired from within

[dogtired]

Re: Help with Welcome Finance....long post!

subscribe

[m2000]

Re: Help with Welcome Finance....long post!

Good morning All,

Hopefully someone can help who has a knowledge of the laws/procedures around legal charges and e land registry.

I cannot see how the old charge can remain in force if that particular loan has been paid off. Clearly I don't want to prompt WFS to put the new charge on, hence trying to establish if there is a time limit within the signed legal charge form has to be submitted to be registered at the land registry.


Thanks all.

[Ruby]

Re: Help with Welcome Finance....long post!

Lets do some digging and see what we come up with.

Is it true that because the LR register is not part of the CCA act that it does not bear much significance?