Help with Welcome Finance....long post!

[miliitant]

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?

my thinking is that it allows a debtor thinking time to pull out of a transaction. thats why when you apply for a loan on a house you have a pre-contract agreement and a 14 day waiting period before any funds are released. a cooling off period so to speak

a charge on your house is a big step

i am awaiting a response to an email on the subject

[m2000]

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

Hi again,

Just another point, regarding cancellation period for secured loans. Looking over the documents and have worked out the following:

Date i signed the agreement - 24th September 07

Date i returned the agreement to Welcome Finance branch - 25th September 07 (I took it back to them and put it thru letter box as office closed)

Date Welcome signed agreement - 28th September 07

Date cheque collected - last thing on 28th September 07 (banked cheque the next business day which was the following monday - 1st oct)


Am I correct in thinking that due to the above dates there isn't possibly enough time for a cancellation period to have been given? Repercussions?

Thanks again

[IanM]

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

Hi again,

Just another point, regarding cancellation period for secured loans. Looking over the documents and have worked out the following:

Date i signed the agreement - 24th September 07

Date i returned the agreement to Welcome Finance branch - 25th September 07 (I took it back to them and put it thru letter box as office closed)

Date Welcome signed agreement - 28th September 07

Date cheque collected - last thing on 28th September 07 (banked cheque the next business day which was the following monday - 1st oct)


Am I correct in thinking that due to the above dates there isn't possibly enough time for a cancellation period to have been given? Repercussions?

Thanks again

I once took out a loan and was told that if i signed the agreement in the registered office of the lender then i would not have to wait for the cooling off period to expire before the loan funds could be issued.

It would seem that as you signed it and posted it through the letter box when the office was closed you did not officially sign it in the office of the lender so the cooling off period should have expired before you received the cheque.

It may be they took advantage of your dire need for the funds and side stepped the rules to issue the loan, there is an official term for this but it escapes me at this time, maybe someone else knows the correct term but whatever it is they are in the wrong somewhere.

[dogtired]

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

Welcome finance in the wrong?! Never!!
Not paid them for nearly four years.
Nothing from them apart from statements.
SDAR was for old address and another loan number.
No mention of them on the land regestry for old address yet to get the one for this but was told verbally a company called Progressive Finance was on this.
Was told by CAB it was up to them to prove they are one and the same and that in any event because of the numerous errors and lack of evidence for this address both alleged loans are irritiveably unenforceable.

[m2000]

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

I have checked land registry again and the company is Welcome Financial Services, not Progressive. So I just have to hope that between the issue of the charge being the old loan and not the new loan and also the issue of cancellation rights I have something on them...

[dogtired]

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

Would think you have, given the track record of mistakes and quite frankly verging on illegal things they have got uo too.
Good luck!

[Ruby]

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

Millitant, any response yet to your e-mail? Please let us know as soon as you do, thanks.

The biggest question I have is if the account is not registered with the LR is it still secured on the house bearing in mind other evidence eg. on various paperwork the loan is refered to as a 'mortgage', 'secured loan' or 'second charge'. On my credit reference records these two companies in question call themselves 'second mortgages'!

[m2000]

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

Hi, one more thing I have found out from the paperwork, the witness details appear to be that of the Welcome Finance branch (no longer exists). I definitely didn't sign the document at the branch as it was a postal application form. Can a member of staff witness a document like this, I thought it was supposed to be someone independant?

[dogtired]

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

Would not put anything past this lot,
Some time ago some of the so called managers were in big trouble for manipulating the loan books and they got a huge fine (or would have if they were till in business)
http://www.guardian.co.uk/business/2...ned-banned-fsa

[m2000]

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

Hi All,

Has anyone had any more thoughts on the issues?

Thanks

[miliitant]

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

I will send my email again

you cant have two mortgages on the same property at the same time

welcome have a thing called a second charge

the property belongs to the mortage company who will have first bite at the cherry

[m2000]

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

Many thanks Militant

[dogtired]

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

Had another letter from FOS today, had to verify who the "brokers" were.
Phoned FSCS the Welcome line confirmed that it or was Norwich Union (Aviva) and that he would be unable to comment further He also said they would only deal with claims going back to February 2003 , mine was 2002, would I still qualify for a PPI refund?
According to Welcome this was replaced by another loan in 2004, but we never had anything regarding that one and rejected a previous PPI "settlement" as all they wanted us to do was to sign new loan documents which we were not prepared to do.
I also remember that one time that I phoned them they told me to contact Direct Group/Aviva and when I phoned them to tell them it had been rejected bu both as "nothing to do with us"
Some body called Independent Finance Corp was mentioned but I was give no contact details and I have no idea who they are.

[m2000]

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

Hmmm, Welcome seem to be stepping up the collections activity. Two missed calls from them already today!

I just don't know what to do, worked out last night that the house is in negative equity by around £40,000 including the loan. Even without the loan i am still in the minus to the tune of around £20,000

It just seems like a bottomless Pitt which I keep paying money into every month, but no light at the end of the tunnel.

If only I could get the Welcome loan unsecured, I could then look at going into an IVA and get my life back on track.

[alham]

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

Sorry to be a bearer of bad news but I think their entry is classified as a consolidated entry and as such it is legal as far as dates are concerned.