Welcome secured loan & bankruptcy

[thestylistics]

Hi there,

I've been reading every post I can re Welcome finance & have been encouraged to post a new thread & take them on !

I took out a secured loan with WF in May 2007 for £22k. All went well at first but after my other half became ill we fell behind on payments & eventually we've had a default notice served. I have an account handler who calls me for card payments which we try to do as best we can.

We are at the point where we will be declaring ourselves bankrupt probably in May/June after an iva we entered is on the point of failing also.

I don't want to give WF the heads up that we will be going bankrupt - my thought being that if there is no charge registered with the LR by WF or any subsidiary then it is essentially an unsecured loan & can be weighed off in the bankruptcy proceedings. Would this be possible? & would WF be advised if I searched the LR records for any charges on my property?

Also with my loan being under £25k & pre-2008 would it be worth challenging the validity of the contract so I can stop paying them now so I can save for the bankruptcy costs or I may even be able to avoid it completely?

I would love to just not pay them after the constant calls, threats etc etc but feel that the bigger goal of getting rid of the whole thing may be better.
I can't afford to pay them & if they aren't happy about going to court then would it be best to just stop and let them shout? Our property is currently in negative equity by the way so it shouldn't be at risk from bankruptcy.

I would dearly love to serve the relevant forms to see my account activity etc but again don't want to pop my head above the parapet especially if they're starting to wise up!!!

Any advice very very very gratefully received.

[dogtired]

Re: Welcome secured loan & bankruptcy

Good luck!
Hope someone can help.
Just watch the charges they love to add!
And if you have original documents check for PPI.
You are aware I see that they are themselves just collecting and in my case I have not paid them for four years, hasn't stopped them trying with referrals to DCA but as yet they have not had or sent any "proof" that the sums they claim are for this address or the loan number they say.
CAB have said it is unenforceable.
One of the names they use is Progressive Finance.

[thestylistics]

Re: Welcome secured loan & bankruptcy

Hi Dog tired,

thanks for the reply, good to hear from you. Unfortunately I asked them for a copy of the original agreement ( I didn't receive a copy when I first took the loan out) & I'm ransacking the house for the pre-contract agreement. I know I checked the 2 against each other when I received the contract & they matched sad to say.

I'm hoping that with it being under the consumer credit act there may be inaccuracies that make it void - any ideas how I can do this?

I've spoken to several legal claim co's 7 they don't handle the mis selling of secured loans but they will look at our mortgage ( yet another fight!!)

Re charges DT - can I claim them back if they're unreasonable?

Thanks for getting in touch - cheers - Jo

[dogtired]

Re: Welcome secured loan & bankruptcy

Each case seems different. They have seemed to have "frozen" our alleged account and have admitted them selves that it is unenforceable then sent it to two DCAs.
What I have learnt, I have learnt on this site so cannot say for sure what you should do, sorry, just nice ( if you can say that) to have someone in the same situation.You could try your local CAB, ours has been brilliant.Oh dont speak to Welcome on the phone, everything in writing, keep records!

[Ruby]

Re: Welcome secured loan & bankruptcy

Your best bet would be to do a full DSAR request (cost of £10). A Land Registry search is circa £12 and well forth it in my opinion. It was a complete eye opener in my case.

Once you have all your paperwork from them then you may challenge the validity of the agreement. Welcome are well known form their sloppy paperwork.

Good luck