Welcome Finance/charge on property

[Elwinston28]

Hi
Hi am desperate for help in dealing with the above. I foolishly took out a secured loan with them a few years ago when I was getting divorced and in a dire financial situation.

long story short - I defaulted on the loan when I lost my job and despite every effort to negotiate with welcome, they did not want to know and wouldn't consider a payment plan. So, I didn't pay and defaulted in 2009. I have heard nothing from welcome since. I have recently checked my experience credit report and the loan is marked as satisfied, updated in January 2013. This seems odd, thinking I may be very lucky, I checked with land registry but the charge is still on my property.

Is there anything I can do to remove this charge?
is this charge legal even though the loan was in my name, yet the property was jointly owned ( and still is ) by my ex-husband?

i don't expect to "get away" with my debts but wondered if I can resolve this without offering welcome anything, as they would not help me when needed. I would be really gratefuadvice thanksadvice thanks

[FlamingParrot]

Re: Welcome Finance/charge on property

I'm afraid there isn't much you can do because it was a secured loan, hence the charge. Whatever the credit file may say, if you can't prove that you have actually paid off the loan (and you say you didn't), you can't expect Welcome to remove the charge. Sounds like they haven't been in touch with you for some time despite your not making payments, if you were to contact them about the charge, they'd probably start demanding payments and threatening repossession. If it was me I'd just let sleeping dogs lie.

[Kafka]

Re: Welcome Finance/charge on property

A Charging Order attaches to a CCJ and the only way you can remove it is by removing the CCJ so it falls away.

Who owns the property now? Is it joint or wholly owned by the ex?

[FlamingParrot]

Re: Welcome Finance/charge on property

A Charging Order attaches to a CCJ and the only way you can remove it is by removing the CCJ so it falls away.

Who owns the property now? Is it joint or wholly owned by the ex?

This was a secured loan to start with, so there would have been no need for a CCJ, the charge would have been there from the time the loan was taken out.

[Ruby]

Re: Welcome Finance/charge on property

Welcome are completely incredible!!!! I am in the opposite situation. I have been in an agreed repayment plan (far less than in original agreement and interest rate), account defaulted in 2009 but in no shape or form Welcome registered on LR. As I have mentioned on various forums they could not organise themselves if their lives depended on it.

[labman]

Re: Welcome Finance/charge on property

Hi
I have recently checked my experience credit report and the loan is marked as satisfied, updated in January 2013. This seems odd, thinking I may be very lucky, I checked with land registry but the charge is still on my property.

Usually in this circumstance where a loan is marked as satisfied, but you know it has not been repaid, it means they have Assigned the debt in Absolute (sold it) to another company. At some stage you may well hear from a DCA and the debt will resurface. Sorry!

[Elwinston28]

Re: Welcome Finance/charge on property

A Charging Order attaches to a CCJ and the only way you can remove it is by removing the CCJ so it falls away.

Who owns the property now? Is it joint or wholly owned by the ex?

Its is still jointly owned, divorce left us both in a financial mess and we haven't been able to get a mortgage individually or sell the house. The loan was given to me despite my ex owning half, and he had nothing to do with it. The intention was, and still is, for me to take over the mortgage when he can be removed from it. Obviously me losing my job delayed the process. I am working again now and catching up with things, just thought I would try my luck where welcome are concerned as they have such a poor reputation and refused to help despite my best efforts.

my gut feeling is that the loan wasn't completely lawful when granted, but I did borrow it so at some point will have to repay!! Thanks all for your help.

[FlamingParrot]

Re: Welcome Finance/charge on property

Welcome are one of the worst firms around, there are all sorts of horror stories about them regarding their business practices, their unfair charges, etc. so I know how you feel. The issue here is not so much that you borrowed the money but the fact that it was secured on the property. This means they could attempt repossession even if it's not your first mortgage. For that reason, it's probably best to let it be, since they are not bothering you despite lack of repayments. The charge is not going anywhere, this won't go Statute Barred like an unsecured debt, but at least you have more time to sort out your finances without having to worry about the house for now.

[Elwinston28]

Re: Welcome Finance/charge on property

Ok, as suspected this debt has reappeared on my credit score, under a company called mkdr I think it said. Anyone got any advice on how to deal with them please?
i want to start repaying the debt to clear up my credit score, does anyone know how long it will take for the default to be removed please?

thanks
emma

[Kafka]

Re: Welcome Finance/charge on property

The default will fall off 6 years from when it was entered (5 in Scotland), but the CCJ will remain indefinitely against you until it is satisfied.

Have you sent a SAR to Welcome to get all the personal data they hold on you? That will tell you if they have sold it and it will also reveal the charges they have added on.

[gravytrain]

Re: Welcome Finance/charge on property

CCJs also fall off you file after six years, settled or no, it is the same both sides of the border. Sorry K

[FlamingParrot]

Re: Welcome Finance/charge on property

Ok, as suspected this debt has reappeared on my credit score, under a company called mkdr I think it said. Anyone got any advice on how to deal with them please?
i want to start repaying the debt to clear up my credit score, does anyone know how long it will take for the default to be removed please?

The default will remain in place for 6 years after it was recorded, regardless of whether the debt is repaid or not.

CCJs also fall off you file after six years, settled or no, it is the same both sides of the border. Sorry K

CCJs do, but if I read it correctly, the OP has a charge on their property, and that will stay in place until it's paid off or the property is sold or remortgaged.

[FlamingParrot]

Re: Welcome Finance/charge on property

The default will fall off 6 years from when it was entered (5 in Scotland), but the CCJ will remain indefinitely against you until it is satisfied.

Have you sent a SAR to Welcome to get all the personal data they hold on you? That will tell you if they have sold it and it will also reveal the charges they have added on.

The 5 years in Scotland as oppposed to 6 relates to the Statute of Limitations (Statute Barred debt) rather than credit defaults. However, for secured debts and mortgage shortfalls, the limitations period is 12 years rather than 6!

[gravytrain]

Re: Welcome Finance/charge on property

The default will remain in place for 6 years after it was recorded, regardless of whether the debt is repaid or not.
CCJs do, but if I read it correctly, the OP has a charge on their property, and that will stay in place until it's paid off or the property is sold or remortgaged.

Learn something everyday, do you have a source, not that I don't believe you of course. I didn't know that CCJ's were recorded differently on secured loans on a credit file. I know of course that the charge will remain.

[FlamingParrot]

Re: Welcome Finance/charge on property

Sorry about the misunderstanding, I was referring to the charge remaining in place, not the CCJ itself.