Welcome Finance/charge on property

[gravytrain]

Re: Welcome Finance/charge on property

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

Sokay, thought I had missed something for a minute, had to check here are the appropriate regs for future ref

http://www.legislation.gov.uk/uksi/2.../contents/made

[Elwinston28]

Re: Welcome Finance/charge on property

Hi All

thanks for your replies but I am sorry I have ended up confused.

there is no CCJ, this is a secured loan. I defaulted in 2009 and despite many attempts to negotiate reduced repayments with welcome due to financial hardship, they didn't want to know. I haven't paid them anything since, and I haven't heard from them either. I recently checked my credit file and the loan showed as satisfied. It has now reappeared under the name mkdr I think.

so I guess my questions now are this:

1. If I start to repay the loan via an arrangement with mkdr, will the default be removed?
2. If the debt is now owned by this company should the charge on my property also be in their name? I checked with land registry and it still says welcome finance, if it should be mkdr how to I get this change?
3. Should i ignore them completely and try to negotiate with welcome again?
4. Does the 6 year rule apply for secured debt?

thanks again
emma

[Ruby]

Re: Welcome Finance/charge on property

Elwinston, your loan almost mirror images mine! I defaulted my secured loan in 2009. However it has never been sold on and they did eventually agree to reduced payments and interest. I cannot say whether the person I was speaking to on that day was just in a really good mood or what was the score! I will be sar'ing the company when I get a chance (really busy at mo) however my initial findings are that I did not sign a standard security with the company. Although the credit agreement stated it was a 'secured loan'. I have mentioned on various occasions that Welcome's paperwork at best could be described as sloppy.

Be persistent!

My question to all that may know is if there is no standard security signed/charge is the loan actually legally secured on the property, despite the credit agreement being headed 'secured loan'?

Word of warning to everyone. When I purchased my land registry records online I unknowingly used a private company and they sent me records that were ten years out of date. In recent days I have contact the official Land Registry and have found that Welcome are on my records. Make sure the website you use ends with .gov.

[Kafka]

Re: Welcome Finance/charge on property

Elwinston
I asked earlier if you had sent a SAR as I think you need to get all the data from Welcome to try to unravel this. If the account is defaulted, then there will be charges added on that can be knocked off the balance they are claiming. Also, if a DCA has bought it, then you are much more likely to get a good settlement figure that will reduce the debt to 'satisfied'. I'm still not clear if this is registered as a charge on the property (with the Land Registry) by Welcome, so I can't comment on that.

[dogtired]

Re: Welcome Finance/charge on property

sub, with intrest

[Ruby]

Re: Welcome Finance/charge on property

With the DCA it is more likely to negotiate a reduced settlement.Once the account is settled then the charge should be removed from the property as the account is settled.

[Elwinston28]

Re: Welcome Finance/charge on property

I have not sent a SAR yet but will do before the week is out!

It is registered as a charge on the property and I used the website with gov on the end to check.

Dogtired, what is sub??

thanks all am really grateful.

[dogtired]

Re: Welcome Finance/charge on property

subscribe, means I am intrested in your thread and want to keep up to date.
Welcome seem to have been more active lately.
I have my own issues, a SDAR four years ago were for another address and loan number.
Just lately they have had two DCA involved and I did another CCA! sending via the first, they claimed not to know about it and payed it to the disputed account.
The second DCA is still " investigating" all Welcome have sent me is an unsigned undated copy of an agreement, still with old address, and again, no loan number.

[Elwinston28]

Re: Welcome Finance/charge on property

The SAR is done and will go off in the morning, will let you know how I get on. Thanks again all speak soon!!

[Guest]

Re: Welcome Finance/charge on property

Subbed

[FlamingParrot]

Re: Welcome Finance/charge on property

You can subscribe to a thread by clicking on Thread tools at the top, then select Subscribe to thread. Unsubscribe the same way.

[Guest]

Re: Welcome Finance/charge on property

Unsubscribe the same way.

Great idea, don't mind if I do.

[Elwinston28]

Re: Welcome Finance/charge on property

Hi All

finally got the response to my SAR this morning. Not a huge amount in there. The original loan agreements are there. There are copies of some of the letters I wrote to WF when we first experienced financial difficulties in 2009, asking for help, but not all of my letters are there. In fact there is a copy of a letter they wrote to me which refers to my letter dated January 2010, but my letter isn't there!!

There are copies of the land registry docs they obtained prior to approving the loan, and a log of SOME of the phone calls I have had with them.

i also received a statement of account separately, which shows over £9,000 in capitalisation. Does anyone know what this is?

so, does anyone know where I go from here please? My concern is obviously the charge on my house. Is this legal, considering I am not the sole owner, therefore am not entitled to the amount of equity needed to cover the whole loan and my ex husband didn't sign anything to say he approve the loan or the charge? Neither did I !?

Do I have to pay the capitalisation, whatever this is?

is there anyway I can challenge the charge on the house and come to an arrangement to pay the debt?

mkdp have now started chasing me so need to get this sorted asASAP

thanks
em

[dogtired]

Re: Welcome Finance/charge on property

I read this somewhere, think its to do with the interest balances, Welcome do this a lot and of course add to it with charges, hope some one can tell us the answer!

[FORCEOFONE]

Re: Welcome Finance/charge on property

Welcome are known for their total lack of administration

Have you actually contacted the land registry direct to confirm IF any charge has been registered with them. Do not just take welcomes word on it

capitalisation is interest