Welcome finance

[Lisajb]

Hi, I need a bit of help I had a Welcome Finance Loan back in 2007 all was good until I seperated from ex partner, the house was secured on the loan and he left me to pay for everything, I struggled to keep the payments up they didn't care harrassed me never him. The house is now on the market and I have just missed one payment they have hounded me with nasty calls, letters and text messages. I'm quite lucky in a way that my mom has lent me the money to pay this horrid company off (please don't think I'm a rich kid from a rich family I'd rather have my dad here than his pension money that he never got to receive).
My problem is here from the years I have struggled to pay WF they have called me on a monthly basis asking me to make over payments to get the loan paid off or increase the monthly payments etc now I have the funds to pay them off they want to charge me over £300 - £400 to do this. I'm baffled do I pay it or can I pay what I owe and keep the loan running? I have no idea about loans etc prob why I'm in this mess.:tinysmile_cry_t:

[labman]

Re: Welcome finance

Have you thought about negotiating a Full and Final settlement with them? It may prove a cheaper way of doing things. Before you do anything though, I would send off a s78 CCA request to them?

Dear Sir,



Your Ref: Account Number / Reference


I hereby formally request a copy of my Consumer Credit Agreement, pursuant to s.77-79 of the Consumer Credit Act 1974 (CCA1974).


I require you to provide me with a true copy, or reconstituted copy of the credit agreement relating to any account you deem to be mine, together with any other documentation the Act requires you to provide. I expect you to comply fully and properly with this request within the statutory time limit (12 + 2 days).


If it is your view that you are not the creditor, s.175 of the CCA1974 applies in the case of an equitable assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties. Your attention is drawn to ss5(2), 3(b), 6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).


I also remind you of your duties in line with recent OFT Guidance (issued Oct 2010) surrounding Unenforceability. I presume you are aware that the OFT has stipulated that 'sections 77-79 of the Consumer Credit Act 1974 outline the information creditors must provide to debtors under fixed-term, running account & Hire Agreements'. This simply means that under these sections a debtor can pay £1 to get:


a copy of their agreement;
copies of some of the other documents mentioned in their agreement;
a statement of account.

If this information is not provided within 12 working days the debt becomes unenforceable. This means a creditor cannot:

make the debtor pay the debt before they're supposed to;
get a court judgment against the debtor.

So, in line with the OFT Guidance, and the Consumer Credit Act, please find attached my £1 payment, which is the statutory fee - note that these funds are not to be used for any other purpose. If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, return the fee and then remove the incorrect entry from your systems.


I expect the main actions to be dealt with as matter of course and look forward to hearing from you within the prescribed time-scales quoted.

Yours faithfully,

[dogtired]

Re: Welcome finance

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[charitynjw]

Re: Welcome finance

Hi lisajb, & welcome to Legal Beagles.

Exactly when in 2007 was the loan taken out.

& yes, send a CCA request as per labman's post above.

Don't forget to enclose the £1 fee, do not sign the letter, & get proof of postage.

[FlamingParrot]

Re: Welcome finance

Hi lisajb, & welcome to Legal Beagles.

Exactly when in 2007 was the loan taken out.

& yes, send a CCA request as per labman's post above.

Don't forget to enclose the £1 fee, do not sign the letter, & get proof of postage.

If this is a SECURED loan as the OP has stated, Welcome Finance would already have a charge on the OP's property so this loan wouldn't be subject to the usual UE treatment.

Hi, I need a bit of help I had a Welcome Finance Loan back in 2007 all was good until I seperated from ex partner, the house was secured on the loan and he left me to pay for everything, I struggled to keep the payments up they didn't care harrassed me never him. The house is now on the market and I have just missed one payment they have hounded me with nasty calls, letters and text messages. I'm quite lucky in a way that my mom has lent me the money to pay this horrid company off (please don't think I'm a rich kid from a rich family I'd rather have my dad here than his pension money that he never got to receive).
My problem is here from the years I have struggled to pay WF they have called me on a monthly basis asking me to make over payments to get the loan paid off or increase the monthly payments etc now I have the funds to pay them off they want to charge me over £300 - £400 to do this. I'm baffled do I pay it or can I pay what I owe and keep the loan running? I have no idea about loans etc prob why I'm in this mess.:tinysmile_cry_t:

If the loan is secured on the house, there would be a charge on the property and, if you sell it, the charge will have to be paid from any equity at that point, you can't keep the loan running once the property it was secured on has been sold, however, if there isn't enough equity to cover everything, you could be left with a shortfall and they could pursue you for 12 years rather than 6 as this was a secured loan.

[Lisajb]

Re: Welcome finance

Thank you for all your replies, I stood firm and decided to just pay what was required to pay the loan off no additional fee's, they thought about it then came back and accepted the payment and its all sorted:tinysmile_grin_t:

[labman]

Re: Welcome finance

Excellent news - well done for sticking to your guns.

[IanM]

Re: Welcome finance

Thank you for all your replies, I stood firm and decided to just pay what was required to pay the loan off no additional fee's, they thought about it then came back and accepted the payment and its all sorted:tinysmile_grin_t:

Excellent news!

Now hit them with a SAR and see if they owe you any PPI or excess fees and charges on the loan and then claim it all back!