Welcome Finance Loans..Is it true that their loan agreements were not legally bound

[nimsoros]

Does anybody know whether Welcome Finance loan agreements were or were not legally bound?

[FlamingParrot]

Re: Welcome Finance Loans..Is it true that their loan agreements were not legally bou

Do you mean are they enforceable? That would depend on the circumstances surrounding each loan. A lot of Welcome loans were secured on property, making it difficult to challenge them even if they were defective.

Would you care to tell us more?

[Growingman72]

Re: Welcome Finance Loans..Is it true that their loan agreements were not legally bou

Does this mean that unse3cured loans were not legal and that they are not enforceable

[FlamingParrot]

Re: Welcome Finance Loans..Is it true that their loan agreements were not legally bou

Does this mean that unse3cured loans were not legal and that they are not enforceable

I didn't say that at all, it depends on the individual loan. What I meant to say is that, with a secured loan, they will have a charge on your property and could start repossession proceedings if you default on the loan, they can also chase you for any shortfall for 12 years instead of 6, which means you really need legal advice before challenging a secured loan. Unsecured loans are the same as any other loan, i.e. you can request a copy of your agreement and see what they come up with to see whether it would be enforceable or not.