Welcome Finance charge

[Paul4042]

Hello,

We have been told that welcome Finance have a charge on our house even thou they no longer own the said debt. I have just got this email from them confirming that they sold the debt to another company.

Good Afternoon,

Thank you for providing the information requested.

Welcome Finance sold your account to Compello on 5 March 2010, they were not given access to your payment history with Welcome Finance.

Welcome Finance require confirmation from Compello that the debt has been settled, once this confirmation is received our Secured Admin Department can then proceed to remove the charge.


Best Regards,

Customer Relations
Welcome Financial Services Ltd
Mere Way | Ruddington Fields Business Park
Nottingham | NG11 6NZ

Tel: 0845 618 7847
Fax: 0115 9849302

How can a company have a hold on your house when they have in fact sold the debt and have been paid out from a new company? We never received any notices or letters from welcome to tell us they were selling the debt on or sent any kind of legal notice out or gave a Notice of assignment to either me or my wife about this. We only just found out after our Solicitor said they had a charge on the house and we are in the process of trying to sell the house in order to move.

So in a nutshell we want to know what we can do to make this company remove the charge. We have asked them for all paperwork that has been signed by ourselves and have only conducted conversations via my email; we will not send any signed letters to them in case they try to fabricate a letter.

They have admitted in selling the debt, so in real terms they no longer hold the debt because they sold it and have been paid out and cannot enforce the charge, but what legal things can we do and say to them to ensure they remove the charge?

Sorry for the ramble on and hope someone can help with the legal issues here.

Thanks

[Guest]

Re: Welcome Finance charge

Sounds like welcome sold the equity in your charge, so they still own it. If it is an equitable assignment they need not notify you.

Is the loan settled ?

[Paul4042]

Re: Welcome Finance charge

Sounds like welcome sold the equity in your charge, so they still own it. If it is an equitable assignment they need not notify you.

Is the loan settled ?

The loan is satisfied and we have heard nothing from welcome in over 5 years. We have asked for all paperwork to be sent to us and this is all we got from them that email from them.

We just want to know what we can do to get the charge removed and get any proof from them in the form of paperwork signed by us ect....

[Guest]

Re: Welcome Finance charge

I would ring them and ask if they have contacted Compello tell them that you need it removing pronto. If they still own the charge it is upto them to see that the charge is removed once liability has under the agreement ceased.

Was this a regulated loan

[Paul4042]

Re: Welcome Finance charge

We have called them a number of times and all we got was to be placed in a Q. We have asked them a number of times to remove the charge and thats all we got back from them saying they would contact Compello(who ever they are)!

There is no records on our credit files to say that we owe Welcome money, the experian credit file/s are both clear and there is nothing from welcome on either mine or my wifes.

What do you mean be the term regulated loan. Sorry I am all new to this and not up with the jargon's.

[Guest]

Re: Welcome Finance charge

Was it regulated under consumer credit act. was it a second charge mortgage, when was it taken out, was it over or under 25k.

[Paul4042]

Re: Welcome Finance charge

It was taken out in 2008 and was under 25k and was for 15k and I am not sure if it was under the act or not as it is so far back.

[Guest]

Re: Welcome Finance charge

It will be regulated under the consumer credit act in that case.

This means you can seek assistance for the FCA the usual route is via CAB and trading standards, tell them it is a regulated loan.
Also I would give the land registry a ring and seek their advice.
Also I would get a complaint in writing to the address you have saying that you are in the process of selling and the charge may influence the sale and you will hold them responsible for any losses or damages incurred by their inaction.
Email it and state hard copy to follow.

[Paul4042]

Re: Welcome Finance charge

Thank you and do you know of a good letter template I could use with all the right wording ect.... in it so they know where they stand ect..... and should we give a copy to our solicitors too who are dealing with the sale of the house?

[Guest]

Re: Welcome Finance charge

Thank you and do you know of a good letter template I could use with all the right wording ect.... in it so they know where they stand ect..... and should we give a copy to our solicitors too who are dealing with the sale of the house?

Perhaps your solicitor would draft the for you and put it on their letter head, if they are working for you anyway they may do it at a discount if you ask nicely, after all if it expedites the sale then the sooner they get paid.

[IanM]

Re: Welcome Finance charge

Ask them to send you a copy of the loan agreement that covers the alleged 'debt' that they are holding a charge for.

Also, ask them for a full statement of account showing all transactions on the account including all fees, charges and interest etc, and give them 7 days to produce it or remove the charge so you can proceed with the sale.

If they can't produce any paperwork to support the charge then see if your solicitor can have it removed at the county court, worth trying at least.

[Paul4042]

Re: Welcome Finance charge

Perhaps your solicitor would draft the for you and put it on their letter head, if they are working for you anyway they may do it at a discount if you ask nicely, after all if it expedites the sale then the sooner they get paid.

Thanks and I will ask them if they will draft one up for me. If they will not I will pop back and let you know. I will also keep you informed of any other emails from welcome.

[Paul4042]

Re: Welcome Finance charge

I have spoken to the solicitors and they will not do a letter. I am not very good at writing these kind of things can anyone help with a letter please?

[Kafka]

Re: Welcome Finance charge

Before deciding what to do I think you need more info.

Send a SAR to Welcome to obtain all of the personal data they hold on you. That will reveal the agreement, how they calculated it all and what actions they have taken with the account. With that info you will be in a much better position to assess the options and how to progress.

Welcome also have a habit of adding on bogus charges that aren't part of any agreement, and they can be reclaimed.

[Paul4042]

Re: Welcome Finance charge

Hi I have asked for this a good few times now and all they give is what I posted in my first thread on here. All I want to do is get them to remove the charge from the house so we can proceed and maybe sell the house and move. If anyone can help with a draft letter to welcome that would be great.

It will be regulated under the consumer credit act in that case.

This means you can seek assistance for the FCA the usual route is via CAB and trading standards, tell them it is a regulated loan.
Also I would give the land registry a ring and seek their advice.
Also I would get a complaint in writing to the address you have saying that you are in the process of selling and the charge may influence the sale and you will hold them responsible for any losses or damages incurred by their inaction.
Email it and state hard copy to follow.

We just need a little help with this because welcome are not sending any proofs that we have requested.