Welcome Finance Secured Loan - Guidance Needed

[StIves]

Hi
I'm new on here and hope I'm on the right place to get some guidance.......

My boyfriend bought his current house with his ex-girlfriend in 2006. In 2008 she apparently arranged a secured loan with welcome finance, which my boyfriend didn't sign for. It was after they split up in 2010 that he started receiving letters from WF regarding the debt. He contacted them to find out what was going on and asked for a copy of the agreement as he hadn't signed anything. They sent him a grainy scanned copy of a 1 page 'fixed sum loan agreement regulated by the Consumer Credit Act 1974'. His ex is named as the first customer and he is named as the second customer. There are two signatures on the document but he didn't sign it. The money didn't go into his bank account and any payments made were not by him or from his account.

I have also checked on land registry and WF are named on the deeds.

My boyfriend now wants to sell the property but is stuck. His ex stopped paying the secured loan a long time ago (hence why they've probably come after my boyfriend for it). So not only has the debt increased (original loan was £17k but think the last statement said it was £20k), but it's defaulted too.

There is no equity in the property - would just about break even just selling up and paying agents/solicitors etc and my boyfriend does not obviously want to be saddled with a £20k debt which has had nothing to do with, or benefited from.

We've kept contact with WF to a minimum, right or wrong, but have heard lots of horror stories about them and didn't wish to engage with them without knowing our rights.

please can anyone help or suggest who he needs to speak to? Any guidance greatly received!

Thanks

StIves x

[nemesis45]

Re: Welcome Finance Secured Loan - Guidance Needed

Hi, welcome to LB.

I page of a secured loan agreement is insufficient to enforce payment, as there are no Terms & Conditions relevant to the agreement.
Now the signature is this actually readable as his name?
It's not unknown for Welcome to have encourage others to sign documents in another persons name when it was trading.

Start by making a Formal Complaint to Welcome stating 1. That the alleged agreement is incomplete and 2. He has never seen this document and the signature is not his. 3. He was unaware that any such agreement had been entered into.

Welcome must full investigate and respond to a formal complaint within 56 days.

You could always report this to " Action Fraud" online.

nem

[StIves]

Re: Welcome Finance Secured Loan - Guidance Needed

Thanks for your help, good to know there may be light at the end of the tunnel.

The signature looks like someone has tried to put my partner's name.

Will try and get a letter together and see what happens next.

Thanks again

StIves x

[nemesis45]

Re: Welcome Finance Secured Loan - Guidance Needed

Happy to help!!
Please come back here when you get a response or need further advice.

nem