Mrs

[1609]

Hi I need some advice please. I had a secured loan with welcome finance and due to unfortunately my partner coming out of work we were unable to make full payments to them over an 8 month period. But once my partner returned to work we made an extra £100 per month on top of the monthly repaymen. We did ask if they would freeze the interest on the arrears just so we could get it down and then resume the normal payments . Welcome finance would not help in any way or form so the interest was spiralling out of control. We then asked them for a break down of all payments charges and interest. Which was not clear but we did see that they had added a broker fee of £1834. 00 when we confronted them about this they were unhelpful we requested a copy of the agreement which they would not give. So we told them until they produce the agreement with this broker fee on it we would not make any further payment. They have past this debt over to various companies and Is now with Cabot finance . Last week I received a letter from their solicitors Mortimer Clarke saying that they will be applying for a charging order on my property and asking me to fill in my financial details. After looking on this forum I sent them a letter saying under the consumer credit act that I wanted them to produce a copy of the original document within 12 days and also a copy to Mortimer Clarke solicitors. I have received a response from Cabot saying that they do not have the agreement but that within the next 40 days they will be requesting a copy if possible from welcome finance so I wanted to know where do I go from here.

[seduraed]

Re: Mrs

It's entirely possible that welcome don't have or cant ind the agreement either. A goood many hve been lost or irrevocably misfiled. I'm not surprised at the charges . I was told by a manager when i worked at welcome that if a customer missed two payments they would find it impossible to catch up. A formal written request enclosing the statutary £1 fee should have been sent to Cabot .

[1609]

Re: Mrs

Thank you for for your reply. I did enclose the £1 fee and the required letter. Can I ask is this normal for welcome to add on a brokers fee even if you did not go through a broker.

[dogtired]

Re: Mrs

Anythings possible with Welcome!

[nemesis45]

Re: Mrs

Has there been a CCJ on this debt?

Cabot does Not have 40 days to provide the CCA 12 + " Working Days is
a Statutory time limit if this is not complied with then the debt becomes
unenforceable until they provide the agreement.

When was this account opened, and what is the default date.
Do you know when the last payment or written acknowledgment of the debt.

nem

[1609]

Re: Mrs

We took out the loan in 2008 and it should of finished in 2013. There is no Ccj as yet but I think cabots solicitors Mortimer Clarke are gong to apply for one so they can put a charge onto my property. I haven't made any more payments since just over 3 yrs ago. It was a £20.000 loan and we have paid them back £29.000.

[1609]

Re: Mrs

Has there been a CCJ on this debt?

Cabot does Not have 40 days to provide the CCA 12 + " Working Days is
a Statutory time limit if this is not complied with then the debt becomes
unenforceable until they provide the agreement.

When was this account opened, and what is the default date.
Do you know when the last payment or written acknowledgment of the debt.

nem

I have checked my credit report and I cannot find a default notice regarding welcome finance

[1609]

Re: Mrs

I have checked my credit report and I cannot find a default notice regarding welcome finance

This is what Cabot finance put in their letter. They say they have requested the relevant details which will include a copy of credit agreement, statement of account and original and varied terms and conditions from original lender. They then added: we anticipate that we will be able to provide this within 40days. In the unlikely event we are unable to obtain this information within those time limits, we will write to you again.

[FlamingParrot]

Re: Mrs

Hi I need some advice please. I had a secured loan with welcome finance and due to unfortunately my partner coming out of work we were unable to make full payments to them over an 8 month period. But once my partner returned to work we made an extra £100 per month on top of the monthly repaymen. We did ask if they would freeze the interest on the arrears just so we could get it down and then resume the normal payments . Welcome finance would not help in any way or form so the interest was spiralling out of control. We then asked them for a break down of all payments charges and interest. Which was not clear but we did see that they had added a broker fee of £1834. 00 when we confronted them about this they were unhelpful we requested a copy of the agreement which they would not give. So we told them until they produce the agreement with this broker fee on it we would not make any further payment. They have past this debt over to various companies and Is now with Cabot finance . Last week I received a letter from their solicitors Mortimer Clarke saying that they will be applying for a charging order on my property and asking me to fill in my financial details. After looking on this forum I sent them a letter saying under the consumer credit act that I wanted them to produce a copy of the original document within 12 days and also a copy to Mortimer Clarke solicitors. I have received a response from Cabot saying that they do not have the agreement but that within the next 40 days they will be requesting a copy if possible from welcome finance so I wanted to know where do I go from here.

Was this loan secured on a property you no longer own so it has turned into an unsecured debt?

We took out the loan in 2008 and it should of finished in 2013. There is no Ccj as yet but I think cabots solicitors Mortimer Clarke are gong to apply for one so they can put a charge onto my property. I haven't made any more payments since just over 3 yrs ago. It was a £20.000 loan and we have paid them back £29.000.

If you still own the property the loan was secured on, there would already be a charge on the property, otherwise a CCJ would be required before they can even think of applying for one.

I have checked my credit report and I cannot find a default notice regarding welcome finance

Defaults drop off six years after being recorded, alternatively if you agreed reduced payments with them and then went back to making contractual payments, a default wouldn't have been recorded. This is the place if you want to find out whether you've got a CCJ (as long as it was obtained in the past six years, older ones would have gone): http://www.trustonline.org.uk/search-yourself

This is what Cabot finance put in their letter. They say they have requested the relevant details which will include a copy of credit agreement, statement of account and original and varied terms and conditions from original lender. They then added: we anticipate that we will be able to provide this within 40days. In the unlikely event we are unable to obtain this information within those time limits, we will write to you again.

That's their standard template response to every CCA request they receive, no idea why because 40 days are allowed for a SAR, not a CCA request.

[1609]

Re: Mrs

Hi any advice on what to do next. I have just received a reconstituted copy of agreement from Cabot finance with some statement and a piece which says fixed sum loan agreement by CCA 1974 secured on but no information on this piece or signature the agreements with our signatures looks very blared and no customer number entered these documents look tampered with, the statements are not in date order cannot understand them. Where do I go from here to stop them placing a charge on my property as welcome already have a charge

[FlamingParrot]

Re: Mrs

Hi any advice on what to do next. I have just received a reconstituted copy of agreement from Cabot finance with some statement and a piece which says fixed sum loan agreement by CCA 1974 secured on but no information on this piece or signature the agreements with our signatures looks very blared and no customer number entered these documents look tampered with, the statements are not in date order cannot understand them.

Could you redact them to remove your personal details and post them up? :typing:

Where do I go from here to stop them placing a charge on my property as welcome already have a charge

Is the charge for the same debt Cabot now own? If so it would just be a matter of transferring the title to the new owner, the charge cannot be duplicated.