Welcome finance/ Robinson Way

[Sheila505]

My husband received letters a while ago from RW regarding an old WF loan. The loan in question was taken out in 2008 as, he believed at the time, an unsecured loan. No payments have been made on the account since April 2010 & no contact in either direction. He received a copy of the credit agreement yesterday. In tiny letters it states it's a secured loan however, there's only one signature on the document. The property was jointly owned by both of us at the time so I can't see how they could have made it a secured loan without my signature. Property was repossessed & sold Jan 2011. Any advice greatly appreciated.

[Amethyst]

Re: Welcome finance/ Robinson Way

Was the property repossessed by Welcome or another creditor ( mortgage co) ?

Were there any second charges listed on the property at the time it was reposessed ?

Really if the property has been repo'd and sold by someone other than Welcome then the debt is now unsecured anyway however it may affect whether the debt is time barred if it was originally a secured loan.

I'm not sure if the repossession that made it unsecured would have reset the limitations down to 6 years from that point.

[MENTION=87380]Diana M[/MENTION]; ?

[Sheila505]

Re: Welcome finance/ Robinson Way

Thank you for such a quick response! The property was repossessed by the mortgage company. I've sent off for a copy of the deeds to see if there was any other charge. It's quite confusing as far as it being statute barred is concerned. I don't even know if it could legally be classed as a secured loan without signatures of both owners?
Thanks again for your help.

[Amethyst]

Re: Welcome finance/ Robinson Way

It could yes, if the property is held as joint beneficial tenants then the charge for one party as debtor would be over the property as a whole, if held as tenants in common the charge would only be over the part of the property owned by the debtor. Most houses bought as a couple are as joint beneficial tenants.

What's happening with Rob Way at the moment - are they threatening court to recover the debt remaining on the Welcome loan ?

How much approx was the original loan for ?

Would you be able to scan and post up the agreement ( minus personal info )

[Sheila505]

Re: Welcome finance/ Robinson Way

Hi,
RobWay are threatening 'further action. Nothing specific at the moment. They did send someone to the house a couple of times but after sending a 'no harassment'letter we've had no further visits.
The debt is not showing on my husbands credit file.
The original loan was for approx 18000, as it's a copy of the agreement it's quite hard to make out.
I've scanned it and redacted personal info, but I can't figure out how to upload it I'm afraid. I've included a link to the image hosting page. Hopefully you can view it there. https://ibb.co/fDg2Nk