I took out a Welcome finance loan for £200 about 8 years ago and have had a few top ups to it, I think I have received about £5k over the years. I have worked out that on the latest one signed in Dec 2006 I'll be paying back over £30k!!!! On the last loan they insisted that it had to be a secured loan. I don't know the exact loan amount but it was definitely under £25k. What is the best thing for me to do with this?

The standard security is the document that gives the lender the rights over your property. If this hasn't been completed, then surely your lender wouldn't have any rights????? I'm no expert on this but you could have a mortgage that is not legally binding due to the solicitors errors. The lender releases funds based in good faith that all the legal work has been done and that must include ensuring that a standard security has been duly completed and notarised.

Hi everyone, I'm pleased to have found this site and hope you can help me. 1) My wife has a car finance agreement with VW finance that started in Oct 2005. Due to a change in our employment we stopped paying the loan (last payment was Dec '07). Not surprisingly we have now received a Summary Cause Summons from the sheriffs looking for repossession of the car but not for any monetary value. VW will not enter into any discussions about attempting to start payments again, they just want the car back. Can this be challenged and could this be an unenforceable agreement in Scotland? 2) I took out a Welcome finance loan for £200 about 8 years ago and have had a few top ups to it, I think I have received about £5k over the years. I have worked out that on the latest one signed in Dec 2006 I'll be paying back over £30k!!!! On the last loan they insisted that it had to be a secured loan. I don't know the exact loan amount but it was definitely under £25k. What is the best thing for me to do with this? 3) My wife took out a store card with marks and spencer when she was a student and about 6 years ago they turned this into a credit card. The balance is standing at about £7k and it has been passed to the Moorcroft Debt agency. We are paying £30 a month to a guy that comes to the house to collect it and he marks the total on a payment card. Can we do anything with this. 4) Finally, can unsecured loans linked with a together mortgage from Northern Rock be challenged under Unfair agreements? I don't mind my credit rating taking a battering but the most important thing for us it to keep our house as we have our first child on the way. The house payments are fully up to date but the secured loan with Welcome is not. Any and all help will be greatly appreciated.