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Hi Bandit, Thanks for your reply. Do you mind me asking, how have you coped with the £50k shortfall? Payment plan? IVA? Thanks

Forgot to mention, I have tried to sell for over a year but no one has even made an offer due to the new houses down the road being so much less.

Hi Bandit, The situation is that my home is in negatve equity to the tune of approx £40k, I am pouring good money after bad every month and the houses in this area are going down in price not even levelling. To give you an idea, the same developer is building a new phase down the road and the equivalent home is £28,000 less than I paid for mine six years ago! I also have significant unsecured debt of circa £15k. Theoretically, I was thinking of voluntarily surrendering the property back to the lender. The shortfall will then be unsecured, and I could go down the IVA route to deal with the debts.

Hi, My understanding is that if there is a shortfall following repossession, the mortgage company has 12 years to chase you. If the mortgage company then sell the shortfall to a third party, such as a debt collection company, do they still have the same rights? I.e. still have twelve years to chase even though they're not the actual mortgage company and as such didn't actually suffer th loss in the first instance. Thanks

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Hello All, Apologies for not replying for a long time, I haven't checked this post for over a year and I hadn't picked up n Mr Zs kind reply (sorry MrZ) Well, nothing had changed up until today.... I had a final response letter from Welcome Finance, the thing is I haven't raised any further complaints since my original one last year! The letter from them, basically denies anything is wrong with the agreement, full payment is required and no reductions will be made. However. I have done a little investigation and checked the charges register with Land Regstry. The only charge from welcome relates to the original loan, this was paid off when I took out the new loan. I.e. charge on register is dated May, but the last loan was September of the same year. I have checked through the SAR data, and I did sign a legal charge form, dated in September 2007, but according to land registry the only charge relates to May.. I hope this makes sense? What I am trying to establish is how do I proceed here? Could Welcome now use the charge form I signed in September and get the charge officially placed on the register after all this time? Given that the charge which is on the register relates to a loan which was consolidated into a new loan agreement in September of 2007 and is not the latest charge form signed, Can it be removed from the register? How do I go about getting it removed? I don't want to prompt WFS to place the charge officially on the register.... Ideas? Basically I would like to establish if there is a way to get the charge removed (given that the charge in question has effectively been paid off under the new loan taken out) and can WFS still put the new charge on? I would really appreciate any help here, I have noticed a lot of calls coming through from them (I am not answering). So they are stepping up the pressure again. Many thanks

Thanks Mr Z for your reply. Cani run a few other things past you? I am just bouncing some more ideas off you here, but the loan is secured. I contacted my mortgage company and they deny they were ever contacted by Welcome and as such they didn't agree to a second charge on my property. Is this allowed,as I would of thought any loan provider wanting to put an extra charge on a property would have to get agreement? Also, no valuation was ever carried out of my property. Aain, surely out of principal this is dangerous for all concerned and I would of thought that this shows a real lack of ethics and common sense. The current situation is that I am in significant negative equity, with new houses on the same new build estate selling at about 30/40 K less than mine would sell for. Is there an argument here that under the TCF treating customers fairly rules, that Welcome have not acted with due diligence and in an ethical way which has resulted in creating huge financial problems for me and the family. I.e. I am stuck in the situation where there is negative equity and I also have a default on my credit files, with either of these its hard but with both it's impossible to get any sort of remortgage deal where I could consolidate the borrowings. I may be clutching at straws here, but I am really trying to build my case against welcome. I appreciate the way forward is to the FOS...would any of my points above have any bearing on their findings? Is it worth including them? Thanks again for all your hel

Hello All I could use some help on how to move forward. I have had a final response letter from the complaints dept at Welcome. Basically denying any errors, other than about fifty quid in over charges. They say that that the contract doesnt have to be witnessed to be legally binding. One of my arguments is that the contract was witnessed by a member of staff AFTEr I had signed at home... Surely this isn't right? I would have thought a secured loan would HAVE to be witnessed? Also, they are saying that they cannot see any tangible evidence to support me not being given a cooling off period. Another of my arguments is that my contract is signed on X date and the funds were paid by cheque four days later. I was sure there had to be a cooling off period? The docs were signed at my house. They also dispute my point that the default notice they served on me was inaccurately filled in. It has the date in xx/xx/xx format at the top of the DN and then throughout the DN text it says "as above" when ever a date is entered. I thought it had to be written out in a particular way, and that this format was not compliant? Another thing they deny is that the first agreement ever had any insurance... It Did for a fact as I have the docs in front of me. I cancelled the insruae within the cooling off period, but cannot ever recall the payments or term etc changing to take account of this. As far as welcome are concerned I have never had any insurances!,, I really need an angle with which to turn things round, I want to complain to FOS, but feel I need a good strucutre to my complaintt. Can anyone help? Do I let Welcome know I intend to go to FOS? Ideally I want to secure a final settlement at a heavily reduced amount... But not sure how to pitch this to them? Please help!

Hello, I have still not heard anything from them. I have put a formal complaint in listing numerous points. This was sent first class recorded over three weeks ago. I have got proof of delivery. I have not heard anything since sending in this complaint. Is there a time within which they have to acknowledge my complaint? I am ware it's eight weeks to give me their full response, but I havnt even had an acknowledgment of my complaint! Thanks

I appreciate your time in helping me with this, just really need to know how to tackle it really, and the best way to approach it giventhat I don't think I can make any PPI claim. Thanks

Hi, I haven made a claim for PPI, as on the latest loan taken out in Sept 2007 the was none added. The first loan did have insurance but I cancelled it. The amount of the loan was £16,349. The default notice they served was for the amount of £18390. This DN was issued In feb 2010. Some posters believed the DN to be invalid. The agreements are: This is the very first agreement which included insurance: http://i630.photobucket.com/albums/u...sponse/002.jpg This is the one which i had to sign when i cancelled the insurance within cooling off period: http://s630.photobucket.com/albums/u...ent=img009.jpg This is the latest loan I took out when they offered me a 'top up' silly boy that I was!! http://s630.photobucket.com/albums/u...ent=img004.jpg and http://s630.photobucket.com/albums/u...ent=img005.jpg The Default Notice is. http://s630.photobucket.com/albums/uu22/m2000_album/Welcome%20Default%20Notice/

Hello MrZ Thanks for taking the time to respond. Basically I want to call the whole thing a day and get rid of the debt, I do feel there is something not right about the agreement hence they have gone to ground and have not chased this for over a year and not so much as a letter or call in over 9 months. I am not in a position to pay off the full amount, but *may* be able to gather enough funds for a very small full and final settlement, around 25% of amount owed. How would you proceed? Do I wait until such a time as they start chasing again, as it's all quiet at the moment would me getting in contact with them start things up again and maybe make things worse than if I just leave it? My thinking the longer they don't chase and the longer the whole thing goes on for the more likely they will be open to a small Full and final offer in future? Thanks