Old Welcome Finance Loan - Need Advice

[Nosila]

Advice Please

 

My predicament:

 

Several years back (at least 5) with my former husband, a secured loan was acquired with Welcome for 15k with other surcharges so total loan was just short of 20k. We agreed (though for the life of me I can not remember agreeing to this) to repay over 15yrs, thereby repaying 54k!!

 

The marriage broke up, the house in joint names was sold and a big chunk , approx 14k, was paid to Welcome, which discharged the secured loan for the original amount, the outstanding balance of approx 6k was put onto an unsecured personal loan. I can’t remember if we signed a new loan agreement & Welcome are saying we didn’t so therefore the original loan agreement stands and this is the amount that they have been adding interest etc onto for the last 3.5yrs. Both my ex husband & I had other debts we were struggling to pay so we both entered into a DMP with CCCS. I was by that point a single parent on a small wage. On checking my credit file recently, I noticed that the debt to Welcome noted there was approx 9,000k outstanding. However when I rang them I was told that the outstanding amount is approx 35k as interest had been accruing over the last 5 yrs since the original secured loan was taken out. They said they had no record of having received the 14k, although they have since "found" this.

 

Plus Welcome are saying that the loan was top loaded with all the interest right from the very start, so in essence a 54k loan (can they do this, is it legal). So when the 14k was paid to Welcome after the house sale, they are saying that amount was taken off the 54k leaving a balance of 40k. None of this was made to my knowledge clear to me or my ex at the time, however they are now saying the balance remaining is 35k. Now I know my repayments have been minimal (£38) not even touching the interest I would imagine and I’m fairly certain my Ex is not even been paying regularly and most likely a small amount as well. So how is it we owe 34k, the sums even to me don’t equate, the figure should be above 40k (as Welcome) are still applying interest to the sum we owe, regardless of DMP).

 

Now as said Welcome are stating that we owe this huge amount of money to them, yet both of our DMP’s say we owe approx 8k, so its all very very confusing. I get absolutely no help or more the opposite from Welcome when phoning or contacting them.

 

I’m a single parent on a relatively low wage as I work PT, I have little if any hope of ever paying off such a debt. I am now in long term relationship and this mistake of mine has recently come to light and more worryingly for me is can any of this effect or tarnish my partner’s credit/life, as I live with him, although our finances are separate; can he be held liable for me?

 

So far I have made plans to visit my local Trading Standards office to discuss matters and the next day I plan to visit my solicitor. My ex is thinking about entering into an IVA and it has been suggested to me that a way out could be a Trust Deed, as obviously this debt to Welcome will never ever be repaid.

 

Hopefully this story is legible has I have so much going through my head with facts/dates/debts relating to this saga, it proved difficult to put into words. I would greatly appreciate any opinions/advice no matter how trivial or damning, but I need help and directions on how to ease my predicament/mess.

 

 

Many thanks in advance

 

Thought I'd better mention I now live in North Scotland whilst Ex is in South England, during the break up process and several moves by ex, all of the original paperwork has been lost! However I have just finally received from Welcome a copy of the top sheet of our agreement, but not the clause sheet.

[postggj]

hi nosila and welcome, excuse the pun

 

ill drop by tonight if you are short on replies

 

welcome are very lax with there addmin

as this agreement is 2004, its prob crap also but need to see it

 

any docs you get , please post on your thread minus personel details but leave in the figures

 

google photobucket to upload

 

use the upload link for message boards with out thumbnails option

[Nosila]

thanks postggi, the date of the agreement is May 2004. I will post this on this evening. I am also making my complaint to the Ombudsman with help from Trading Standards.

[Nosila]

Here is a copy of my original agreement. Consumer credit act says the total amount payable should be shown on this. This agreement tells me its £20,248.58. Welcome are saying its £34,802.42 still owed. Any ideas on this?

 

 

[42man]

I would request a copy of all the charges they have added by way of a SAR, if they say you owe them that much then it could possibly be that a judge wouldn't allow enforcement due to the loan possibly being unfair...... - http://www.consumeractiongroup.co.uk/forum/general-debt-issues/204563-european-court-ruling.html I'd also be looking into the PPI too, if it was missold it could bring the whole of the contract into question....

[42man]

Did they ever terminate the agreement too ? did you ever receive a letter saying so ?

[Nosila]

I can't recall what exactly happened at the time, there was too much else going on. I vaguely remember it happening but exactly what I am not sure. What is PPI? How would I know if I have been mis sold it? How do I go about a subject access request?

[postggj]

ok nosila

sit down and wait for the shock

you have ppi, they have charged you £2763.58

along with home care . medicare

 

it works out that they have charged you £3383.58

 

front loaded, ie, paid up front in one payment

 

they then shaft you on the interest

 

thats the insurance and original loan together

 

 

now calm down and we will see about getting these payments back

[Nosila]

wow!! am all for getting every penny I can back, what's the first step?

[42man]

You need to write a letter stating account in dispute and the fact that you feel you were missold the insurance ? Did you know you were taking out insurance ? did you get this in writing and get a breakdown of what it covered ? do you have any medical conditions ? was the loan taken out in one name or you and somebody else ? Are you self employed ?

[Nosila]

I didn't realise we had taken out this insurance, we had no notice of it. The loan was in joint names with my ex-husband. No disabilities/illnesses, not self-employed, both working ex full time emploment me part time. We have no clue as to what the med care or other insurances are for! (ex seems to remember that we were told we had to have the insurance or we couldn't have the loan)!