Secured Welcome Loan - now being chased by Lowell Group

[StandingStill]

Hi All,

 

I've got an interesting one I'm hoping one of the experts on here can help with..... I'd really appreciate if you could.

 

14/09/2007 I took out a secured loan from welcome finance, I think it may have been for about £10k.

 

Unfortunately later that year my home was repossessed.

 

I was contacted by solicitors chasing the shortfall between repo value and monies owed.

 

This was supposedly £55k!

 

I negotiated an agreement with them of £300 per month for two years which was complete in 2011.

 

I have a letter confirming that it has been cleared.

 

I have always assumed that the Welcome Finance secured loan was included in that debt.

 

Looking back it appears that was just the mortgage shortfall.

 

Yet in December 2012 I have had a letter from Lowell chasing a £17k debt "originally owed to welcome finance"!

 

I have checked my credit file and the welcome record says settled in August 2012, yet no payments since 2008.

 

There is no live debt showing on my file.

I haven't ever received any prior letters or assignment notifications.

 

I have already written a letter to Lowell stating I dispute the debt and have no recollection of any such debt.

 

But they have ignored that and sent another letter from Red stating they may apply for a CCJ which can mean Baliffs etc....

 

I'm not sure which way to go with this, any ideas?

 

Thanks

[BRIGADIER2JCS]

Hi looking in as requested,

 

It seems that Lowell bought the debt from Welcome in August 2012 which is why the Welcome entry on the CRA file shows settled.

This means that Lowell now own the balance of the secured loan.

 

So to start send a CCA Request to Lowell to see if they can come up with any sort of agreement on the loan, use the template from the Cag library for this, there is a £1 statutory of fee to pay Lowell have 12+2 working days to comply, get this done and we'll go from the response.

[StandingStill]

Thanks Brig, I will send a CCA tomorrow

[StandingStill]

Hi, checking in with an update. CCA was sent on the 5th Feb.

 

I've had two letters back since, first one saying they have asked the original lender for a copy of the agreement.

 

Second one (dated 21st Feb) saying the original lender is "trying to retrieve the agreement from their archive"

 

Nothing else since then. Does that second letter sound odd to you? I mean how long does it take?

[dx100uk]

at the end of the day matters not when they get one

 

if its passed 12+2 working days

 

fire off the failure to comply letter.

 

as a priority

 

you need to get an SAR off to welcome

 

i 've only ever known ONE welcome debt

that was not unlawfully inflated with PENALTY charges & 'compulsory' insurance

 

ALL cam be reclaimed

 

they prob owe you.

 

dx

[StandingStill]

Thanks dx, I guess the failure to comply letter and SAR template are on this site?

 

Should I do both now?

[dx100uk]

click the underlined sar

 

the library has the failure to comply letter in the dca section

 

dx

[StandingStill]

Letters drafted, will send and report back.

 

Thanks again

[BRIGADIER2JCS]

Hi, checking in with an update. CCA was sent on the 5th Feb.

 

I've had two letters back since, first one saying they have asked the original lender for a copy of the agreement.

 

Second one (dated 21st Feb) saying the original lender is "trying to retrieve the agreement from their archive"

 

Nothing else since then. Does that second letter sound odd to you? I mean how long does it take?

Hi looking in as requested.

 

The data may well be stored/archived on microfiche or disk and could take time to recover so my be 14 days is just about reasonable.

[StandingStill]

Hi all, just checking in with an update. Received a letter back from Lowell on 20th March stating that the account has been placed on hold and no collection activities will take place until the requested documentation has been provided.

 

So, do I just sit tight? How long can they leave me in limbo like this?

[renegadeimp]

Could be until the SB status is up. Doesnt matter what they say or do anyway. The debt is in legal dispute now, and its doubtful theyll even contact you again. They usually just sell the debt to an even lower DCA.

[BRIGADIER2JCS]

Hi all, just checking in with an update. Received a letter back from Lowell on 20th March stating that the account has been placed on hold and no collection activities will take place until the requested documentation has been provided.

 

So, do I just sit tight? How long can they leave me in limbo like this?

 

Confirm the status of the account as ''formally in dispute'' use the template from the CAG library.

[MrZ]

Just chiming in briefly. Welcome appears to have "lost" a lot of their records. As was advised by the others, without the agreement all they can do is send you letters.

 

Meanwhile after you have sent your SAR and CCA non compliance letters, you might want to look into information regarding Welcome's Mortgage Indemnity Fee. If this was on your agreement or if you were charged for it, then you shouldn't be pursued for a shortfall. If your loan was secured Welcome say their policy is that you would have been charged this fee.

 

BTW even if they can't locate your agreement, they should still be able to send you a statement of account as required by the CCA (if you asked for it). The account statement can be very revealing. The statement of account will show every charge, credit and debit on the account. If you haven't asked for one, then you should. If you did and they haven't sent it, you should chase them for it.

[StandingStill]

Hi all, was planning on sending the formally in dispute letter today, but was beaten to it by a letter from Lowell.....

 

MrZ you must be telepathic.... The letter states "welcome finance have advised that the agreement is no longer available...... We have closed our file and will not make any further contact with you unless the agreement is received at some point in the future"

 

I sent Welcome a SAR but they responded with a letter asking for more ID, which given the lack of signed agreement I am reluctant to send.

 

I believe that this would be SB in March 2014...... Should I just leave it now? Send a formally in dispute letter? Or something else?

 

Thanks again, as always great help

[BRIGADIER2JCS]

I would send a letter acknowledging theirs and confirming the account is in dispute.

[StandingStill]

Good evening,

 

I have today received a copy of the credit agreement. It appears it was not lost.

 

The date of the agreement is 14/09/2007 for an amount of £12k. It has what appears to be my signature on it.

 

They are asking for £17k, or a proposal for repayment within 10 days.....

 

What should I do?

[postggj]

Is it the actual agreement or a reconstructed agreement

[BRIGADIER2JCS]

Is this from Lowell?

Are all the terms and conditions complete?

If it's a recon unlikely to have signature>

[StandingStill]

It has been sent from Lowell, but is a Welcome Agreement. Its 2 page and has a T+C's sheet.

 

Its a secured loan agreement....

[BRIGADIER2JCS]

It has been sent from Lowell, but is a Welcome Agreement. Its 2 page and has a T+C's sheet.

 

Its a secured loan agreement....

 

No doubt about the signature?

Funny how this has suddenly come to light.

[StandingStill]

It is rather sudden..... and I do not recognise this page.

 

But it is hand written, all figures etc by hand, and the signature is similar to mine. It would pass as it.

[BRIGADIER2JCS]

It is rather sudden..... and I do not recognise this page.

 

But it is hand written, all figures etc by hand, and the signature is similar to mine. It would pass as it.

 

Any recollection of signing that specific form?

[StandingStill]

None at all.

[postggj]

Just a tip to consider

 

I rejected a signature on an agreement welcome sent me, it looked like mine but was not

 

I sent the agreement to a graphologist for a report

 

It destroyed welcome

 

Just something to consider

[StandingStill]

So a letter along the lines of" I do not recognise that agreement, nor do I accept that as my signature"?

 

What do I expect of them from that?