Welcome finance secured loan

[dave2067uk]

Hi

 

we took out a secured loan with welcome for £10k a few years before 2005

this was when my wife had a brain tumor and we both had to give up work

 

we carried on paying the loan for about 18 months more by this time we owed just over £10,k.

 

we were finding it hard to make payments

 

we spoke to welcome and they agreed to rewrite the loan at the balance it was at with no interest on it

 

we are know paying £92 per month to try and pay it off,

 

they have 3 times applied interest and 3 times i have fought it and got it refunded

but i am fed up with them now ringing all the time

 

how can i find out what i have paid how much i have to pay and because of there messing us around

can i get this account put into any disagreement or anything like that.

 

Also when they rewrote the loan they did not change the charge on the house with land registry.

 

Any help would be great.

Thanks Dave

[postggj]

Interesting

 

You state the loan was re-written

 

Did you sign a new agreement???

[dave2067uk]

Hi yes we signed a new agreement and was given a letter saying no interest would be applied as long as we kept up with are payments of £82 per month but we have been paying £92 every 4 weeks so should be well in front with payments.

But they keep putting interest on i complain they refund this has been done about 3 or 4 times then they ring hounding me to pay more to get the loan paid off the even said to me today try and get a bank loan to pay this loan off they are doing my head in.

[tezza1234]

What do they say when you point out you have a agreement in place of which you are already paying above the agreed amount.

[dave2067uk]

they keep saying can you increase your payments to pay it off quicker. also they say my balance is £6600 aprox but i think i have paid more than that.

Today i lost my temper with them and told them they are trying to bleed people dry because they have gone into liquidation and she did not like that.

She agreed again there was letter on file as per no interest but the keep adding it on.

[postggj]

When was the last time you received a statement of account

 

By law they have to send a statement every year

 

I believe it is s.77(a) CCA 1974

Edited June 13, 2013 by postggj

[dave2067uk]

i got one about 6 or 7 months ago but cant find it at the minute seem to remember the balance balance then being aprox 6k something i dont even know if the paperwork was filled out correctly.

[tezza1234]

What is it secured on, your home.

[Peterbard]

Do you have a copy of the new agreement ? When exactly was it taken out.

[dave2067uk]

yes it is secured on home but they did not change the details with land registry.

[postggj]

Phone up welcome and request a full statement of account

 

If they decline we just send a Data Subject Access Request for the information

[dave2067uk]

cant find the copy of the agreement can i get a copy of the original.

[postggj]

Through a CCA request yes

 

But it will not be a copy of the original agreement. That ended when you did a re-write

 

The re-write will be the copy agreement that they will send you

[Peterbard]

I think if it is a modifying agreement under section 82 they should send the original and a copy of the new one also.

 

Can you remember if the new one was signed after April 2007

 

It would be far better if you could find the one that you signed though.

[dave2067uk]

The loan was rewrote in Feb 2009 balance now is £6517 payments were £82 at the start i then put them up to £92 every 4 weeks.

[postggj]

What was the balance when the re=write was done

[Peterbard]

Yes this is probably why they were so keen to get you to re-sign, odds are the earlier agreement was unenforceable.

 

You need to send off a request under section 77 of the consumer credit act 1974. For

 

A true copy of the original agreement

A true copy of any varied agreement as required under section 7 of the 1557/1983 copy regulations

Details of any security and copies of any deeds relating to it

An up-to date statement of account

 

They have 12 days to comply.

 

Enclose £1 statutory fee and send it recorded delivery.

 

If you have problems writing the request there will be a template on here somewhere.

[dave2067uk]

The new one was signed in feb 2009

[postggj]

They will only have to give a copy of the current (re=written) agreement under a CCA request, The original agreement no longer exists

 

Any past agreements, statements etc will only be released through a Data Subject Access Request

[dave2067uk]

what office do i send it too loads of them have closed down.

[postggj]

I believe their compliance office in Ruddington, Nottingham is still trading

 

Give them a phone to confirm though

[dave2067uk]

If i send a SAR thing off would that get me all the details i need like copies of payments and copies of agreements signed current ones and past ones.

[Peterbard]

Yes they should also send a copy of the original or if not a reconstituted one..

 

This from the OFT guidance on copy regulations

 

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT1272.pdf

 

Where there has been a variation of the terms and conditions of the

agreement

2.27 Where an agreement has been varied in accordance with section 82(1)

of the Act, the OFT considers that, by virtue of Regulation 7 of the

Copies of Documents Regulations, the duty is to provide not only a copy

of the agreement as originally executed but also either

[postggj]

A DSAR will get you everything welcome holds on you, computer screen shots, manual notes, statements, telephone calls

 

You name it

 

It is a gold mine of information

[Peterbard]

If the original agreement no longer exists how can they send a copy under the SAR.

 

Fine get a SAR off, but they have 40 days to comply with that, but you must get the section 77 off as well as stated.