Welcome secured debt sold to MKDP - HELP on Full and final settlement

[karlosg]

Hi all, Just need some advise.

 

I have a letter from Welcome finance clearly admitting that a copy of an agreement is not fully legible. Due to this I have told them its unenforceable due to section 61 of the consumer credit act. Also as the agreement is not legible its not been executed correctly.

 

Whats the next step for me ? Who do I go too with this information in order to get the securitys removed ect as per Part VIII of the CCA under securities it states they must remove it. ?? Solicitors , county court ect ?

 

Any advice appreciated.

[MrZ]

Hi all, Just need some advise.

 

I have a letter from Welcome finance clearly admitting that a copy of an agreement is not fully legible. Due to this I have told them its unenforceable due to section 61 of the consumer credit act. Also as the agreement is not legible its not been executed correctly.

 

Whats the next step for me ? Who do I go too with this information in order to get the securitys removed ect as per Part VIII of the CCA under securities it states they must remove it. ?? Solicitors , county court ect ?

 

Any advice appreciated.

 

As with most things, it depends.

 

1. Are you sure there is a charge against the property? ( I assume this is a secured loan against your home). There have been many cases where the legal charge was never registered against the property, and you can find out whether this is the case in your situation by contacting the Land registry and asking what charges are on registered against your property.

 

2. Why are you interested in removing the charge? Are you attempting to sell?

 

3. Generally speaking, you don't want to be the party to make a claim unless you have a strong case with a high chance of success. The reason being is that the burden of proof rests on you, and if you lose, you could be hit with a costs order.

 

4. More and more the courts are siding with the lenders in cases where it appears that the claimant is simply attempting to "get out of the debt". I'm not suggesting this is the case with you, but pointing out that this is something the courts consider when looking at claims that rest on whether or not the lender can produce the agreement.

 

5. Don't pay a solicitor or claims management company for things you can do yourself.

 

All in all I would advise that you obtain all the information and payment history for the account, at which point you can review the status of the account and determine your best course of action. I wouldn't advise trying to initiate a court claim based simply on the fact the agreement that have provided you (after the fact) isn't legible. I would go as far to say that an illegible agreement may be more valuable to you as defendant if they attempt to enforce the agreement.

[karlosg]

HI all,

I had a secured loan with Welcome finance which went into dispute in 2009

and no payments made since 2010 and been in dispute ever since for various reasons.

 

No payments made for 4 years now.

 

I even have a letter from Welcome finance stating the CCA is illegibl,

Hence why its in dispute as unenforceable. Now its been sold to MKDP a total of £23k.

 

I want to make a full and final settlement to close the issues once and for all .

Made an offer of 10% and 20% and point blank refused as its a secured loan

they state they wont accept any discounted offer.

 

Ideally I want to move house soon but this is hanging over me.

 

Anyone ever had a secured loan reduced settlement offer accepted

or can help me with any advise on getting them to accept around 50%

as this is all I could borrow from family to pay it ??

OR any advise on what they would possibly accept on a secured ???

 

Seems to be tons of advise on unsecured but not much on secured.

 

Any help appreciated.

 

Thanks

[dx100uk]

was this your only dealings with welcome?

 

i'd p'haps get an sar off to them

 

get all the facts.

 

and statements.

 

bet thesres PPI MIF etc and penalty charges?

 

as well as debt management letters phone fees etc etc

 

ever looked at reclaiming?

 

dx

[karlosg]

Hi I did all that and the agreement is not enforceable because of the numbers not adding up and a non legible cca, however as I want to move u want to just pay an amount to get rid if the debt and move on. As long as this secured loan is there I'm stuck . So just need help on moving forwards

[dx100uk]

ok good

 

well if the agreement is pants then it should be questioned under the cca

could it be void?

 

you don't 'have' to tell a second charge lender you've sold the house AFAIK

[karlosg]

Not heard that before about the 2nd charge ?? Any other info on that ??

 

I've gone to the FOS and they were useless just said I'd be best to go to court to sort the cca issue but also been told it's best to wait till mkdp action this. I just want it all over and done with so need to try and get them to accept half and forget about it forever.

Any suggestions ??

[dx100uk]

send theoldrouge a pm

 

ask him to pop in and comment

 

can we see the agreement please

 

**you can post up images/letters by this method immediately. You don't need 10 posts**

.

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

************************* ************************* ***********

IPHONE only, take a pic and convert to pdf via an APP

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

http://www.convert-jpg-to-pdf.net/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or http://www.freepdfconvert.com/

or

use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

or use Primo PDF.

.

try and logically name your file so people know what it is.

though DONT USE BANK NAMES or CAG in the title

i'e Default notice DD-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

...

YOU DONT have to put a link to the attachment in the msg box..just upload it ..job done

you can click on your links to check them too!

.

dx

[karlosg]

Hi,

I had a secured loan with Welcome finance for £24k which defaulted back in 2010. nothing paid for 4 years as its classed as unenforceable and Welcome also cant supply ligible CCA. The sold the debt to MKDP who are impossible to deal with.

 

I want to offer Welcome Finance a full and final settlement offer to put it all in the past and move on and remove the charge on the property.

 

Does any one have a contact name or email at welcome who has the power to agree settlement offers? Maybe a contact from a letter they received ?

 

Any help appreciated.

[karlosg]

I can put the agreement up but as Welcome have admitted it illegible ( before the sold to MKDP, I wonder if they even told them that )

[karlosg]

CCA LOCATED :

 

http://s50.photobucket.com/user/karlosg/media/page0001-3.jpg.html

 

Long thread where Emanevs has helped me but although its stalemate with MKDP I need the charge removed from the property.

[karlosg]

Has anyone had any joy offering discounted full and final settlement offers to MKDP on secured loans ? Any advise on how to get them to accept as currently they are no budging on 100% regardless of the CCA being illegible

[Bazooka Boo]

Are you currently paying them anything?

 

My guess is that you are, hence why they won't budge.

 

How much, when was it taken out?

[theoldrouge]

did you have any t&cs with the agreement? Im afraid as you say it can barely be read

 

I went through this sort of scenario many years ago with Lloyds and Scottish, with a second charge.

 

When you come to sell the property, the charge will show on the land registry docs

 

and will have to be cleared from the proceeds.

 

I think you will struggle to get a reduced settlement at the moment.

 

However, as its clearly unen, I would suggest that you wait until you sell the property,

 

at that time I used a firm of solicitors who had a partner who specialised in consumer credit,

 

and he managed to negotiate a settlement of 65% of the balance claimed

 

2nd charges are very difficult to deal with,as they regretably hold the upper hand

[karlosg]

Taken out in 2008 - not paid a penny since 2010. Amount in total £23k

[Bazooka Boo]

Hmm,

Are you playing letter tennis with them?

 

Who is the original creditor? As it is highly unlikely that the OC would have flogged on a 23k debt to these lot?

Are they simply chasing for the OC or do they own it?

[dx100uk]

threads merged

 

please keep to one thread

[karlosg]

Hmm,

Are you playing letter tennis with them?

 

Who is the original creditor? As it is highly unlikely that the OC would have flogged on a 23k debt to these lot?

Are they simply chasing for the OC or do they own it?

 

Sure original creditor is Welcome Finance.

 

I tired to speak to them but they said they sold it to MKDP and have washed their hands of it now I have to speak to MKDP only.

 

I have been playing letter tennis for ages now and getting no where .

 

Its clearly unenforceable as its illegible, but they still wont move.

 

Not sure how to proceed now as it seems this issue is causing me so much grief

[karlosg]

Im really wondering if I should start a low value payment plan with MKDP as its obvious they wont budge on this debt whilst they have the power of the legal charge and need to get it removed somehow

[dx100uk]

12 threads on same debt merged for history.

 

dx

[karlosg]

Anyone ??

[dx100uk]

pers I think you need to post up all the statements to date from birth

I cant believe with welcome theres nowt to reclaim

[theoldrouge]

I can see little point in starting a repayment plan, as the ag is clearly unen.

 

As dx says are there any reclaims to do?

 

Pers I would just wait until you sell your property and then deal with the 2nd charge

 

The default will disappear from your file in a couple of years

 

Maybe then would be a goodtime to consider moving

 

Have you been receiving any threatening letters from MKDP?

[karlosg]

Thanks for the help guys, Yes I now see its pointless to start a payment plan. I guess I was just pushing to try and do something about this charge but Il wait until the default drops off and then move and pay them off.

 

FYI I never took any insurances or PPI etc.So there are a handful of late fees but that pretty much it. I know its unenforceable to I guess its just a waiting game now. However if anyone knows how else I can remove this charge Please do let me know

[karlosg]

I've just had a good look through the secured loan statement and noticed that the last payment I made was in feb 2010. Welcome finance continued to add interest ( capitalisation ) until October 2010 . Is that allowed ?? Total around £3k