Welcome Finance Settlement Figure

[maybelline]

whoopee, you just made my day, they certainly do say differently, my DPA request threw up some bizarre comments on their notes on how to frighten me into thinking they were repossessing, they charged mortgage indemnity fees and added interest on the while over 100K in equity in property?? (on less than 10% of that sum?)

[The cobbett slayer]

whoopee, you just made my day, they certainly do say differently, my Data Protection Act request threw up some bizarre comments on their notes on how to frighten me into thinking they were repossessing, they charged mortgage indemnity fees and added interest on the while over 100K in equity in property?? (on less than 10% of that sum?)

 

Before you get too excited, do check with the Land Registry exactly what Welcome have registered but I have been advised that they rarely register anything other than a notice.

 

£100K equity? Will you marry me:D

[maybelline]

guy or gal?

[chancer1]

I have found out that they have not set a 2nd charge against me, especially as the property was sold 3 years ago, but they have registered it as a mortgage on my Credit File, this is now a cause for concern as my mortgage company will not offer me a mortgage until I prove this is not a secured loan.

 

Any ideas on how to do that?

 

Can they enforce the loan, even tho it is not secured against anything?

 

Is it legal?

 

Any help appreciated.

 

Thanx

[The cobbett slayer]

guy or gal?

Guy - very married to my teenage sweetheart:D

 

(err - married to the girl I went out with 25 years ago, not married to a teenager)

[maybelline]

already promised to the lovely Peter

 

chancer - I am in same position, recorded as a mortgage!?

[The cobbett slayer]

e

I have found out that they have not set a 2nd charge against me, especially as the property was sold 3 years ago, but they have registered it as a mortgage on my Credit File, this is now a cause for concern as my mortgage company will not offer me a mortgage until I prove this is not a secured loan.

 

Any ideas on how to do that?

 

Can they enforce the loan, even tho it is not secured against anything?

 

Is it legal?

 

Any help appreciated.

 

Thanx

 

Again, check this out with someone qualified but I'm banging my head on the wall in disbelief!

 

If they registered a Notice under LRA 2002 then the mortgage provider for whoever bought the property from you should have been aware that there was a security on the house. The loan will show on your credit file as a mortgage and correctly so and as you signed the agreement the loan is legal, although I believe that there are issues under UTCCA. The question here is whether the loan is secured and if so, on what? Was the Notice transferred to your new property?

[maybelline]

Just checked land registry online, paid for a copy and hey presto, Welcome are indeed registered as having a charge on the property.

[The cobbett slayer]

Does it show as second charge or is it a Unilateral Notice?

[chancer1]

Does it show as second charge or is it a Unilateral Notice?

 

neither, I sold the property in 2004

[chancer1]

e

 

Again, check this out with someone qualified but I'm banging my head on the wall in disbelief!

 

If they registered a Notice under LRA 2002 then the mortgage provider for whoever bought the property from you should have been aware that there was a security on the house. The loan will show on your credit file as a mortgage and correctly so and as you signed the agreement the loan is legal, although I believe that there are issues under UTCCA. The question here is whether the loan is secured and if so, on what? Was the Notice transferred to your new property?

 

Sorry, just caught this reply, I moved into rented accommodation and am still in rented at present, so no transfer, but the credit file entry showing the secured loan from wf is at an address that was rented (from a housing ass) after I sold the property the loan was secured against

[The cobbett slayer]

neither, I sold the property in 2004

 

Sorry- that was aimed to Maybelline.

 

In your case Chancer, I don't see that it can be a secured loan. You don't own a property to secure it against.

[chancer1]

Sorry- that was aimed to Maybelline.

 

In your case Chancer, I don't see that it can be a secured loan. You don't own a property to secure it against.

 

I understand that, will WF, I have some paperwork from them, only a settlement statement, I have requested the CCA, I guess now it's time to try and negotiate, I was obviously mis-sold the insurance, I get 6 months full pay and 6 months 1/2 pay, so I wouldn't have needed that, but my partner is telling me that we had to take it out or they wouldn't give us the loan, I can't remember myself.

 

 

And this was for a £5000 loan

[The cobbett slayer]

I'm not sure how much they do understand to be honest. The letter I have had from WF today is barely literate, let alone informed and accurate.

 

I'm just going to get a magnifying glass out and have a look at the T&C's regarding disposal of the security and I'll get back to you.

 

With regard to the mis selling of insurance - I too get 6 months at full and 6 months at half pay (god bless the NHS!) but I seem to remember being told that PPI was compulsory.

[The cobbett slayer]

It would appear that the worst they can do is default the loan and ultimately take you to court for the outstanding balance.

 

It is a breach of the conditions to dispose of the security but at the end of the day, what are they going to do about it?

[chancer1]

I am 3 month's in arrears at present. I could bring it up to date.

 

I remember reading that you tried to 'negotiate' a settlement, but to no avail, but i guess there is no harm in trying.

 

the last telephone conversation was from the Branch Manager of their N'ampton Branch (LBM) ? whater ever that is? saying he would ring me when he had sight of the Credit Agreement - this was on Monday.

 

Is it a different story if they can't find the CCA? I have read a little on non compliance, but it is not a quick route, and certainly wouldn't help with the mortgage situation - they are waiting for confirmation on non security of this loan.

 

And BTW thanx for your advice - and yes God Bless the NHS!

[The cobbett slayer]

I am reading a bit between the lines here and making an assumption, but if you are applying for a mortgage and there is a problem over the security of the WF loan, WF could apply for a further security over your new property but as long as there is sufficient capital in the new property to cover both the first charge mortgage and the secured loan from WF, the primary lender shouldn't have a problem with it but you might need to get the Deed of Postponement from WF.

 

It's probably worth putting that to your mortgage broker or solicitor/conveyancer.

[chancer1]

I doubt if the mortgage lender would accept that, applied for 100% as I need my spare dosh to start an extension on the property.

 

And sorry to maybelline for the hijack

[The cobbett slayer]

I doubt if the mortgage lender would accept that, applied for 100% as I need my spare dosh to start an extension on the property.

 

And sorry to maybelline for the hijack

 

I see no hijack - it's on topic and informative.

 

It's probably still worth going down the route of the DoP. It ensures that the primary lender ALWAYS has first charge so they might agree to it. The DoP will cost you £75 plus VAT and WF will charge you upfront before they even consider it.

[maybelline]

hello cobbett slayer - what am I looking for? reading the info I have printed off from the search I have title absolute, I am proprietor, but have two restrictions one in favour of the Mortgage co, and one for WF.

[maybelline]

so if unilateral and I approach another lender surely they will discover any notice and then the need for the deed but I have never given my mortgage account details or deed or anything to welcome.

 

obviously this is not the case then, as it is certainly a charge in black and white! I guess I had hoped that it was not really. it gets even stickier, I am currently have a hearing listed with my current lender re unfair penalty charges and with WF!

[The cobbett slayer]

hello cobbett slayer - what am I looking for? reading the info I have printed off from the search I have title absolute, I am proprietor, but have two restrictions one in favour of the Mortgage co, and one for WF.

 

I'll look into this a bit further tomorrow. I need to speak to my solicitor anyway so I'll try and clarify exactly what the wording of the charge by WF actually is.

[maybelline]

thanks, for tomorrow -

 

'entries that affect the right of title' 'except under an order of the registrar no disposition by the proprietor (me I reckon) of the land is to be registered witbout the consent of the proprietor of the charge dated XXXXXX in favour of WF Svs Ltd referred to in the charges register.'

[chancer1]

The plot thickens????

 

I have just received a call from WF Branch mamanger in N'ampton and he had admitted that after 4 days of searching they can not find my original CCA, he advised me that they are going to send me my legal agreement as a copy with the details they have on the system.

 

So they cannot fulfill my CCA request, does this help me in any way?

 

OK - WF will refinance my 8K - theats gracious of them isn't it - I did say to WF - is that so you can have another 20g hold over me....

 

Have spoke to the FOS - they advised that not having cca with my signature is not a great bargaining tool, he advised me to complain, I have drafted a complaint letter, but am not very good at it, could anyone comment and possible advise on anything I have missed.

 

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Dear Sirs,

I wish to raise a formal complaint regarding the above account number. I have many issues with the above account, and afer taking advice from the FOS I wish to bring these to your attention.

 

1.The above agreement is for secured loan, the loan was never secured.

2.Insurances were added to the loan as this was ‘the only way we can finance you’, this I believe is not right, and as I receive 6 months full pay and 6 months ½ pay, why would I need the insurance

3.The loan was taken out because we needed to kick start some building work, we informed the person (Claire) selling us this loan of that, I was informed that early settlement wouldn’t be a problem and the overall cost’s would be dramatically reduced, this is not the case.

4.I have requested a copy of my original CCA and have been verbally advised that this cannot be found.

5.Your entries on my credit file are incorrect, they state I have a mortgage at an address that was rented from a Housing Association.

 

As you can clearly see, there have been some issues with this account, I will also mention the calls received from your staff, even after requesting that they did not contact me by phone, on one occasion the Branch Manager from Milton Keynes rang me 7 times in 10 minutes, as I had advised him I did not wish to discuss the situation over the telephone, even after being advised I was going away, you still contacted me by telephone whilst on Holiday in another country.

 

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Thats as far as i got before my mind went blank - any help would be really appreciated.

[maybelline]

wait to see what you receive but a front copy or made up copy is not acceptable under the act, it has to be a copy of the original, no copy, not enforceable

 

(please correct me someone if nec)

Consumer Credit Act 1974