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Urgent Help needed - Welcome Finance Loan
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Really need some help with this please - In 2006 my partner took a secured loan out with Welcome Finance for �15K which was clearly explained to him etc & legal charge placed on property also a letter was sent to him which confirmed this was secured. 6 months later Welcome rang and said they could offer a new deal as they had some new deals for pepole who had been excellent customers. My partner & I both went down to their Ringwood office. We were told that we could repay the secured loan by taking a personal loan in both our names instead of just my partners as before, we were assured that the new loan would not be secured & it would repay the secured one plus give us a bit extra. We took the new loan on a personal loan basis which was confirmed in a letter they sent a few weeks later clearing saying in bold letters personal loan agreement & we thought nothing more of it.
That is until I went to apply for a mortgage as a first time buyer and was told that there was a secured loan on my credit file?? I have since discovered that the 2nd loan my partner & I both signed was not in fact NOT a personal loan and they has given us a secured one.
Is there a case here as they miss solded this to us by assuring us it was a personal loan? Urgent help needed many thanks x
That is until I went to apply for a mortgage as a first time buyer and was told that there was a secured loan on my credit file?? I have since discovered that the 2nd loan my partner & I both signed was not in fact NOT a personal loan and they has given us a secured one.
Is there a case here as they miss solded this to us by assuring us it was a personal loan? Urgent help needed many thanks x
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Has there ever been any default on the loan or reason they could have got the court to grant a charging order which is registered on your property?
You can check whether it's registered on the title (in the proprietorship register) or there is a notice or restriction on for a charging order by downloading a copy of your title from the Land Registry here for �3.00...
http://www.landregisteronline.gov.uk/
If you're not sure, ring your local Land Registry and they shold be able to explain what has been put on in what circumstances....
http://www1.landregistry.gov.uk/contact/contac ts/
Have you got anything in writing about it being an unsecured loan?
This is the site of the financial ombudsman...
http://www.financial-ombudsman.org.uk/
They may be able to advise further and maybe help you sort things out.
Also the FSA as they are likely to be FSA registered...
http://www.fsa.gov.uk/
There are some firms who can take on cases for misselling.
You can check whether it's registered on the title (in the proprietorship register) or there is a notice or restriction on for a charging order by downloading a copy of your title from the Land Registry here for �3.00...
http://www.landregisteronline.gov.uk/
If you're not sure, ring your local Land Registry and they shold be able to explain what has been put on in what circumstances....
http://www1.landregistry.gov.uk/contact/contac ts/
Have you got anything in writing about it being an unsecured loan?
This is the site of the financial ombudsman...
http://www.financial-ombudsman.org.uk/
They may be able to advise further and maybe help you sort things out.
Also the FSA as they are likely to be FSA registered...
http://www.fsa.gov.uk/
There are some firms who can take on cases for misselling.
Just another thought, is it possible the original secured loan was never discharged properly after being paid off?
Usually the lender would sent notification (Form DS1) to the Land Registry to have it removed from the title but maybe it was overlooked in this case and still needs to be done.
May be worth checking the dates on the title to see which loan they relate to.
Usually the lender would sent notification (Form DS1) to the Land Registry to have it removed from the title but maybe it was overlooked in this case and still needs to be done.
May be worth checking the dates on the title to see which loan they relate to.
Welcome do have a something of a reputation! (And of course, someone got an extra commission for selling the second loan to you.) It looks as if you have been lead up the garden path - but I'm a bit confused. You say the only charge on the property is the original secured loan, but that your CRA file shows a secured loan. If the CRA file shows this then should it not also be shown as a charge on the property?
It seems that Welcome never removed the first charge when the second loan paid it off (& they clearly should have done) and that - if the second loan is in fact a secured one - they never recorded that on the title deeds. Clearly very inefficient, to say the least!
Have you checked all 3 of your CRA files - Experian, Equifax & Call Credit? If not, it may be worth doing.
Are you certain the second loan is a secured one - does it say so in the small print of the agreement?
In reality, it would be pretty unusual for any lender with a secured loan to give up the security just by getting an additional person's name on a new loan. However, you have been mis-sold the new loan & should certainly go to FOS. Perhaps you should be put back in the position you were in before the new loan was granted - i.e. a secured loan just in your partner's name.
The second loan is presumably a Consumer Credit Act loan. If so, Welcome have been known to make errors in the documents which mean they do not comply with the legislation and may be unenforceable. (This is easier to demonstrate if the loan was taken out before April 2007, when the regulations changed.) If this is the case, it could be used as a negotiating basis to get them to revert to the previous situation. If you want to get the agreement checked in this respect Trading Standards or the local CAB should be able to help.
It seems that Welcome never removed the first charge when the second loan paid it off (& they clearly should have done) and that - if the second loan is in fact a secured one - they never recorded that on the title deeds. Clearly very inefficient, to say the least!
Have you checked all 3 of your CRA files - Experian, Equifax & Call Credit? If not, it may be worth doing.
Are you certain the second loan is a secured one - does it say so in the small print of the agreement?
In reality, it would be pretty unusual for any lender with a secured loan to give up the security just by getting an additional person's name on a new loan. However, you have been mis-sold the new loan & should certainly go to FOS. Perhaps you should be put back in the position you were in before the new loan was granted - i.e. a secured loan just in your partner's name.
The second loan is presumably a Consumer Credit Act loan. If so, Welcome have been known to make errors in the documents which mean they do not comply with the legislation and may be unenforceable. (This is easier to demonstrate if the loan was taken out before April 2007, when the regulations changed.) If this is the case, it could be used as a negotiating basis to get them to revert to the previous situation. If you want to get the agreement checked in this respect Trading Standards or the local CAB should be able to help.
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