Secured Loan CCA 1974 Regulated Loan Agreement

[Bazza]

If a lender ceases trading, can the loan be assigned even if there is no clause stipulating this in the original agreement ?

Also if permitted will all the original terms and conditions be the same including interest, any default fees, charges etc ?

Can charges be altered or increased if passed on ?

Thank-you

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

If a lender ceases trading, can the loan be assigned even if there is no clause stipulating this in the original agreement ?

Also if permitted will all the original terms and conditions be the same including interest, any default fees, charges etc ?

Thank-you

:bump:

Thank-you

[Kati]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

[MENTION=48934]Debt Camel[/MENTION] [MENTION=1508]Nibbler[/MENTION] [MENTION=6]Amethyst[/MENTION] ... any ideas??

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

If a lender ceases trading, can the loan be assigned even if there is no clause stipulating this in the original agreement ?

Also if permitted will all the original terms and conditions be the same including interest, any default fees, charges etc ?

Can charges be altered or increased if passed on ?



Thank-you

Hi is the company/ lender ceasing trading because of insolvency?

nem

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

@Debt Camel @Nibbler @Amethyst ... any ideas??

Many Thanks Kati

Hopefully someone may be able to answer.

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Hi is the company/ lender ceasing trading because of insolvency?

nem

Yes Nem, the lender is no longer selling but only collecting outstanding debts.

Cheers

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Yes Nem, the lender is no longer selling but only collecting outstanding debts.

Cheers

Welcome Finance Ltd?

If so the "paperwork" is probably highly suspect!

nem

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Welcome Finance Ltd?

If so the "paperwork" is probably highly suspect!

nem

Lol Nem how did you guess !

I have looked everywhere for the relevant clause and cannot see anything confirming.

I am just a bit suspicious as I recently found out that they are closing my collections branch and since advised they have been continuously contacting me with reduced settlement offers instead of chasing a disputed arrears amount.

When I asked what will happen once closure and if the account will be sold on, Welcome declined to comment.

Hence my original question as to whether there should be any stipulation regarding transfer within the regulated agreement.

Cheers

Baz

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Lol Nem how did you guess !

I have looked everywhere for the relevant clause and cannot see anything confirming.

I am just a bit suspicious as I recently found out that they are closing my collections branch and since advised they have been continuously contacting me with reduced settlement offers instead of chasing a disputed arrears amount.

When I asked what will happen once closure and if the account will be sold on, Welcome declined to comment.

Hence my original question as to whether there should be any stipulation regarding transfer within the regulated agreement.

Cheers

Baz

Good morning Bazza,

Your first post on this could be a carbon copy of hundreds of complaints/ problems with Welcome accounts.

The T's & C's will be vague no doubt.

The terminology may be in the form of " we can assign our rights / interest and / or share data with ......." probably
well buried small print.

nem

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Good morning Bazza,

Your first post on this could be a carbon copy of hundreds of complaints/ problems with Welcome accounts.

The T's & C's will be vague no doubt.

The terminology may be in the form of " we can assign our rights / interest and / or share data with ......." probably
well buried small print.

nem

Thanks nem,

Think I can see something under 7.GENERAL (C) You agree that we may assign the benefit of this agreement at our absolute discretion - What do you think ?

Cheers

Bazza

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Thanks nem,

Think I can see something under 7.GENERAL (C) You agree that we may assign the benefit of this agreement at our absolute discretion - What do you think ?

Cheers

Bazza

That's the one Bazz I have a couple of Welcome agreements in my files it's the same on all I think.

nem

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

That's the one Bazz I have a couple of Welcome agreements in my files it's the same on all I think.

nem

Thanks again nem.

Do you know anything about previous people having their Welcome Legal charges on Secured Loans revoked ?

I just read something on another site highlighting this but no reasons why.

Cheers

Baz

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

Thanks again nem.

Do you know anything about previous people having their Welcome Legal charges on Secured Loans revoked ?

I just read something on another site highlighting this but no reasons why.

Cheers

Baz

I remember something about non disclosure agreements when charges were removed leaving an unsecured balance payable
when the cases got to this stage things went quiet.

nem

[Bazza]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

I remember something about non disclosure agreements when charges were removed leaving an unsecured balance payable
when the cases got to this stage things went quiet.

nem

OK Nem thanks again as always.

I will have to do some further searching for more details.

Do you think the prescribe terms on the agreement look ok ? No mention of total interest payable figures ?

[nemesis45]

Re: Secured Loan CCA 1974 Regulated Loan Agreement

OK Nem thanks again as always.

I will have to do some further searching for more details.

Do you think the prescribe terms on the agreement look ok ? No mention of total interest payable figures ?

Hi Baz,

It looks ok but with WF's penchant for doing rewrites without telling the borrower it's always chancy making absolute statements.

I take it there's a whole wad of terms and conditions with the agreement?

nem