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Hi all,
i hope i am posting in the right place. I have been doing lots of reading recently to try and find help with my welcome finance secured loan problem and hope I've come to the right place.
Me and my now ex partner took out a secured loan on our property about nine years ago now, after separating I fell into financial difficulties and the loan has been in arrears for several years and has been passed to various dca's. I make a minimum monthly payment but I have never had any legal action taking and the loan is not on my credit report. No defaults registered against me.
I tried to remortgage recently and got declined due to having a secured loan with a dca, the mortgage advisor was confused as to why welcome hadn't tried legally to collect the debt which got me thinking that something isn't right with this loan.
I requested a cca and a sar and have come up with the following
we took our mortgage out in October 2006 using a 125% mortgage, the secured loan was taken out six months later, wf valued the property based on another property in the street that is much bigger than ours. Surely they should of known it was in negative equity? And a property search would have shown how much we had just bought the property for.
We recieved no cooling off period from what I can see.
We never spoke to anyone from wf during the application, no phone calls or branch visits, everything was done by post, for a 15k secured loan this seems odd. Is this irresponsible lending?
based on the above should I make a complaint? I am not looking to have the debt written off by any means but at best would like it transferred to a personal loan to allow me to remortgage. Has anyone ever managed to get a secured loan changed to a personal loan?
Apologies for for the long post and thanks in advance.
i hope i am posting in the right place. I have been doing lots of reading recently to try and find help with my welcome finance secured loan problem and hope I've come to the right place.
Me and my now ex partner took out a secured loan on our property about nine years ago now, after separating I fell into financial difficulties and the loan has been in arrears for several years and has been passed to various dca's. I make a minimum monthly payment but I have never had any legal action taking and the loan is not on my credit report. No defaults registered against me.
I tried to remortgage recently and got declined due to having a secured loan with a dca, the mortgage advisor was confused as to why welcome hadn't tried legally to collect the debt which got me thinking that something isn't right with this loan.
I requested a cca and a sar and have come up with the following
we took our mortgage out in October 2006 using a 125% mortgage, the secured loan was taken out six months later, wf valued the property based on another property in the street that is much bigger than ours. Surely they should of known it was in negative equity? And a property search would have shown how much we had just bought the property for.
We recieved no cooling off period from what I can see.
We never spoke to anyone from wf during the application, no phone calls or branch visits, everything was done by post, for a 15k secured loan this seems odd. Is this irresponsible lending?
based on the above should I make a complaint? I am not looking to have the debt written off by any means but at best would like it transferred to a personal loan to allow me to remortgage. Has anyone ever managed to get a secured loan changed to a personal loan?
Apologies for for the long post and thanks in advance.
