Unreadable Credit Agreeement

[dizzy1974]

I have a loan with Welcome finance who were horrible, lots of phone calls letters, one man had me in tears when i nicely asked if he could please put eberything in writing said that wasnt quick enough and i would lose my house. Another phone call I exlained i had lost our family business of 20 years and was trying hardest to scrape a living and the rep on the phone said they wanted to meet me to take me to the cash point to draw out anything i had. At that point although i was managing my debts these people were not being helpful or understanding like everyone else and made me consider bankrupcy. I couldnt handly their calls and they would not write. Luckily was talked out of it bankrupcy. Im head above water now, 6 months later, I have defaults but better off than i would be if id have gone bankrupt. I still have my house albeit a tiny one!

I looked for help on here before and followed instructions. I requested copy of loan agreement The copy came throughand the loan agreement is not readable. It is extremely unclear and looks as though it has been copied several times. I do not have a copy of the original agreement and so i wrote using template on here and agian they sent the same copy , i sent another template letter and they sent same copy but enlarged, still unreadable. They also included a blank loan agreement where it was readable.

They last reply was saying that they refused my letter which basically said it was unenforceable and that if i wanted to take it further to go the the ombudsman.

You cannot even read the amounts properly on the agreement nor the terms and conditions and now they have got in touch with a solicitor who has given me 7 days to respond before they go to the courts.

Any advice anyone could give me with regards to this would be appreciated.

Thank you

[oscar]

Re: Unreadable Credit Agreeement

Hi Dizzy

Welcome are known to be a nightmare.

The threat of legal action is probably just that, a threat. Companies do this, and give you a short period of time, knowing it will be near impossible to resolve in that time, and they want to scare you into paying more than you can afford.

I would suggest the letter below is sent off asap - Dont just print it off though, you will need to read first, and alter the bits in bold (DCA/Original creditor)

viewtopic.php?p=2319#p2319

[dizzy1974]

Re: Unreadable Credit Agreeement

Hello thank you very much for your advice. I am unsure whether the template you have forwarded me should be to the solicitor or to Welcome. The letterstarts off that i have communicated with them before, so should i send this letter to Welcome and then a copy to the solicitor?
Thank you for your help it is greatly appreciated!

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

Hi. Is this a secured loan or not and how much is it for and when did you take it out.

Hold fire on above letter just now, please answer above and I'll come back to u later. Thanks.

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

Hello thank you very much for your advice. I am unsure whether the template you have forwarded me should be to the solicitor or to Welcome. The letterstarts off that i have communicated with them before, so should i send this letter to Welcome and then a copy to the solicitor?
Thank you for your help it is greatly appreciated!

Do not send anything right now.

[oscar]

Re: Unreadable Credit Agreeement

Is this a secured loan or not and how much is it for and when did you take it out.

Never thought to ask that ;Red me bad. (sorry Nid)

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

It's cool matey, thing is welcome are buggers for secured loans so gotta check it isn't before anything else

[oscar]

Re: Unreadable Credit Agreeement

It's cool matey, thing is welcome are buggers for secured loans so gotta check it isn't before anything else

Totally agree, and something I should have realised given my background!!

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

Totally agree, and something I should have realised given my background!!

I know mate, have you told everyone that you work for Lowells yet?


;LOL ;LOL

[dizzy1974]

Re: Unreadable Credit Agreeement

thank you Oscar and Never-in-doubt im very grateful for your guidance here. The loan is secured against my 1 bed house, The loan was for £15,000.00 and was taken out 8.2.07.

I dont know if its worth mentioning but the 'total charge for credit' is £32,732.53. When I originally saw the agreement i thought that this was the total charge , it is only recelty i have discovered that the total repayment amount is aout £50K, so they told me on the phone a while back. It is very difficult to work out whats what becuase the agreement is very unclear and I cannotmake out the text or figures properly.

Thank you again

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

Oh my good god. Sorry to hear about this. Secured loan of £15k would take 5 years at about £350 per month to clear, typically. I appreciate you agreed to this but Jesus - the apr is over 50%!!!

How long is the term? Is there much equity in your home? Is it best to say fook em and let them take the flat and just walk away? I dunno I really don't.

Back later ok?

[dizzy1974]

Re: Unreadable Credit Agreeement

Hello, thanks for your reply never-in-doubt, so from your reply am i right in saying that the loan is now enforceable because it is secured - even though the only agreement they have is completely unreadable?

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

Hello, thanks for your reply never-in-doubt, so from your reply am i right in saying that the loan is now enforceable because it is secured - even though the only agreement they have is completely unreadable?

Hiya, nope that is not what I said - secured loans can also be deemed unenforceable but it is a risky strategy and not something I will help with, due to the negatives i.e. loss of home.

An illegible CCA does not automate unenforceability, it does however delay things until such time they provide a recon, which they will inevitably do. If you are arguing that the original version they have is illegible meaning you never knew the apr or rates then that is a different matter - but still, are you prepared to lose your house if you lose in court?

Gamble and a half if you ask me.... yea you were scammed by welcome, join the club - they existed on peoples bad luck - but unfortunately hindsight is a wonderful gift that we do not have. ;P-;

[dizzy1974]

Re: Unreadable Credit Agreeement

Thank you I understand what you are saying. I cannot understand that if they had access to a good copy why they have not produced it, I have asked them 5 times over the course of this year and not made payments since and have had no calls from them. surely if they had access to a copy they would have produced it by now.

On another note if i was to argue that I feel I cannot offer a payment plan becuase i cannot work out the amounts that are owed on the loan agreement that they have sent, would the courts not understand this do you think and not just whip away my house?

Also from another angle is there anything i can do in terms of the loan agreement being misleading? As mentioned above i thought the total amount payable was 32k, not 50k. A stupid move i know!

Thank you never-in-doubt. I am dissapointed i was on the verge of sending a letter saying they were unable to pursue theloan and and things have turned around over night. (

[Never-In-Doubt]

Re: Unreadable Credit Agreeement

If you've not been paying for months then why rock the boat? However secured stuff is always risky so not something I'd suggest normally but I do believe in letting sleeping dogs lie....