Would like to share frustration that Welcome Finance fail to respond to correspondence and appear to be playing for time My adult child, in desperation, took out a secured loan without telling us which she cannot afford to pay back and there is now no value in the property. We have been trying since April 20 to offer them a settlement figure to avoid bankruptcy and ensure that they get something.

I need advice as to the repercussions of sending a signifcant cheque and stopping standing orders. This has dragged on for an inordinate time and I just want this out of my hair. Perhaps because of their precarious financial situation, they are just playing for time or it is endemic in their culture.

Bottom line is they will get nothing, our child will lose house and be bankrupt, Welcome will get nothing and the legal profession will get some money.

I am frustrated with the situation and need to progress it.

Any suggestions please?

FSA will take much too long.

Strachan:

My adult child, in desperation, took out a secured loan without telling us which she cannot afford to pay back and there is now no value in the property. We have been trying since April 20 to offer them a settlement figure to avoid bankruptcy and ensure that they get something.

Your daughter should be made (drag her if necessary) to visit the debt advisor at her local Citizen Advice office. They will take a look at this and write to welcome. Welcome should take more notice if Citizens Advice are involved.

http://www.citizensadvice.org.uk/

Once your daughter has agreed payment plan with Welcome via CA, then if you wish, you can help your daughter until she is in a position to make the payments herself. Beware that if your daughter was late with payment, Welcome would take action, so you should stay on your daughters back.

Huckster

Thanks for advice.

We dragged her to CAB at outset. They only offered help with unsecured loans which Payplan dealt with in an efficient friendly and helpful manner. They also advised that Welcome never answered correspondence in respect of anything.

It would appear from various posts that contacting Welcome's Head Office is the only way to get anything done and this points us in a useful durection.

I was hoping that their dilatory behaviour was related to their/Cattles iminent default on RBS loans and that to deal with RBS might be better. Although RBS reputation is mud, I think Cattles/Welcome's fall short of that.

Will keep site posted as I think our future experience on this may help others.

It was also difficul finding a specialist solicitor for this as proper legal advice would give us a chance with Welcome.

Thanks again. This is appreciated.

Strachan

It may be worth having a look at the Consumer Credit Association code of practice as Cattles are a member. If they have not responded to correspondence, this may be reportable under the code? Would help if sent recorded delivery and proof of posting is held as otherwise they will deny receiving any letters.

http://www.ccauk.org/consenquiries.htm

There is telephone number for the CCA on this site. You daughter could ask the question whether Welcome ignoring correspondence negotiating a settlement is contrary to their code of conduct. This would help when sending any complaint to Cattles Head office. Make sure any complaint letter is from your daughter as they may have legitimate grounds under Data Protection to ignore letters from anyone else.

Huckster

hi just like to let people know i took out a secured loan with welcome 3yrs ago every thing was ok then i applied for a further top upit went through when i was on holiday abroad came home checked bank had seemed to have had more money in there than should have phoned welcome and they said t was not them phoned bank and all they had was a corresponding bank it came from but no authoriser so thought ok spend. then 3mths later welcome contacted me to say they didnt pay of my previous loan and paid it into my bank i explained i rang them and asked the question and they said no.it then took them 6mths to malgamate the loans and costing me £270pm as i also took ppi, then june last year i had an accident and unable to work so i rang them and asked whta could be done and they told me to claim of the insurance so they gave me the number i rang and after a while was told welcome had cancelled my insurance, and to this day they are saying i never had it even tho i signed an insurance form and sent back to them they say they cant find it any where. i now cannot work and on benefit and cannot afford the payments and been trying to pay £130pm with a struggle as i have a mortgage as well they are phoning me all the time and im fuming as i know i had insurance to cover such a thing and can really only afford about £90pm but they kept threating me with repossesion and im now scared, any help please

Hi K

have you ever consider a debt management programe.

google debt management then take your pick.

they might not be able to help with your secured loan but they would be able to reduce other loan commitments

its worth a try...

good luck.