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Welcome says My £12k CCA Regulated secured Loan will now become a mortgage!


Baz1994
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Yes being a cost of the loan they have to go into the charge for credit.

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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Thanks Dodgeball but sorry to sound thick.

 

So amount of credit total is £12,000 plus ppi £2,142.43 = £14,142.43

 

Total Amount of Loan is £14,142 plus £235.00 and £1,320 = £15,697.43

 

So why am I paying interest on the latter ?

 

On the secured loan annual statements what amount should be advised Credit Provided £14,142.43 ?

 

Also is the AIR 16.20% stated correct or should the APR be stated ?

 

Yes being a cost of the loan they have to go into the charge for credit.

 

Is there another spreadsheet that I can use showing breakdown of each monthly payments, interest and balance outstanding ? I did find one late last night under a post but cannot locate it now.

 

Also is it correct that proposed agreement details are sent to us, then was agreed it is returned to Welcome and then eventually a completed agreement is returned with the lenders signatures and dates including customer number details ?

 

Sorry for all the questions but I have a checklist that I am going through before I submit another complaint, so again just want some clarity as what to include.

 

Thanks

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  • 1 month later...
Hi Mike,

 

I have just come across your old post whilst searching various Welcome issues on CAG.

 

Well all I can tell you about mine was that I submitted two complaints regarding mis-sale of PPI and lack of and delay of data protection details.

 

My PPI was rejected and has been with the ombudsman for nearly two years now and the other is also with FOS in which they are still looking at.

 

In the meantime I got another response from Welcome freezing the interest to 0% but they did not say why but only that it would save me £10,000 in the long run ? There has been a few issues with missing statements and incorrect amount stated on those statements received but they put it down to a IT hitch in their system.

 

Now if it was in respect of lack of statements then the interest for the years concerned total approx £7,500, so why was this not deducted from the balance ? The more I look into it, I may have to ask a few more questions for clarity.

 

Don't get me wrong I am not looking a gift horse in the mouth but whose to say they sell my loan and whoever reinstates the interest ! Would I have been in a better position to have the mentioned amount deducted but still pay interest on what was left ?

 

I had an old small arrears amount but they supposedly think it's double but cannot provide evidence so on the part it's still in dispute.

 

I am still paying current payments to date but the more I look at the agreement details etc and what happened above I am becoming slightly suspicious with the legalities.

 

Did you complain about lack of statements and were you aware that they were missing ?

 

Did Welcome state which were not sent and what years ?

 

I would be interested to know as may assist me going forward with my further complaint.

 

Cheers

 

Just a further question regarding my complaint that is still with the ombudsman, are Welcome allowed to still chase for disputed arrears that forms part of my complaint anyone ?

 

Thank-you

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Short answer is no...

 

Thanks mikeymack2002.

 

So do I now send something in writing stating this or any particular statement of law as it is regulated ? Or do I submit a formal complaint further to those that are already with the ombudsman ?

 

I had previously sent a dispute / harassment letter and requested that I am only to be contacted in writing yet they have totally ignored details.

 

WFS are calling my mobile on a regular basis and leaving messages for me to call them regarding the arrears amount. As previously mentioned I have already disputed this and all that they provided was a statement of account but no breakdown regarding the amount.

 

I am also receiving regular text messages from a WFS branch, to call them to discuss some amazing potential opportunities, including reduced / early settlement offers.

 

I am currently still making the agreed monthly payments as it is secured on my property.

 

Checked my credit file and there is no mention of anything financial with WFS ?

 

Any further advice would be very much appreciated.

 

Cheers

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report that to the fos, to be considered along with yr complaint?

 

Thanks Ford and I will mention it to fos.

 

They text me again today about reduced settlement offer - starting to wonder again that there maybe other issues with agreement / lack of statements etc.

 

Should they also still be appearing on my credit file showing payments / default / start date as it seems that data has been removed ? Does anyone know why this is ?

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Sorry to hi-jack thread dx but is that a fact about removal of charges and if so why did they have to ?

 

I am just interested regarding my circumstances with Welcome. I am also being bombarded with settlement offers but at the moment refuse to have any verbal dialogue with them.

 

When I last checked LR they still appeared as Progressive Loans Ltd (different company number) but no mention of Welcome Finance ?

 

I also checked my credit file and again no details appear on it regarding the loan ?

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cant remember when

but they had to remove all charges

think it happened during the latter days of the FSA

 

 

surely if the company whos name is against the charge

is no longer trading land registry needs informing about it.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Cheers dx and hope someone else can shed some light regarding charge on property. They are also down as a restriction on property.

 

Well they are not trading as Progressive or Welcome anymore so a bit confused.

 

Who do I check with and where can I search both company details (133540 & 1682540) ?

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(133540 & 1682540)- the first co. no. is for Welcome which states (on companies house) that it is still 'active' - it may not offer any new loans but it is still trading. The second no. does not exist and when i look for Progressive Loans on Companies hse it says it does not exist.

 

Anyhow, anyone out there with any more info. on Welcome Finance ???

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(133540 & 1682540)- the first co. no. is for Welcome which states (on companies house) that it is still 'active' - it may not offer any new loans but it is still trading. The second no. does not exist and when i look for Progressive Loans on Companies hse it says it does not exist.

 

Anyhow, anyone out there with any more info. on Welcome Finance ???

 

Hi Rovercar240

 

I have been looking at my details and can confirm that I have 133540 as Progressive Financial Services trading as Welcome Finance Ltd and lately all correspondence received from Dial4ALoan Ltd (03958533) c/o Welcome Finance ?

 

Regarding the offer made to you, was it their suggestion ?

 

It's just that today I received a call from Welcome offering an early / reduced settlement offer in which I declined. Then they called back with a further reduced offer and again I said no. Lol just received another text to call the manager to discuss again. I will sleep on it and leave until tomorrow.

 

I have also sent a letter requesting that any future offers or reduced settlements to be made in writing only.

 

Now what I did find out was that they are closing down their branches at the end of the month so maybe why they are making these offers. I asked about the situation with the charge on the property and any conditions regarding the freezing of interest, if my account is passed to someone else. He could not answer so I have included details in my letter.

 

So going back to the charge issue on the property and further to dx's comments (post #11), can anybody kindly elaborate ?

 

Do I need to contact the Land Registry as my details are still showing Progressive Financial Services Ltd ?

 

Any urgent help or information would be very much appreciated.

 

Thanks

 

Baz

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ring 'em ask..

 

 

welcome had numerous sub names to hide their wrong doings.

 

 

bit like the HFC debacle

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Yes I will call LR dx thanks

 

Didn't change from Progressive to Welcome Financial Services Ltd until December 2006.

 

My 2003 Credit Agreement states Progressive Financial Services Ltd trading as Welcome Financial Services.

 

Latest correspondences stating Welcome Finance is the trading name for Welcome Financial Services Ltd.

 

All under reg no.133540 ?

 

I am also receiving responses to my previous enquiries from Dial4ALoan Limited c/o Welcome Financial Services Ltd (03958533) with the same Nottingham address.

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Well again I keep getting daily texts from Welcome re further reductions and early settlement offers etc.

 

I have advised the Ombudsman accordingly and awaiting their response.

 

Now in the meantime, should the loan still be appearing on my Credit File as it has seem to have disappeared ?

 

Also if the loan is sold on to another third party, should there be something in the agreement to allow them to do this ?

 

Thanks for any replies

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there will be a clause they can sell it on..

 

 

if the loan was defaulted more than 6yrs ago? it wont show...

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Ok thanks again dx and I will look on the agreement for the relevant clause.

 

AFAIK the loan did not default and I am still paying monthly amounts but with interest frozen ?

 

I will check SAR details received to see if any default notice has been missed.

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here is another loan reconstruction sheet

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

I suggest that is not a full set of T&C's

all credit issued under the CCA has that clause to be able to sell.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Further to the above I cannot get to their APR20.1% figure stated on agreement.

 

£232.74 x 180 payments = £41,893.20

Total Loan Amount including fees/ppi/MIF = £15,697.43

 

£41,893.20 / £15,697.43 = 2.669 X 100 = 266.90%

 

266.90% / 15 years = APR 17.793%

 

Is the above correct or have I missed something thanks ?

 

Sorry for continued posts for requests but I am currently scrutinising the agreement before submitting another complaint.

 

No date of agreement under Welcome staff signature

Date of our signature been altered

States first payment to be taken one month after agreement date (10/11/03) and same date thereafter - First was taken 28/11/03 then 1/12/03 ?

No customer number on agreement (blank)

No original Terms of Credit, copy eventually supplied different issue / date.

No mention of fees / charges on agreement.

 

Legal Charge Details

 

Our Signatures & witness details but

 

Date of Charge and Customer number missing again .

 

The more I look into this the more I am becoming more suspicious.

 

:shock:

 

Sorry for not getting back earlier.

 

APR is not the same as Interest. Interest is based on the interest and the principle only.

{APR is based on the total charge for credit and the principle, the TCC includes any other charges that were compulsory to enable for you to aquire the lao so would be interest + fees +charges etc.

The method of calculation is also different and is contained within the total charge for credit regulations 1980. THe APR will nearly always be higher than the flat inters for this reason.

 

The positioning of charges within the total credit or TCC figure are essential if the agreement is before April 7 2007. All compulsory fees and charges must be within the TCC, this can be checked by doing a reverse calculation of the APR, as if they are not the APR will be lower or higher than it should be etc.

 

A second charge is secured by a charge this is general practice, mortgages are now known as "charge by way of a mortgage" since 2003 and there is very little difference these days since the old mortgage by demise were scrapped

 

The sale or assignment of a loan can be accomplished by an action under the LOPA there does not need to be a term in the agreement, as long as the agreement is under an action, in other words it has been terminated and there are proceedings on the horizon. Before this (whilst the agreement is running) a term on the agreement is usually required although many cases argue an implied right.

DO NOT PAY UPFRONT FEES TO COLD CALLERS PROMISING TO WRITE OFF YOUR DEBTS

DO NOT PAY UPFRONT FEES FOR COSTLY TELEPHONE CONSULTATIONS WITH SO CALLED "EXPERTS" THEY INVARIABLY ARE NOTHING OF THE SORT

BEWARE OF QUICK FIX DEBT SOLUTIONS, IF IT LOOKS LIKE IT IS TO GOOD TO BE TRUE IT INVARIABLY IS

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I suggest that is not a full set of T&C's

all credit issued under the CCA has that clause to be able to sell.

 

A belated thanks dx.

 

Well that is all I have after my SAR. I previously asked for any other details but Welcome confirmed that was it.

 

I suppose I am just clutching at straws but when Welcome recently mentioned that they were closing their branches, I just wondered why they were now offering a reduced full & final settlement figure.

 

Therefore do I negotiate a settlement figure or do I continue with my dispute and formal complaint ?

 

I did ask if the loan would be sold on but the person I spoke to did not seem to know.

 

Anyway the account is still in dispute with Welcome on various issues and have complaints still with the Ombudsman.

 

I am still paying monthly agreement amount and will look at my SAR details to see if I can find anything else in the meantime.

 

Should I ask Welcome for confirmation on their procedure when they eventually close their branches and if account sold on ?

 

Cheers

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Sorry for not getting back earlier.

 

APR is not the same as Interest. Interest is based on the interest and the principle only.

{APR is based on the total charge for credit and the principle, the TCC includes any other charges that were compulsory to enable for you to aquire the lao so would be interest + fees +charges etc.

The method of calculation is also different and is contained within the total charge for credit regulations 1980. THe APR will nearly always be higher than the flat inters for this reason.

 

The positioning of charges within the total credit or TCC figure are essential if the agreement is before April 7 2007. All compulsory fees and charges must be within the TCC, this can be checked by doing a reverse calculation of the APR, as if they are not the APR will be lower or higher than it should be etc.

 

A second charge is secured by a charge this is general practice, mortgages are now known as "charge by way of a mortgage" since 2003 and there is very little difference these days since the old mortgage by demise were scrapped

 

The sale or assignment of a loan can be accomplished by an action under the LOPA there does not need to be a term in the agreement, as long as the agreement is under an action, in other words it has been terminated and there are proceedings on the horizon. Before this (whilst the agreement is running) a term on the agreement is usually required although many cases argue an implied right.

 

Ok thanks for your comments dodgeball.

 

So as this agreement was pre 2007 and does the presentation of figures look correct then ?

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no attachment baz

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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