Sorry don't know why agreement did not attach.

No agreement number or WFS dated entry ?

In addition to the above, we only actually received funds for £12,000.

Therefore I am sure the prescribed terms of the amount of credit is incorrect and misstated.

Further comments to all above would be very much appreciated.

img516.pdf

Why do you think its incorrect?

Why do you think its incorrect?

Well the statements are advising different credit amounts and assumed this was a breach of prescribed terms.

The agreement does not advise total charge for credit figure (Acceptance fee + MIF fee + interest) , no mention of any default charge etc amounts, fees are a charge for credit and should not be included. They have been included in the total loan amount stated.

There is also no mention if early repayment figures.

Correct me if I am wrong but I have read older posts where the above were not correctly stated in which agreements / legal charges unenforceable.

Thanks

This is off the too of my head so the team will correct anything necessary

Diff. Amounts -- looks like just a typo error

Total charge for credit -- its variable apr not fixed sum

Default amounts -- would be in t + c's not on agreement form

Mif and ppi -- i would expect these to be part of the loan amount

Acceptance fee -- this one im not as sure about, could be wrong added to loan amount

Ok cheers martin so that confirms that then. Silly me forgot that it was variable and not fixed

In respect of statements Welcome admitted that it was a glitch in their system / IT error and failed to send me any statements between 2008 - 2011.

Just checked T & C's so no mention of fee amounts anywhere.

I am paying interest for the term of the loan for an acceptance and MIF fee.

And the ppi which if mis sold can be claimed back

Thanks again Martin.

Yes I have an ongoing separate PPI complaint with the Ombudsman.

I was just looking at the legality of my Secured Personal Loan Agreement and only states variable against the APR and Rate of Interest figures.

When I looked up other examples of Welcome agreements, I also see that they have applied the same on fixed-sum loans, so I am confused.

Sorry for silly questions but should my agreement not be headed-up so to speak that it is variable ? Does fixed-sum apply to the actual amount repayable including interest ?

Cheers

It does indeed, because mortgage rates change often, the interest rates on mortgage related products such as yours also change, hence variable rate.

A fixed sum, for example a car, would have one rate throughout its term, so the total amount payable is calculable from the outset.

So yes, if fixed sum you would now at the beginning how much you will pay in total, your agreement depends what the rate does over 180 months

Thanks for that martin but why are Welcome showing variable rates on fixed-sum loan agreements ? Just curious

I think you would have to query that one with welcome,

Ok cheers again martin2006.

My original ppi complaint is still awaiting an allocated Ombudsman to review (over 3 years now).

I had originally sent a rather large complaints file to FOS highlighting evidence of commissions paid between Broker and Lender etc.

Received letter from FOS in August 2017 advising that complaint still awaiting review by Ombudsman and also the mention of the Plevin v Paragon court ruling.

Yesterday I received a letter from Welcome Finance Customer Relations stating even though they rejected my original complaint, I would be able to submit a further complaint in relation to its failure to disclose commissions associated with PPI sold to me.

What concerns me is that my original complaint included unfair relationship reasons regarding broker / lender and provided evidence obtained via SAR in which was rejected.

Do I submit a further complaint to Welcome?

Or do I forward letter to FOS as part of my original PPI complaint waiitng an Ombudsman's review?

Thanks for looking.

I suspect that's a generic letter to everyone.

simply make the FOS aware of it

OK thanks dx and will do.

My concern is that I didn't really want to open up another complaint when I have already have an existing one ongoing.

Especially when Welcome originally rejected my previous mis-sold PPI complaint in which included the basis that they are now asking me to submit a further complaint.

Also there is the question of amount of redress if successful. Will the failure to disclose commission amount differ from any mis-sold PPI complaint?

Just an up-date regarding our complaint.

Welcome have agreed to settle our mis-sold commission claim (only 50%) and have offset funds against our arrears.

We have also received a response from FOS that our previously rejected PPI claim is still awaiting an Ombudsman decision.

I know that these are two seperate issues as reiterated by the FOS adjudicator but surely their admittance to undisclosed commissions constitutes their part in the sale of the up-front PPI?

Also on looking through some old paperwork, the charge on the property only states Progressive Financial Services and not Welcome Finance.

I recently spoke to our original mortgage provider on another issue and kindly ask what details that had on their records regarding other charges on our property.They advised that they had no knowledge of Progressive Financial or Welcome Finance being added or even contacting them.

I have also reviewed a telephone conversation details for when initial loan was sold where it is stated that as part of the Welcome Finance contract, they don't have to ask our original mortgage providers permission to secure behind. Is this correct?

Finally our loan has now been sold to Coast Finance Solutions as from 11th June,2018 but the balance now transferred has been increased in which looks like they have added some sort of interest.

We originally had our loan interest frozen to 0% in 2014 by Welcome due to our complaint regarding lack of provision of annual statements and mis-calculated figures due to their system migration error, so again can they legally do this?

Thanks

Just an up-date regarding our complaint.

 

Welcome have agreed to settle our mis-sold commission claim (only 50%) and have offset funds against our arrears. - start a new complaint with the FOS

 

We have also received a response from FOS that our previously rejected PPI claim is still awaiting an Ombudsman decision.

 

I know that these are two separate issues as reiterated by the FOS adjudicator but surely their admittance to undisclosed commissions constitutes their part in the sale of the up-front PPI?

 

Also on looking through some old paperwork, the charge on the property only states Progressive Financial Services and not Welcome Finance. same lot see cruz thread

 

I recently spoke to our original mortgage provider on another issue and kindly ask what details that had on their records regarding other charges on our property.

They advised that they had no knowledge of Progressive Financial or Welcome Finance being added or even contacting them.

 

I have also reviewed a telephone conversation details for when initial loan was sold where it is stated that as part of the Welcome Finance contract, they don't have to ask our original mortgage providers permission to secure behind. Is this correct? correct

Finally our loan has now been sold to Coast Finance Solutions as from 11th June,2018 but the balance now transferred has been increased in which looks like they have added some sort of interest.

 

We originally had our loan interest frozen to 0% in 2014 by Welcome due to our complaint regarding lack of provision of annual statements and mis-calculated figures due to their system migration error, so again can they legally do this?

 

Thanks

lots of coast threads here already.

OK thanks dx.

Sorry proof of what details?

Start a new claim disputing that the commission claim offset against the arrears or that it was only 50%?

So as Progressive one of the same, that would be suffice and legal?

And can they just add interest back on to transfer balance?

Cheers

Finally our loan has now been sold to Coast Finance Solutions as from 11th June,2018 but the balance now transferred has been increased in which looks like they have added some sort of interest.

 

We originally had our loan interest frozen to 0% in 2014 by Welcome due to our complaint regarding lack of provision of annual statements and mis-calculated figures due to their system migration error, so again can they legally do this?

 

Thanks

please written proof?

Here you go dx page 2 of Welcome letter June 2014.

Also 0% interest on mortgage statements.

Cheers

img20180606_14474374.pdf

you indicate coast have added some sort of int?

or someone has

I think a this stage and as An sar is free now i'd send coast an sar.

this will show us where they think things are at and expose holes we can exploit

A belated thanks dx and did not want to start another thread so here goes with my update.

Finally received an Ombudsman's decision (only taken six and a half years) regarding the original PPI mis-sale Complaint in which has been rejected.

regarding the PPI Non-disclosure Commission offer refund from Welcome, in which was accepted in May 2018 (before transfer to Coast in June 2018), no funds had been transferred or offset against outstanding balance until this day.

We continued to pursue Welcome for status of payment in which has been ignored.

Account balance transferred to Coast Finance Solutions was therefore incorrect and further complaints were submitted in which again still to this day have not been fully addressed. They even had the liberty in submitting a Notification of Recoveries Letter in which again we disputed on the basis that our complaints responses were outstanding.

This did cause some distress and upset to myself and my wife as they insisted that the balance outstanding was correct.

Charge on our property has now been changed from Progressive Financial Services to Coast Finance Solutions on last checking with the Land Resgistry. 

Therefore we decided to contact the Financial Ombudsman Service regarding our circumstances and they contacted Welcome regarding the Undisclosed Commission Refund status.

FOS have now responded advising that our account is being repurchased back from Coast and they will be exercising their right to offset against the debt outstanding and no payment will be made direct to us. A letter dated 5th March has been dispatched to explain this and have attached a redacted copy. It was only addressed to me and did not include my wife even though it was a joint loan on the same property?

They have also attached a final loan statement advising a debt sale bad debt write off for amount double what should had been refunded (as of May 2018) and Nil balance outstanding?

If this is correct and all above board, will the charge on our property be removed and if so how is this done?

Sorry to bleat on but we would appreciate any further thoughts to the above mentioned.

Thanks for looking.

img20190320_12525351.pdf

admittance of guilt of wrong doing

get welcome to also get the charge back in their name and remove it.

they indicate that theres more there to be reclaimed....

get on it.

Thanks again dx for your reply and help.

Ok will get a letter drawn up back to Welcome stating that.

Is there any formal way in wording it?

We have had years of stress and time and effort dealing with this lot, like others.

Don't want to look a gift horse etc

Should we be asking for further evidence as to why it has been written off i.e. breakdown of amounts involved?

can we contact the Land Registry to have the charge removed?

no you cant do it

simply write to welcome.

ref the write-off letter

inc a copy of the registry entry under coasts name

get them to either tell coast to remove it or get it back in their name and remove it.

as this is sort of ending.

why don't you simply ring welcome on your mobile and record the call

find out what you/they have to do to get the charge removed.

OK many thanks again dx and will do.

Will keep site posted of progression.

Cheers