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Everything posted by Duncan19702000

  1. They coughed up without being forced by FOS but they used every stalling tactic in the book before they folded. Seemed like a lost cause at times and threats of legal action/bankruptcy/reposession etc tested my resolve but eventually I got a result.
  2. RBS AMOUNT CLAIMED - £2059 AMOUNT OFFERED - £2607 This claim under hardship was started in Feb 2009 and has been a real slog. At least a dozen letters sent and received and a complaint lodged with FOS. In the end they agreed to refund all charges including those applied since I started the complaint back in Feb 2009. Sent my acceptance off today so hopefully they will credit my account ASAP. Good luck to all those still fighting. Don't give up.
  3. Any inputs appreciated. Just checked my annual personal loan statement from Welcome and it shows :- Amount of Credit Provided - £2075 (this would be £2k advance + £75 acceptance fee) Annual Rate of Interest - 48% Duration - 36 months This gives a monthly payment of £109.74 which is what I have been paying. Therefore my limited arithmetic skills suggest I am paying interest on the acceptance fee. (£75 @ 48%APR over 3 years = £142.79). I still can't fathom out from the posts on here whether this is a perfectly acceptable practice? Could someone advise?
  4. I’ve been looking in on the Welcome Finance posts for some time now and like many people I rue the day I ever got involved with this company. A few mistakes of my own making badly damaged my credit file leaving me vulnerable and desperate but I feel like I have just been exploited by this company in so many ways and it makes me feel better to see so many blatant wrongs righted through the help and advice of people on this site. My own situation is that I have a HP agreement for a car and also an unsecured personal loan with Welcome. I have missed a couple of payments on both accounts in the last 12 months but have continued to make the payments on time consistently for the last 6 months. The grief, harassment and downright nastiness I received for having a few payment problems was totally disproportionate. I, like many, am now facing redundancy and anticipate more of the same hassle from Welcome which I find hard to stomach. I do not have PPI on either loan (perversely probably a good thing!). I am just taking stock of my circumstances at the moment and am the first to admit that I struggle to understand the complexities of a Welcome finance agreement. In the first instance I was hoping someone with some more knowledge than I could cast an educated eye over my agreements and offer an opinion as to whether they look enforceable or not and offer a view on the whole acceptance fee issue which I am struggling to get my head round. I can then look at my options. Thanks in advance. Welcome Personal Loan_Page1of2.doc
  5. I am currently engaged in a claim for bank charges refund (£2100) from RBS under the hardship waiver. After 4 months and 10 letters from me I seem to be getting nowhere and have lodged a complaint with FOS. I have done the income/outgoings sheet for RBS showing negative net income, given proof of council tax, mortgage and utilities arrears and still they won't make a hardship decision. I am being made redundant in Sept and their latest letter requests details of any redundancy payment I might get (wouldn't be due severence payment until end of Oct). This information is confidential and subject to a signed non-disclosure agreement with my employer. Are RBS entitled to this information and in any case I fail to see how any future potential payment is relevant to my current circumstances?
  6. When did you sign your agreement? If it was after their license lapsed on 23/1/09 then i think you are in a strong position to negotiate your own repayment terms if you want to return the original sum advanced to you. I would send an email along the lines of what I did making it clear that if they do not accept what you are comfortable with then the onous is on them to prove the enforcibility of your agreement in court. If they were able to do this then why would they write off the £810 they said I owed them? They didn't even take the extra £120 I offered them to settle. On the second issue, I had a similar experience with my bank about 6 months ago. I cancelled my card and 2 weeks later a payday company took £10 out of my account using the cancelled card. I was livid to say the least! On the plus side I was glad it was only £10 because I had just been paid so it could have potentially been much more. However, I raised the issue with my bank and let rip on the basis that my account was no longer secure and that it seemed anyone I had financial dealings with in the past could plunder my account if they so desired. I was told that as I had given authority in the past then the bank had assumed a standing arrangement was in place and authorised the payment. I found this unnacceptable and much arguing and threatening with FSA / BOS resulted in a refund of the money and an assurance that no future payments would be authorised on that card. I still changed my bank though.
  7. RESULT!!!!! Emailed them today to inform them that my 7 day offer to pay £120 in full and final settlement (they said I owed £810 inc charges!)pending court action had expired and subsequently I would have my day in court with them. Got this email reply :- "Please take this email as notification that your account with us has been closed, and no further payments are required. Thank you for bringing to our attention the admin oversight, which I assure you is now in the process of being rectified. Any queries please do not hesitate to call me on 0870 165 1365. Regards" My advice to all would be to check the dates on your agreements. If issued post 21/01/09 I would seriously challenge their validity. For agreements pre 21/01/09 I am unsure as I believe their credit licence number 0548370 was still valid at this time.
  8. I too have discovered their website is down. After many calls and emails to me I have heard nothing since last week when I sent them this email :- "Further to my email sent 11/06/09, I have contacted Trading Standards, The Office of Fair Trading and the Citizens Advice Bureau. I have stated previously that I fully intend to return the cash advanced to me. To that end, I am now in a position to make you an offer of £120 in full and final settlement of my account. This payment will take the total amount I have paid to your company to £480 which is equal to the total amount of cash which you have advanced me. This offer will remain open for 7 days from the date of this email. Should you wish not to accept this offer then I invite you to raise legal proceedings against me for a small claims action in the Scottish Sheriff Court. At this hearing I intend to challenge the enforceability of Loan ID XXX (signed 20/02/09) and Loan ID XXX (signed 06/04/09). I have kept a record of all correspondance which I intend to submit as evidence in support of my defence. For your files I have forwarded written responses from the OFT. Please reply to this email within 7 days. Regards, I too would like to add my thanks to the OP and sincerely hope that it has been rammed home to this company that they are actually, in fact, NOT above the law!
  9. My loan was taken out on 20/02/09 and a top-up on 06/04/09. Both agreements clearly entered into after their Consumer Credit License lapsed. This is my issue. The total cash advanced was £480. I have repaid £360 in interest. I am happy to pay another £120 to repay the total amount advanced to me. What I find unacceptable is the behaviour of these people. It typifies all that is wrong with the consumer credit market in general and the bottom rung of that ladder in particular. At the first sign of genuine difficulty meeting repayments these people imply that you are of dubious character and untruthful and hence do not qualify for the common courtesy and respect one might reasonably expect to be extended from one human being to another. This is bad in itself but compound this with the fact that they are (if my information is correct) actually flouting the law themselves and their bullying tactics become all the more unpalatable. Sorry, had to get that off my chest!
  10. I asked Early Payday to confirm in writing that they hold a current valid Consumer Credit Licence. They did this and quoted Licence Number 548370. The OFT website clearly states this as laspsed on 23/01/09. I contacted OFT who confirmed this and advised that I may want to seek independant legal advice. OFT have sent the following to the local Trading Standards Service :- Dear Sir/Madam Consumer Credit Act 1974 (the Act) Complaint Against: Early Payday Loan Limited Licence No: Unlicenced The OFT has received a complaint about the above mentioned Traders. See the attached correspondence which gives further details about this. Traders who are engaged in the consumer credit or hire, including debt collection and debt management do need a consumer credit licence. However, according to our records, this trader does not hold a consumer credit licence. Since this trader appears to be based in your local authority’s area you may wish to investigate whether this trader has been engaging in unlicensed trading. The trader’s address is: Name & Registered Office: EARLY PAYDAY LOAN LIMITED SUITE 4 MAPLE COURT GROVE BUSINESS PARK WALTHAM ROAD, MAIDENHEAD BERKSHIRE SL6 3LW Company No. 04959055 Yours sincerely I have advised EPDL that i will not make a payment until i establish the enforceability of my loan agreement which was taken out in April 2009.
  11. I have a loan of £480 with this company which has spiralled out of control and now stands at £810 with their ridiculous charges. Reading this thread does anyone think i should dispute the debt and invite them to take me to court where they would potentially have to explain what is essentially illegal money lending in the absence of a licence?
  12. Advice please... I have a secured loan with First Plus and because of short term cashflow problems I have requested that they allow me to pay 50% of my full monthly payment for the next 2 months. They agree to this but say they are unable to tell me how much my new monthly payment will be when the payment return to normal - only that it will be between £5 and £20 per month. Is this legal?? They say I have to sign up to the reduction agreement and then they will tell me how much extra this will cost me in the long run. The 2 month reduction would only amount to £250 in total. I am concerned that I might end up paying £20 a month extra for the next 17 years!! I'd appreciate any guidance that is available on here.
  13. Thanks to all. Feel a bit better. Loz - no, they gave me no notice whatsoever that my account would be closed. They just sent a letter saying they had done it and would be issuing a default notice in 28 days if I don't pay the full amount outstanding. They cancelled all my direct debits and standing orders which has caused me a load of grief. Every month I bring my account back within the limits of my authorised overdraft but then they add the charges on and put me over again!
  14. Hi, This is my first post. I was told about this site by a friend and am not too familiar with how all this works so I'll come straight to the point. For the past 12 months I have been really struggling to keep pace with the bank charges which A+L have been levying on my current account - £1300 pounds in the last 8 months! The charges have been mostly failed direct debits, going outwith my overdraft etc. I have been caught in a cycle which must be familiar to many and have been given no help from the bank. The bank have now closed my account and are demanding settlement of outstanding overdraft and fees to the tune of £950. I can't pay this and am at my wits end. My major immediate concern is my mortgage which is also with A+L. I am not in arrears and never miss payments but my question is this - Can A+L take action against me like repossessing my home, adding my bank arrears onto my mortgage or anything like that??? Apologies if that is an absurd and unfounded fear but as a single father of 2 young children I am really worried and would appreciate any help and support that anyone can give. Thanks.
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