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Posts posted by DOTCOM

  1. Napoleon is quite right, they can carry the charge over to each re-write .Your case is identical to my daughters. We are having a total nightmare with this company. We have been fighting over two years, it has been with FOS and we are no further on. My daughter cannot sell her house because of the charge on her property, she borrowed £3000 rewrote loan again and again until she had 3 rewrites, after only ever receiving £5000 cash paying back £7800 they now say she owes £14000 plus. I wish you all the luck in the worls with this.

  2. Feel like I am going insane with this company, finanally got a letter from them saying the amount owing is £14.000 plus!!

    We are right back to square one. They insist they have paid all insurance back PPI etc. but because my daughter had not paid for 2 years while case was with Ombudsman they say ther is an amount of £4000 arrears plus interest to be added to be added to the figure they want to re-book. Where do we go from here?

  3. Hi

    I am back again. We have moved a little bit forward with this. My daughter has been given help by a family member who is willing to pay Welcome amount outstanding to clear this debt once and for all. Welcome have said they require us to £4846 but this figure will alter slightly when final calculations are done.

    We obviously have requested this in writing but welcome are saying they cannot put anything in writing until amount is sent to them.

    We are very reluctant to pay a single penny without something in writing, Welcome won't budge so we have reached stalemate, where do we go from here?

  4. Have sent my e-mail Ell-en

    Ok here is an e-mail I received from Ombudsman today after asking him to look at my complaint again any thoughts from anybody would be appreciated. When we received the possession order which is suspended the arrears were no where near £2011 which they are now, and are mostly made up of charges.


    In addition to the above, Acenden has stated that the court order dated 18 March 2009 made reference to the amount of the arrears (which included the charges), and there is no evidence to suggest that you disputed the amount of the arrears at that time. Acenden has therefore concluded that the Financial Ombudsman Service has no right to effectively overturn a court order by requesting refunds of charges applied before that court order was made. However, if you did raise any queries with the court over the way the arrears were made up, please provide me with full details.

    When concluding whether or not the level of a charge or charges was fair, we generally take account of the tariff of charges that you were contractually committed to when you signed the loan agreement. The charges will appear high in comparison with the High Street lenders, because lenders like Southern Pacific Mortgage Limited (SPML) are what is known as sub-prime lenders. They generally lend to those borrowers who have county court judgements, poor credit records or payment histories, or anything that may indicate they are a greater risk than the average borrower. The fees therefore reflect the higher level of collection and monitoring activity that would likely have to be undertaken by such businesses. I am not aware that SPML has been fined by the regulator for making unfair charges.

    As far as the refusal to change the payment date is concerned, you have not informed me of the date that you sent the copy bank statements to SPML that it requested on several occasions. Please advise me of this date, and also let me have copies of the actual statements that you provided to SPML at that time.

    I look forward to hearing from you.

  5. Well after what seems like an age I have received my reply from the FOS re charges added to this account.

    Basically he has not upheld my complaint, they say they have looked at the charges that have been applied and in his opinion the adjudicator says they have been applied in accordance with the tariff of charges and in accoprdance with the circumstances that allow for the charge to be made. Therefore he is happy that the fees and charges have been applied correctly.


    I have until the 8th November to say why I do not agree with this decision and ask for a review. I cannot believe that Acenden are given the blessing of the Ombudsman to charge these amounts.


    I have a suspended repossesion order on my property and all the arrears are made up of charges. I am paying an extra £20 per month (all I can afford) and acenden are charging £85 every month I have no hope of ever clearing arrears.

    Any suggestion as to how to answer Ombudsman?

  6. Hi again,

    Welcome phoned my daughter regarding calculations, they explained they cannot send them in writing but assured her they had done exactly as FOS had directed. There has been a slight victory because they explained that £10924.00 was the starting figure less payments already made of £5978 less £100 compensation leaves a balance of £4846 all good and well up to now.


    My daughter asked for a settlement figure and was told it would be higher than this as there would be a penalty for early settlement.


    She asked for the terms of the loan and was told it was wait for it - £139 per month until

    1st december 2020!!! So in effect if she cannot find £5000 or there abouts to pay them off she will effectively pay them not much short of £14, 000 which was the figure the loan is at anyway.

    Can anybody tell me the APR on the loan of £4846 @£139 per month until 2020

    Thanks again

  7. Hi again

    My daughter has been back to the Ombudsman to explain that her working out does not match Welcomes. The Ombudsman is adamant that he has made his final decision and he cannot look at the case again. My daughter asked if he knew how Welcome had arrived at a figure of £10,924.00, the Ombudsman didn't know and wasn't sure if Welcome had put my daughter back in the position she would be if PPI and Insurances had never been added to loan one!!

    Where do we go from here?

    Should we write to Welcome and ask for a full explanation of their figures - any advice greatly appreciated.

  8. Hi thank you so much your excellent help, you have been a star.

    I now have PPI and insurances worked out for each loan.

    I now need help working the loans back because MIF will differ if loans are reduce when PPI ans insurances are taken off

    can you help me with this please?

    Also is it right that Welcome have charged an acceptance fee for each loan?

    Thanks once again you help is invaluable.

  9. Hi

    Sorry i am only just getting back to you. We will be on to Welcome first thing tomorrow,


    OK now back to loans

    loan 3 was rewritten for £11335.00 with a closing balance of £10676.40 (if I confused you over this I am very sorry)


    LOAN 4 WAS REWRITTEN FOR £11850.80

    There is still a balance of £13854.41 showing on loan 4, this is the figure the ombudsman are saying they should adjust to put my daughter back in a position she would be in if they had not added any insurances to her loans.

  10. I cannot thank you enough for all your help.

    We have been over my daughters bank statements (she was even questioning herself has to whether she had received this money and forgotten about it) there was only ever the first two advances which totalled £5000.

    I have cca agreements and welcome statements but they do not stipulate how much went to cash advance

  11. This is part of our argument, my daughter has only ever had £5000 cash she has been asking for 2years for full explanations they have sent statements and this is the info the statements give.

    The Ombudsman advised Welcome to rewrite loan again with a starting balance of £10,924 - we were given no explanation where this figure came from. I am trying to work amounts back deducting PPI and insurances so i have a credible argument.

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