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Helen89

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About Helen89

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  1. Just to make you aware, I don't know how long ago that post as made on the other forum & if charges were that high back in the day or if it is just an exaggeration but phone call charges have been stopped and although I can't remember the exact charge of a home visit its around £25 last time I checked (still extorinate) The charge for a cancelled Direct Debit is not £70, I think at it's peak it was £25 but I think this was reduced a while ago. A charge will only be incurred for if it was already in process. A direct debit can go into process up to 5 days before the collection date. Without seeing a statement I can only assume the reason the balance has increased so dramatically is because you've had your interest applied since Monday. It is worth finding out exactly what is being charged to your account. Welcome finance do use external companies to trace you if they are unable to by their own means (will start will experian & electoral roll) but will move to companies that specialise in this area and any charge welcome finance incurrs for this will be charged to your account so if they do find you there'll be alot more charges on there
  2. What they have done is re-written the loan. Welcome no longer do this as they have realised it gets people into an even bigger mess than they were in before. They no doubt will hyave told your girlfriend that they can reduce her payments for her, possibly not being forthcoming about how they can do this. Usually they set up a new loan and increase the term (naturally making the payment lower) many people do not seem to know that the loan is going to be extended which sounds like exactly what they've done to your girlfriend. This was no doubt done in a branch that has been closed down. When you write to welcome finance tell them that she was unaware of what has happened and (I assume) took advantage of her situation. Their biggest defence is "you agreed to is" but if someone is in a vulnerable state and they are told that they can be helped of course they are going to listen.
  3. Don't completely ignore The Lewis Group, write to them explaining that you are disuputing several things in relation to this account. Ignoring them will make them come back harder not go away. When you say they charged you for 2 visits to a previous address, would they have been finding it particularly difficult to get in touch with you? Were you living at the previous address when you first took the loan out? I only ask because they should not visit other addresses unless they are looking to track someone down if they can't be contacted on any phone number or can't locate you at the address they have as your home address.
  4. My post was to explain how the interest is shown on the statement and how it is calculated I don't doubt you've never heard it before and even if you have you probably didn't listen but take it from someone who knows yeah? Also I would like to know how applying interest is a way of hiding secrect commission and what evidence you have for this?
  5. The way interest is calculated on a welcome finance loan is very confusing, especially the way it is shown on a statement, interest is charged seperately on the actual loan and on the defualt sums (charges) Compound Interest - the interest charge on the bulk of the loan Example I have a loan of £500, this month my interest is charged at £5 and I do not make a payment then next months interest will be charged on £505. Compound interest allows you to charge interest on interest. Simple Interest - Charged on the defualt sums example I have not made my payments and have charges on my loan of £100. This month the interest is £1 and I do not pay anything off my charges. Next months interest will be charged on £100. Simple interest only charges on the initial amount and does not charge on interest that has been applied. The interest is applied at the same rate over both the loan & the charges. When a statement is sent it shows the total balance, the loan and the default sums and does not break this down therefore over complicating matters as it is not clear when simple interest is applied and when compound interest is applied. If you have any queries over the interest applied the the main part of your loan or the defualt sums or want a breakdown I recommend calling your local office, or Nottingham Central Collections and asking them to explain this to you. As far as I am aware and it was certainly the case back when I did work there that we were unable to produce a statement that was broken down but the information is there for the agent to discuss with you.
  6. MY understanding of it is all documents printed as part of a SAR should have the date the letter was produced and sent, if this is not the case then it would be up to welcome finance to prove they were sent on the dates claimed leaving the appropriate timescales. The fact that although they complied with your SAR they did not provide a vital piece of information in relation to your query (dates of letters sent) I would believe this is a case for the FOS. I don't know if it is possible for them to provide you with a copy but there is a tab on the system that shows all correspondence and a screenshot would show all the dates letters were sent. As I say I don't know the rules surrounding sending a screenshot of the system but it might be worth an enquiry but would do this directly with compliance.
  7. I no longer work there, haven't for some time and have no allegiances, I came here because I know people have problems with them & I know their policies and procedures for getting something sorted so I can help from that side of it. The fact I know that they apply Simple interest and not Compound interest to default sums is a start over others on here already...
  8. You are well within your rights to claim back on all the insurances but I would make it clear in any letters that you send that is your intention. All insurance can be mis sold not just PPI. From what I've seen in the past you may find it a little harder to claim back than just the PPI but make sure you push for it. I was never involved with the sale of HP agreements but from the amount of people that DO complain about mis sold insurance I would say you do certainly have a case.
  9. You'll find alot of welcome staff became very conditioned to people threatening court papers, this is NO excuse on what happens in that building but there are threats in all companies - I'll take you to court, I'll go to the FOS I've been told by someone in the compliance dept there are fake court papers sent in so sometimes the real ones can be ignored. A personal favorite of mine was a letter from the " On Board Man" It had always been of my understanding if you were going to forge a letter from them you'd find out how to spell ombudsman. But yes, when someone presents actual court papers they tend to S*** themselves and don't quite know what to do with it. There is no excuse for their lack of dealing with that in the appropriate way.
  10. Right, first things first I do NOT appreciate your threat of me being "battered" round here. I would rather people have the correct information that having people like yourself misguiding them if this is intentional or not I may never know. Secondly I feel a simple lesson is in order about the difference between compound a simple interest and how it is applied separately on a loan agreement. Lets keep it simple for all to understand shall we? Don't want you to not understand what I'm explaining. Compound Interest - Can be charged on a monthly basis the way a loan is normally charged. Lets have an example I have a loan of £500, this month my interest is charged at £5 and I do not make a payment then next months interest will be charged on £505. Compound interest allows you to charge interest on interest. Simple Interest - Can ALSO be charged on a monthly basis. Lets have another example I have not made my payments and have charges on my loan of £100. This month the interest is £1 and I do not pay anything off my charges. Next months interest will be charged on £100. Simple interest only charges on the initial amount and does not charge on interest that has been applied. I can assure you that Welcome Finance charge SIMPLE INTEREST on the charges or DEFUALT SUMS as they are called and COMPOUND INTEREST on the actual loan. Although it is not shown this way on a statement the default sums and the actual loan are separately calculated.
  11. The problem with this is they have no legal responsibility to ensure you receive a NOD or termination letter, they only have to send it so as long as it is on their system showing as sent the law is on their side as they act 'in good faith it will be delivered' Personally I would find out when they say they sent these letters as they must have left at least 14 days between the 2, if they did not then they have acted unlawfully. You may need to do a SAR if they are not forthcoming with this info on the phone or if you have any reason not to believe them baring in mind half the staff are unaware of the regulation as the letters are usually system generated.
  12. Although doing a CCA & SAR request can be useful they are not always necessary. I would send them a firm but fair letter detailing why you feel you have been mis sold your PPI. Send this to the head office by recorded delivery. Due to the length of time they have to respond to a SAR this could just delay the process in getting your money back.
  13. Interest on charges is not compound interest, it is simple interest. Also Welcome have no legal obligation to refund any fees on that statement, if a letter is sent to the complaints department worded in a way to acknowledge why they have added charges but you find the amount of charges unfair when the branch were aware of your financial situation they MAY remove some of them as a gesture of goodwill.
  14. Is the £150 fees interest on the agreement? (sometimes shown as capitalization on a statement) If so this should reduce slightly every month meaning that eventually it is paid off. If you have missed 10 payments then the amount you will be paying back will be alot more than you may have first thought as the interest is calculated on the total balance every month (including the arrears) meaning that the interest at this point in the loan is much higher than it should have been. My advice is offer them a short settlement if you can afford it or start increasing your payments (even if only slightly) to bring the arrears down so the interest is not as high.
  15. Hi guys, I'm new to the forum but not new to Welcome Finance. As an ex employee I have a bit knowledge on the ins and outs of the place. I worked in head office and was not made redundant I left of my own accord. First things first, stop moaning about their interest rates. They lend to people who have bad credit ratings, this is of course on a bigger risk than someone with a top notch credit rating and you pay for them to take on that risk. However, I do agree that some things including re-writing loan agreements have been done in ways that are very questionable and therefore can make a bad situation worse. I can't remember all the exact figures but they will give discounts off settlement figures depending on how far in arrears your account is and when you last made a payment. e.g. You are in arrears by £500 but these were from years ago and you now pay every month you are less likely to get a discount (or the discount will not be as big) as someone who is also in arrears by £500 but can't afford to (or won't) pay now. When a settlement is reduced it goes on your credit file as a write off of whatever %, this may have a detrimental effect on your credit file. If you have VT'd, VS'd or had your car repo'd they will consider discounts of around 50%. Many people think when they VT they will have nothing to pay, this is only if you have paid 1/2 the cost of the loan (not including insurance) If your car is repo'd they will sell it at auction and deduct the price they got for it and add repo fees. Please be aware they do try and get as much as possible for the cars (for their own sake not yours) but I have seen cars sold for £15 and the account have fees of £100+ If you make ridiculous offers for a short settlement they will not help you in any way (eg 1p for every £1 outstanding, which believe me people try) However if your offer is reasonable they may consider it or come back with a counter offer. I had people offering £1000 when the min we would have accepted was £1200 but if that person had come with an offer of anything less than £800 it would have been left with a no. Mis-sale of PPI was another favorite in the office. If it was genuinely mis sold then fair enough go do what you have to do to get your money back but there were times people would write in with a letter of this effect Dear Sir/Madam I was mis sold my PPI and this is why: I did not know I had PPI on the agreement I was told I had to take out PPI or I could not have the loan. Please refund my PPI plus interest Yours Some Random Customer If you use a letter template please make sure you delete things that aren't appropriate as this case was thrown out as soon as it was seen for this huge contradiction. If you want any help or advice from the inside let me know and I'll be sure to do what I can.
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