I would be grateful for any advice or if anyone can point me in the right direction.
I have a loan with Welcome finance, secured.
Lost my family busines of 20 years in 2009 and things have been a real struggle ever since and im certainly not out the woods.
All creditors have been kind and helpful apart from Welcome who have bullied me and really been nasty.
After a week of harrasment from them,
I folded and ended up on antidpressents.
Welcome told me i could not go bankrupt. (I now know different).
I got a copy of my loan agreement to find its almost completely unreadable,
I have been taking advice from moneysaingexpert which has been great (until last few days)
- gave me all the template letters to send with regards to a loan where the CCA is illegible.
I have sent these all to Welcome and they continue to send me these bad copies that you cant read the figures on.
Last week they posted me a reconstituted copy of the agreement
- with no signature, dates etc. Just the figures clearly.
(I dont have the agreement at all so I have no idea if these amounts are correct).
I went back to the site for further advice on this and it seems now that rather than people help the advisors are just saying why dont i just pay up,
dont run away from your debts etc - suggesting im looking at an easy way out.
Quite frankly I would love to wipe this debt
these people were the final straw when i was desperately trying to cling on
and which resulted in serious depression
and I dont want to have to deal with them again so yes i do want to wipe the debt if i can.
Im terrified of dealing with these people again.
I am being told now that a court ruling says that a reconstituted copy of an agreement is acceptable,
does anyone know did this court ruling happen recently?
Its just everyones advice seems to have all of a sudden changed from illegible loan agreement cant be enforced to now that it can.
Will a reconstituted copy stand up in court if Welcome take me to court.
Also on the reconstituted copy the figures show i borrowed 15k and that the total charge for credit is 29K..
Meaning the total amount payable is 44K.
This is horrendous obviously and i clearly did not check this before i signed the agreement otherwise i would not have signed.
I was young and foolish i guess.
Any advice on Illegible Loan agreement, Harassment (although it was all done by phone),
and unfair interest rates - anyone can give me i would be grateful.
I have scanned and attached
1. Bad copy they have posted me of the original agreement
2. Reconstituted copy received in the post recently
3. Statement of account
It looks as though an acceptance fee of £235.00 and a broker fee of £1500.00 has both been included in the original loan amount.
On the 'original' agreement (although bit difficult to read properly) it shows the broker fee on the right of the agreement,
on the recon copy the broker fee has gone but the total amount borrowed is not £15000 but £16500.
On the last page of the statement of account (which is the beginning of the agreement back in 2007) it shows;
first entry (14.2.07) - Loan Disbursement of £16735.00 (DEBIT)
second entry (14.2.07) - Fee Disbursement of £235.00 (CREDIT)
but then the total amount does not adjust accordingly with the credit. If you look at the statements that i have scanned and attached i hope you can see what i mean!
I have tried to google how to work out interest but i cannot work out if they have charged me interest on the acceptance fee or the broker fee
- if anyone can help here i would be really grateful
- i do not know what im doing here
- its complicated and the information on the agreements differs which i do not know is allowed either.
Also on the recon copy it does not mention that the loan is secured on the property.
Where it says 'secured on:______' - this section although completed with address on the 'original' is empty on the recon.
How can you trust a recon copy when the company is so untrustworthy.
Thank you for anyone that can help me!
this was Pre 2007, no i have not checked the calculations as I do not know how,
I can npost the agreement no problem i have a scanner, how do i post?
No it did not include PPI at least its not showing on the reconstituted copy anyway..
- the loan did not include PPI and the loan was taken out Feb 2007.
Figures are Amount of loan £15,000
Duration of agreement (minimum) 180 months
Monthly payment £235.00
Variable APR 19.50%
Total charge for credit £31,232.53
Interest charge £30,997.53
Rate of interest per annum : 19.10%
I have taken this info from the reconstituted copy that they have provided but this info seems to be different to that on the illegible agreement.
For starters on the illegible agreement there is a broker fee of £1500.00 - this is not shown on the recon copy.
Also the APR's are different and the total charge for credit is different.
my signature is on there
I will scan and upload the doc, do i just blot out my details from prying eyes?
- the agreement (the bad copy) is in the 1st post
- thank you again for your help
surrey36 all welcome docs .pdf