Welcome Finance - Issues with Charges

[sfuk]

Hello Everyone

 

Several Years ago I was naive and took out a loan from welcome finance with the misconception that is would help me pay off all of my debts. Big mistake. After loosing my job, charges started being applied. Harrassing phone calls letters and visits to my home started until I decided I had to move and change my numbers.

 

Now I am back on track, I phoned them up to continue paying off the loan to find out they have slapped £300 worth of charges on the account for calling me here and sending the odd letter there.

 

I have requested a breakdown of charges and a copy of my agreement verbally to which they have stated they will send me.

 

Is there anything I can do about this?

[Dipply75]

Hiya sfuk,

 

first thing is, did you take out payment protection insurance when you took the loan? Most folk did as they told us it was compulsary (yup, I got stung too!)

 

If you did then I would start by asking them why your insurance did not cover you. Wait until you get the agreement and list of charges then I'm sure the good folks on here can advise you on the next step.

 

You may not get this paperwork if you asked the branch though, may have to write to head office - the branches like to just ignore you when it suits them

[sfuk]

Hiya

 

When I lost my job, the guys at welcome asks me if i wished to rewrite the loan because I had fallen behind which I did. I did not take out ppi on the second loan.

 

I got my paperwork through but did not recieve the breakdown of charges.

 

What do I do now.

[Dipply75]

If you had PPI on the first loan then it should have covered you when you lost your job. Means you can start by claiming they missold you the 2nd loan. Buggers.

 

I was unsure how to start too but after reading what so many have done on here I would defo send the CCA letter asking for copies of your agreement and a full S.A.R. request which should give you ALL (maybe lol) info.

 

Then you can have a good pick through it and see where you want to start fighting them. saves you arguing endlessly with them, get your hands on your paperwork then see whats there. The good folks on here will help you no end!

[sfuk]

Hello Everyone.

 

I am curently getting clobbered by welcome finance for stupidly high loan rate. Masses of charges and minimal replayments. I took out a loan with ppi sometime back and then lost my job. After telling me that my ppi did not cover the loan as my dismissal had been gross misconduct they agreed to rewrite the loan.

 

I am not paying for ppi on the second loan but believe I was paying it on the first loan. What do I do about both of these loans. Can someone help me.

Edited July 28, 2008 by sfuk

[Guest Old_andrew2018]

Bump

[slick132]

Hi SF,

 

You can send them an SAR demanding statements for the a/c's and a copy of the credit agreements.

 

You can then set about reclaiming any charges made for late or missed payments.

 

If they cannot provide proper Credit Agreements, they must stop adding any charges and interest to the a/c's. They cannot Default you, nor can they sell the debt or pass it on to a DCA for collection. You would be able to repay the debt at a rate that suits you.

 

Re the PPI, if you were not covered because of the dismissal, that sounds reasonable (my opinion only) and at least they left off PPI on the new loan.

 

Start a new thread for this in the appropriate forum - http://www.consumeractiongroup.co.uk/forum/other-institutions/ - and you should get advice on how to proceed.

[sfuk]

Thanks ever so much ill get the necessary details and start a new thread.

 

Many Thanks

 

 

SFUK

[sfuk]

Hello Everyone

 

I am in the middle of disputing my loan with welcome finance so decided to send off a CCA letter and have recieved the relevant letters. A statement under the CCA. It also includes a statement of account. There are loads of differednt charges on this. Can anyone with welcome finance experiance throw any light on this???

 

Thanks

SFUK

Edited August 12, 2008 by sfuk

[sfuk]

Please someone gimme a hand. I have not got a clue how to proceed??

 

Cheers

SFUK

[kellou]

Bump

[sfuk]

Hiya All

 

Can someone take a look at this and tell me if its enforceable.

 

Cheers

 

SFUK

 

[davefirewalker]

**** IMPORTANT first point......your name and address is still on at the bottom

 

It appears to be ok.......sorry

 

to be legally enforceable it must have

 

1 credit limit, amount of credit, or how the limit will be advised

2 Interest applied to the account

3 repayment schedule

4 your signature.

 

yours seems to have these

 

further it should lay out in a specific manner the way the agreement is made up, and the way the charges/costs/interest is applied, yours seems to do this

 

I would say it is ok (which is surprising for welcome accounts)

 

Where did you sign this ??

 

rgds

 

Dave

[sfuk]

I signed this in the branch in their little room. and thats the branch reps address at the bottom. Mine is blacked out at the top.

 

Why do you ask

[davefirewalker]

I signed this in the branch in their little room. and thats the branch reps address at the bottom. Mine is blacked out at the top.

 

Why do you ask

 

Well I ask because I had a loan that should have been signed on the premises, as yours was. the manager so keen to get the business brought it round to my house for me to sign......ended up writing it off because it was unenforceable because of that !!!

 

 

ermmm

 

*******************************************************************

YOUR NAME AND ADDRESS IS STILL ON THE BOTTOM OF THE AGREEMENT FOR ALL TO SEE

*******************************************************************

 

rgds

dave

[ReasonableRon]

Well I ask because I had a loan that should have been signed on the premises, as yours was. the manager so keen to get the business brought it round to my house for me to sign......ended up writing it off because it was unenforceable because of that !!!

 

 

ermmm

 

*******************************************************************

YOUR NAME AND ADDRESS IS STILL ON THE BOTTOM OF THE AGREEMENT FOR ALL TO SEE

*******************************************************************

 

rgds

dave

 

Actually that's the name & address of the guy from welcome

[davefirewalker]

well then, thats ok then

 

Dave