Welcome Finance Investigation

[postggj]

Dipply

 

Ime Sure I Have Read On The Forum

That If A Finance Company Fails TO Notify The Debtor On Any Commission Payments At Time Of Sale

 

It Invalidates The Agreement

 

Any Comments While Ime Checking

 

I Think This Is It

 

We Have Blown Welcome Out Of The Water

[Dipply75]

I agree totally, animal lover has managed to get priceless info from them.

 

I have to back out again but there are a few things which I have read time and time again but I do not fully understand, do you know anything about:

 

Charging interest on the acceptance fee. I know its a nono but I am not entirely sure why or which law etc covers this.

 

The declaring or informing of any commission on the insurance, I am sure I have read that you should be told how much etc, its not even in their internal paperwork for gods sake!

 

I was reading a thread started about a better way to get the true signed copy of your agreement and in the PPI bit of their letter they asked specifically for "the underwriting sheet" detailing any commission paid or received for the sale of the policy. Am wondering what this is and would that be a standard thing between the insurer and a broker/company?

 

And, OMG about Cattles! Think theyve seen the storm ahead then?

[Dipply75]

Found that link:

 

http://www.consumeractiongroup.co.uk/forum/legal-issues/173201-why-you-shouldnt-use.html?highlight=underwriting+sheet

 

They also discuss the acceptance fee thing, what do you think?

[k1mmie]

Hi guys. Can i please jpoin this club? lol.

 

I have taken my claim with Welcome through a loancheck company (no fees), and it is with the solicitor now as we speak for him to assess the lagalities of my claim.

 

I can relate to all the points on this thread, as I have just sat and read all 16 pages,,,,phew.....

 

 

Mine is a biggy........

 

 

Here goes...

 

 

First car for loan taken Jan 2006 plus PPI. Called on the phone and offered a loan and to pay of the car loan November 2006. Went to their local office.

 

These are my figures: (and no I'm afraid to say-needed the money desperately and did not take all the figures in.....stupid, I know)

 

By the way, no mention anywhereo f repayment of the car loan and how much I actually received..........

 

 

Total amount of credit

[k1mmie]

Can I join this exclusive club, please? lol

 

I can relate to all these cases, here are my figures....

 

 

First, car loan taken with PPI Jan 2006

Welcome offered me a loan on the phone and to repay car loan. November 2006.

 

Paperwork completed, (desperately needed money and so stupid but did not understand all the figures). No detail or mention of car being repaid or amount actually being given to us.

 

Total amount of credit £28235.00 (secured. i'm afraid to say)

Amount of credit for cash advance £23946.48

Amount of credit for insurances £4288.52

 

 

 

Then says: Total charge for credit £55623.39 which is

Interest charge £55388.39

Acceptance fee £235.00

 

 

 

I have been told there are many points that question the validity of this loan. I await the courts decision .

 

Good luck to you all, these thieves cannot take advantage any longer of the vulnerable.

[wintermare]

hi there,

new to ppi claims but i just thought you should all know.

last week i contacted welcome to get a further loan,mine is £10000 but it is always paid and i was told i had up to £17000 avalible(last year)

 

they said they would call back and i could fill out a new application---no phone call

i called again today and i was told they will not be issuing any further loans for the forseeable future???

the guy i spoke to told me his job was safe but there is mass redundancies across the board.All future loans would come from head office.

 

I dont really think its the credit crunch personally i think their hands have been cuffed and no more loans.

 

could someone find out what kind of investigation they are under please

the loan they gave me was for £10000 and i only earn £13000 single 2 kids and a big morgage so i wont get a loan anywhere else to pay tthe total if they call it in.

[postggj]

dont panic just yet

welcome is owned by a company called cattles plc

there future is not looking to good i must say.

 

if cattles pull the plug, the outstanding accounts pass to cattles,

 

cattles will just sell the accounts to clear there books.

thats if they can get any one to buy them,

if cattles cant get funding, i doubt any body else

 

they will just appoint a department to addmin the accounts and sell the bad debt to a dca.

 

saying this

 

my personel opinion is that cattles and welcome are going belly up looking at there share price

 

dont panic yet

 

they prob will not call in the loans, they need every penny they can get at the moment

[animal_lover]

Hi everyone,

 

I've only just noticed there had been new threads on here as i didn't recieve an email informing me.

 

Great News about Welcome i'm almost glad i got the loan now

 

Regarding the Statement of Price? I vividly remember seeing it i'm not to sure if i did it would of been like all the others just shoved in front of my face and told where to sign and then taken away quickly. I didn't even get chance to print and date the documents they "kindly" did if for me - aren't they nice

 

AL

[Dipply75]

lol, I know, With me she slid the agreement across the table, said 'sign here' while still holding the other end and had her hand covering the whole top half of the agreement and as soon as I had signed...whip! It was away. But that was it....in, sign once and away. I signed NOTHING else.

 

I would report back t o Trading Standards with serious concerns about your signature being forged. In fact I see no other way except forgery for your signature to appear on 2 completely different agreements! And its awful easy for them knock up a legit agreement once they know what was missing from the first one - deary me, there are some right muppets trying too hard to cover their tracks!

 

What worries me is I wouldn't want ordinary hard working folks to lose jobs, especially nowadays, just to make them stop ripping folk off and to make it right to those they did.

[Dipply75]

Hi K1mmie, those are some scary figures, even scarier that they took that much care over an secured agreement for those sort of amounts that it is probably only good as toilet paper? I really hope you get somewhere with that and get rid of them. Maybe getting your PPI and the tax paid on it looked into will help...I will post as much info as I can on it asap, am trying to get it done! Do you have your own thread on this we can help on?

 

Wintermare, very very interesting...a few folk have been saying the same sort of thing. I wonder just what is going on then.

 

I am not sure what or who is actually formally investigating them but there have been that many complaints, there must be! Please don't worry about them 'calling it in'. They cannot do this, postggj is right, another company would just buy the debt and run on with it. If the Administrators are called in you may never hear from them again!

[animal_lover]

Morning Dipply & Postggj,

 

I've not heard from Trading Standards since my credit agreement got sent off to them by CAB. But i've got to go back to them next week (still got probs with my former employer Dipply) anyway so i'll take the newer agreement in so they can send it off and see what they say.

 

AL

[markl]

I hear you

[markl]

I can back wintermare on the fact that something seems to defiantly be going on with welcome at the moment, I am trying to claim my PPI back and just before Christmas they sent me a final letter stating they are not doing anything about it, sent this further letter before action but no response from them.

My friend recently got a job at a debt management company and he brought welcome's name up in conversation and his manager said have you heard they are no longer providing loans

 

At least if no one gets anywhere with their claims at least these **** will not be in business anymore to screw with any more unfortunate victims.

[markl]

Letter

 

Unresolved Issue 1:

Section 7 – Data Protection Act 1998

You recently failed to fully comply with my Data Protection Act Subject Access Request dated 18/11/2008.

Please read the following carefully.

"Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me, including correspondence to the underwriter of any insurance policies and details of the relevant Insurance Premium Tax (IPT) payable on any single premium policies. Please ensure this includes how much tax was payable, who payment was made to and the date of this payment."

As it appears you may not have understood my original request I suggest you pass this to your data protection officer to ensure you correctly action it this time.

I have paid the maximum statutory fee of £10 to obtain this information and as these funds have cleared you are legally obliged to comply with Section 7.

 

Unresolved Issue 2:

The miss-selling of my PPI

I believe that I was miss sold PPI as your sales representative did not state that PPI was optional. I did not understand PPI and was not informed that it was optional at the time. Your salesperson stated / implied that taking out the policy was essential for me to get the associated credit.

I believe we could settle this by you providing me with the transcript of the original phone call where I agreed to the loan. Unfortunately you have not supplied me with this information yet or the other information stated in "Unresolved Issue 1" at the beginning of this letter.

 

What I Require From You

As there are 2 equally important matters here which remain unresolved you have 14 days (from the date of receipt of this letter) to respond with both; 1) The missing data as outlined in "Unresolved Issue 1" and 2) The full transcript of my original call where I agreed to the loan.

After this 14 day period no further correspondence will be entered into and I will be seeking an order for the release of this data.

I look forward to your response.

[wintermare]

sorry for interupting al

thanks all bit of a wobbly moment too much to pay back in one payment.

it would be nice if they just disappeared

all those people struggling just now,all the desperate families and kids affected by the company .

 

could we all just make a wish or prayer and it vanishes.lol

[spyingcomic]

Hi i'm new to te site and have been reading with great interest. I have a personal loan and car laon with WELCOME. last year i stopped my PPI with them for my personal loan. They did not give me refund but re did the loan with the amount i paid them taken off the new loan, i did querry this with them a few times but had no joy. Reading mayday1 thread i take it they should have given me refund. can i do anything about or is it to late?. Also have just looked at my car loan stuff (no PPI) but the total amount payable on credit agreement does not match the amount of the 48 monthly payments. Does this mean agreement is worthless?

[animal_lover]

I'm just about to send my letter to FOS about my credit agreement possibly being unenforceable.

 

Should i add about the IPT and the possible forgery

 

AL

[postggj]

go for it animal lover

[animal_lover]

Here is a copy of the draft letter i wanted to send to FOS but i was wondering if someone could take a quick look at it before i post it as i'm not good at writing these types of letters. Is there anything i need to add or change?

 

Thanks

 

AL

 

Dear Sir/madam,

 

REF NUMBER:

 

Thank you for your letter dated 10th October 2008.

 

In this letter it states that someone will write to me as soon as possible with an update on my complaint and that it will certainly be within the next two months from me receiving this letter, but as yet I have had no response. Please can you update me on how my claim is going.

 

I have also been informed by my local Citizens Advice Bureau that my Credit Agreement may be Unenforceable so they have sent it off to Trading Standards to be assessed, I will update you as soon as I receive a reply from them.

 

From the reply I have received back from Welcome Financial Services ( I have enclosed a copy) there seems to be a few discrepancies -

I have received two separate Credit Agreements for the same account and they both have my signature but I only signed one of them - I seriously believe that my signature has been forged/copied in some way.

They have also confirmed in this letter that Direct Group administer my Insurance and Norwich Union insure me, but when I contacted them both regarding this matter they have no record of me or my insurance on there system.

The figures on my Credit Agreement and “Statement of Price” seem to be incorrect, after some further advise on this I believe that Welcome have charged me the 59.70% interest on the loan amount, Payment Protection Insurance and the Personal Accident Plan over the life of the loan which is three years.

They have also charged me the 59.70% interest on the acceptance fee.

The Insurance Premium Tax doesn’t add up correctly from the figures they give on the statement of price the only way for it too add up to those figures is if they have added commission of which I was not told about at point of sale and when I’ve asked for this information they totally ignore my request.

I have also enclosed some correspondences from between myself and Welcome Financial Services LTD regarding my complaint for mis-selling of Payment Protection Insurance and the points raised above .

 

I kindly ask that you also look into the above points………..

 

Yours Sincerely

 

 

 

AL

 

Enc: Final Response from Welcome Financial Services LTD

Copy of the different Credit Agreements with my signature on them

A Copy of the “Statement Of Price”

[postggj]

just update me please

 

as the fos are allready dealing with this

 

in your complaint did you mention the insurance premium tax, any commission fees to brokers that were not included in your sar

 

if not, include them in your letter

[animal_lover]

I've just had a look at the letter i sent to FOS and i can't see no mention of IPT or Commission.

 

Here was the letter i sent to them to refresh your memory

 

Dear Sir/Madam,

 

I wish to make a complaint about Welcome Financial Services regarding the mis-selling of Payment Protection Insurance which was added to my unsecured personal loan ref no xxxxxx. I was unaware that PPI was added to my loan agreement at the time of signing. It has only become apparent to me after the recent coverage by the media, and following the recent OFT and FSA investigations regarding the mis-selling of ppi by finance companies. This is when I decided to check my loan with Welcome Finance and was shocked to discover I had bought an extremely expensive and useless policy, without my knowledge or consent.

 

I took out the loan in November 2006 at the Cholton, Manchester branch number 072. I was initially advised I could only borrow half of the amount I applied for. The salesperson even stated that 'she wasn't allowed to' but she really wanted to "help" me. This was the same person who completed my loan application. This raises serious concerns as if I was apparently borrowing to the limit (or possibly past) of my means, how was I able then to take credit for such an expensive policy. The other option is that the salesperson misled me into believing I could only borrow half the amount applied for so I would have enough 'credit' left to accommodate the PPI.

 

During the whole process there was no mention of Payment Protection Insurance. All the figures quoted to me were, as far as I was aware, just the loan figure as no Insurances were discussed, offered or separate breakdowns given. The loan actually had PPI included but was never offered and therefore without my consent. I have also never received any documentation regarding my policy nor any information about who holds my policy, either at the time or afterwards.

 

I must also point out this is still the case despite a full S.A.R - (Subject Access Request) being made on 27/06/2008, a non compliance letter sent on 15/07/2008 and now a complaint to the Information Commissioners Office as Welcome now refuse to supply me with this basic information. I can therefore only assume that Welcome's intention is to delay and/or obstruct this complaint.

 

I believe this policy was mis-sold because:

 

1- Welcome Financial Services added Payment Protection Insurance to my loan without my knowledge or consent.

2- Welcome have never supplied any documentation regarding my policy or who it is with, despite a full S.A.R - (Subject Access Request) and numerous requests. I was also therefore unaware of any cancellation rights I may have had or of the policies suitability.

3- Medical History - If they had asked me about any pre-existing medical conditions they would of known that I suffer from xxxx, xxxxx and have an xxxxxxxxxxx which would of made any claim invalid.

4- I was never given the opportunity or enough time to read and check the documents. I was simply told where to sign.

5- All dates and printed versions of my name are not my handwriting and I believe this is a fraudulent attempt to prove I accepted this PPI.

6- when taking out the loan I was advised the APR was a lot lower than is stated on my Credit Agreement.

7-The PPI was added automatically therefore I wasn't even given the option of finding a cheaper insurance elsewhere.

8 - I understand under the Consumer Credit Acts and following a House of Lords judgment, that it is not allowed to make a loan conditional on taking PPI unless you include the costs of PPI as part of the charge for credit and not the credit itself. Welcome added the PPI to the total for credit and then charged me further interest on the premium on top of the interest for the loan.

 

I have also included the full and final response I have received from Welcome Financial Services in respect of my complaint.

 

I hope this information is enough to investigate and resolve my complaint but should you require any further information please do now hesitate to contact me. I look forward to your earliest response

 

Yours faithfully

 

xxxxxxx

 

I did mention it to in my letter to ICO as i sent copies of the non compliance letter which it was on.

[Dipply75]

hey animal lover,

 

letter looks great. As long as your findings about the commission and IPT are now added to your complaint to the FOS thats fine.

 

Maybe change the bit about the forged signature to state that you received the unenforceable agreement with your signature from your CCA request, and only when you told them it was unenforceable did totally different agreement conveniently appear that included all the missing elements, again with your signature. You fail to understand how your signature can appear on 2 completely different agreements without Welcome having it on file and reproducing whenever suits, and are now seriously concerned about forgery. You have also never seen the 'statement of price' until now yet this also shows your signature.

 

However you want to word it, just so they know that the 2nd agreement only came after they messed up the first and they then had a motive to forge. This will be pretty much what I send the FOS also.

[Dipply75]

By the way, had a word with the Inland Revenue and have their dedicated IPT office address to write to. They didn't seem too interested at first as I wasn't a business until I explained possible 'underpaying' of IPT. I quoted the figures Welcome sent me for my PPI and they asked me to send in as much info as possible.

 

I have cleared this evening to sit and finish this Welcome stuff so will post figures, address and details I have later.

[notreadytogiveupyet]

Fipping heck!!!

 

I have a depper understanding now... Have had a few problems with Welcome in the last couple of months.....

 

They keep checking my credit file every couple of months. Unfortunately in October I had my house repossessed and shortly after, welcome started on my case, although I am fully up to date with them...

 

I am sure that the default currently on my credit file from my mortgage is something to do with it....

 

On that note, check your credit files, see if you have " Welcome Financial Services" Secured/Personal Loan" on there....

 

I have a HP and a personal loan with them, both at the same address ( again Kinda Belies Fomer Welcome Financial Services Employee again!!!!)

 

But, nevermind all of that.......

 

Any updates Animal Lover? Would really like to see if they roll over for you!!!

[animal_lover]

No updates as yet, Posted letter to FOS so just waiting a reply.

 

Will update as soon as i hear anything

 

AL