Welcome asking to refinance my loan

[shammy36]

Hi guys,

Just wondered if anyone has an opinion on this.

Had a few problems with mortgage arrears over the last six months or so,but thanks to this site and ell-enn in particular i have managed to get my debt down to zero this month:grin:.

 

Anway, i have a secured loan with welcome for 20k and had missed a few payments with them when i was going through a self employed rough patch, to the tune of £1,100.

I now, after a lot of hard work i only owe them £150.00, but in the last few days have been bombarded with calls from them offering to re write the loan and lower the payments for me.

 

I must say that when i was struggling i did send them a cca request that they never replied to, but they did sign for.(they are now two months late)

 

I smell a rat !!!!! any thoughts guys ?

 

Regards Sham

[manchester1]

Shammy, Be careful that they are not after a copy of your signature, also how do you think they are going to repackage your debt and bring payments down, Well only one way by starting a new loan for you with poss a longer term. I smell a rat

 

Manc1

 

[Ell-enn]

Hi Shammy - good to hear from you again, and especially glad to hear you're managing your debt well.

 

I'm with Manc1 here - I smell a rat too. Welcome probably don't have a valid CCA (they're well known for their shoddy paperwork) and think if they offer you a new loan with a lower monthly payment you'll fall for it - then BANG!! they have a new agreement - valid - and with your signature.

 

My advice is leave things as they are and wait and see what they come up with next - you're in no hurry if you only owe them £150

 

Ell-enn

[shammy36]

Thanks Ell-enn,

Nice to speak to you again,i think i will wait and see and maybe send them a reminder for a cca

 

Kind Regards

 

Sham

[Ell-enn]

I wouldn't remind them they are out of time with their CCA - why should you remind them of their legal responsibilities? I would keep that one up your sleeve for a time when you might need it

[shammy36]

Right again ell-enn,

God i hate you !!!!

 

Regards Sham

[Ell-enn]

[shammy36]

Hi Ell-enn,

Just a quikie off the welcome topic, had a statement of account from my mortgage provider,saying that i only owe them £24.50.

 

However when they cancelled my hearing , i note that they have still added £684.00 solicitors costs to my account.

Can they do this !!!!

 

Regards Sham

[Ell-enn]

Hi Shammy,

 

Re the solicitors charges - was it an external solicitor they used, or was it their in house legal dept? In any case I'd ask for a breakdown of the charges given that the hearing was cancelled and there was no need for their representative to attend.

 

Kind Regards

 

Ell-enn

[postggj]

please do not refinance the loan untill you have your cca back

the old agreements were nothing but toilet paper

take it from me i know

they offered me the same and then found out they had no agreement

i took them to court with all there failings and the resault was

 

NO MORE WELCOME

 

but the choice is yours

[shammy36]

Thanks Ell-een and postggj,

To answer ell-een, it was an outside firm of solicitors,and when i phoned them to confirm that they had had notice that the hearing had been cancelled,they said they had and would not be attending.

 

After speaking to my mortgage provider yesterday they said they did attend.......Sneaky barstewards

[Ell-enn]

Have you been advised of the outcome of them attending the hearing? The sneaky devils will likely have asked for an adjournement with leave to restore, which means if you are ever in arrears again they can "fast-track" the hearing:mad: You should have received something from the court telling you of this? if not ring the court and ask them.

 

This is why I keep telling people not to believe these lenders when they say they will cancel the hearing. In most cases where the hearing is within a few days, they don't cancel and get their reps to attend. I know of one case where the debtor didn't attend and then found out they had a suspended possession order for 12 months, even though there were no arrears!

 

Ohhhhh, they make me mad.......

 

Ell

[shammy36]

Hi Ell-enn,

Rang the court earlier and your right they did attend and had asked for leave to restore.

 

I have never had anything from the court saying this,and it never set any alarm bells ringing because i thought it was cancelled and that was that.

Still , we live and learn eh !!

[shammy36]

Hi all,

 

Sorry that this thread has not been updated for a while , but there has now been some movement from the lovely welcome finance.

 

After a lot of nasty calls from these people last year asking to refinance my loan i told them that i would send them a sar request and cca request, and i told them until they complied with the request i would stop paying them.

 

This was nearly a year ago and they have not complied at all ,then yesterday in the post i had a letter saying that they have capitalised all the missed payments so my 20k loan is now nearly 27k.

 

Any thoughts guys i have attached the letter below

 

sham

welcome finance.doc

[PGH7447]

send the account in dispute letter if you are still waiting for the cca request to be complied with

[enoughisenough]

****.

 

Report them to the FSA and FOS immediately. I have a template letter which is in rough form and it itemises all their abuses I could think of. It relates to Capstone. But you can customise it. Also there are one or two typos so ensure that these are corrected.

 

ADD DELETE AND CUSTOMISE TO YOUR OWN EXPERIENCE. Good Luck.

 

Use, customise and send!

 

Your Address

 

Date

 

Financial Services Authority (FSA)

25 The North Colonnade

Canary Wharf

London E14 5HS

 

Dear Sirs

 

I wish to bring to your attention the following matters of grave concern with regards Capstone Mortgage Services, Southern Pacific Personal Loans, Southern Pacific Mortgage Loans, Preferred and LMC etc.

 

I am aware that you possess the statutory jurisdiction to investigate, and where necessary, revoke licence to trade of companies you believe may have not observed the various statutory and regulatory frameworks which bind their operation. It is submitted that these entities which operate under licence have not operated in accordance with law.

 

1. They apply terms which are unfair and unrecoverable at law by operation of the Unfair Terms in Consumer Contracts Regulations (1999)

 

2. They fail to apply the Civil Justice Council’s Pre Action protocols (Issued October 200 before seeking repossession of mortgaged premises.

 

3. They are in breach of the CCA (1974) and the CCA (2006).

 

4. They have failed to follow MCOB rules.

 

5. They do not follow the FMSA (2000) in respect of s.150

 

6. They consistently ineffectually process payments made to the effect that they claim arrears and add charges against payments which have been made.

 

7. They refuse to change payment dates for consumers in difficulty in meeting their only due payment date, which is currently the first of the month.

 

8. They falsely allege arrears by refusing to do so and charge unlawful arrears fees on those who pay on the tenth (or subsequent days) of the month, even if their account is not in arrears.

 

9. In arrears management they violate the Telecommunications Act 2003.

 

 

10. In arrears management they exploit their position as a licenced entity

by receiving and processing monthly credit referencing reports on all of their customers in order to ascertain other areas in which consumers may be struggling.

 

11. They adopt an adversarial approach to arrears management

 

12. In cases which have proceeded to litigation they refuse to comply with CPR 31.6 as they are under legal obligation to do so.

 

13. In cases that have proceeded to litigation, or are in the pre-litigation stage, they obstruct the consumers right to have subject access requests fully or even partially complied with.

 

14. In cases of litigation they manufacture evidence, for example by exaggerating the true level of arrears, to lay before the court in order to exploit the more vulnerable, who are unable to challenge such abuses of process.

 

15. They have, as a matter of routine, instigated monthly checks of consumers credit reference files I order to ascertain consumer difficulty in regards their other obligations.

 

16. They consistently violate the Telecommunications act 2003, by calling persistently, at a consumers place of work, or at home on Sundays or on public holidays such as Easter Sunday.

 

17. IN such calls they have verbally threatened consumers with repossession over the phone, claiming that they can take possession of any property when they so wish. This is a matter for the courts, not a mere collector or originator of mortgages.

 

18. They call consumers at inappropriate times and are invariably rude and harassing in their telephone manner

 

19. They have refused to respond appropriately to legitimate consumer concerns or complaints.

 

20. They are tardy or completely avoidant in response to such complaints or concerns when raised.

 

21. They frequently void their own policies towards complaints, and arrears management.

 

22. They litigate unnecessarily, and often with haste.

 

23. They do not comply with directions after proceeding with litigation

 

 

24. They adopt an adversarial approach to arrears management for example by threatening possession over the phone before a claim has even been issued.

25. They refuse to acknowledge receipt of correspondence, indeed denying receipt, even when sent by registered post. Only when presented with proof do they acknowledge receipt and have even then argued in favour of their own loss of documents.

 

26. they breach their primary duty by making false entries onto accounts including missed payments which were not missed, alleging declined cheques when payments were tendered by electronic means and no cheques were evr therefore tendered.

 

27. Delays in excess of a month responding to simple complaints and often simply an absence of response at all.

 

 

YOUR SIGNATURE.

[shammy36]

Thank you PGH7447,

 

I will send the letter you suggest , but there is a nagging feeling in the back of my head that this whole thing absolutly stinks !

 

Kind regards

 

Sham

[postggj]

morning shammy

 

naughty welscum..

 

so they are adding interest and charges while in dispute

 

send the letter of complaint to all the regulatory bodies as advised

 

WELSCUM AND FOUL STENCH IN THE AIR GO TOGETHER

[enoughisenough]

Also can anyone offer any informed legal opinion as to how duty of care might stack up against these wickless wonders?

 

Cheers. Just another angle.

 

Keep the faith. EIE.

[enoughisenough]

Just Found this very useful and revealing link which proves my lot HAVE been capriciously overcharging.

 

3 Month LIBOR - Rate, Definition & Historical Graph

[shammy36]

Thanks guys

 

these toerags need bringing to book , and its nice to have shoulders to lean on

 

very best regards

 

Sham

[enoughisenough]

Hi Shanny

 

Shoulders to lean on is why we are all here.

 

Cheers.Keep the faith. EIE

[shammy36]

Hi Guys,

 

Just a quick update on this long running saga with welscum.

 

They have never replied to my cca or sar , and now i have had nasty letters from MKRR saying they now own the debt and will start court action unless i contact them to arrange a payment plan (i think not)

 

Any thoughts on how to proceed with this new shower

 

kind regards

 

Sham

[Ell-enn]

Hi Shammy - you need to write this new lot a letter telling them that the account is still in dispute with Welcome who have failed to supply information following a subject access request, and they should not have passed the account onto a third party while they are in breach. Also inform them you will be contacting the OFT.

 

As always, send by recorded delivery and keep a copy.

[shammy36]

Hi Ell-enn

 

Spot on as always

 

Is there a template letter i can adabt to suit , or should i send them the account in dispute letter ?

 

Sham