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Hi Guys - naive newbie here


ikkle87
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Hello Everyone, Joined this site on a recommendation of a friend as I am in debt and trying to tackle my problems.

 

In Nov 2006 I took out a loan with Welcome Finance for £2000,(24 months @ £132) then in april 2007 I decided to take out an other loan for £900. I thought this would be a 2nd loan but now appears to be combined. They said my new combined payments would be £217 for 36 months. I wrote and requested a CCA which I received yesterday. I think everything is in order but am not sure because i am quite new to this.

 

It is only through reading through the CCA that I have realised they have combined the loans as the agreement says 'Amount of Credit to Settle Loan £1965.25' The CCA also shows PPI having been added which was never on the 1st loan. I have now sent a letter to claim back PPI as I was never asked about any existing conditions or advised of any potential exclusions and when it came to me needing to claim they wouldn't cover me.

 

I suppose I am just posting this for any advice really to see if there is anything I can do.

 

Any help would be greatfully appreciated thanks

 

Ikkle x

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Hello ikkle87

 

Welcome to CAG :)

 

I will move your thread to a forum where there will more help available for you.

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Any opinions are without prejudice & without liability. All I know has come from this site. If you are unsure, please seek professional advice. .

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hI WELCOME TO CAG,You have come to the right place,there are lots of people on here who will point you in the right direction. Sorry i can`t answer your question but i`m sure some one more knowlegble then i will come along soon. Good Luck Paul

WELCOME TO C.A.G

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Hello Everyone, Joined this site on a recommendation of a friend as I am in debt and trying to tackle my problems.

 

In Nov 2006 I took out a loan with Welcome Finance for £2000,(24 months @ £132) then in april 2007 I decided to take out an other loan for £900. I thought this would be a 2nd loan but now appears to be combined. They said my new combined payments would be £217 for 36 months. I wrote and requested a CCA which I received yesterday. I think everything is in order but am not sure because i am quite new to this.

 

It is only through reading through the CCA that I have realised they have combined the loans as the agreement says 'Amount of Credit to Settle Loan £1965.25' The CCA also shows PPI having been added which was never on the 1st loan. I have now sent a letter to claim back PPI as I was never asked about any existing conditions or advised of any potential exclusions and when it came to me needing to claim they wouldn't cover me.

 

I suppose I am just posting this for any advice really to see if there is anything I can do.

 

Any help would be greatfully appreciated thanks

 

Ikkle x

What Date did you take out the loan? exact date

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Hope somebody can please help. Apologies if I sound as though I am repeating myself! Tried to add more detail.

 

In November 2006 I took out a loan with Welcome Finance for £2000 (£132 at 24 months) On 19th April 2007 I asked to borrow another £900 - an amount which I thought would be a seperate loan. The 2nd loan had PPI on which I am now trying to claim back as I believe I was mis sold on medical grounds. My new combined monthly totals were £217 at 36 months.

 

Having recently requested a CCA agreement I have looked closer and the £900 loan also consolidated the first loan so has seen me taking out a loan to pay off £2000 + interest + £900 + PPI + interest again. So I am paying 2 lots of interest on the first amount of £2000.

 

Having spoken to somebody at National Debtline they have said although Welcome can argue that they provided copies of my agreement when I took the 2nd loan out I can retaliate with if they mis sold PPI then maybe they mis sold the terms of the 2nd loan as well. They have advised I write a letter of complaint and also mention forwarding my complaint to the FOS.

 

Can I please point out that although I did receive a copy of my CCA when taking out the loan soon after I was hit by numerous health problems which saw me unable to deal with my debts and it is only now that I am getting around to tackling them.

 

Can I also point out I am not trying to get out of not paying this loan off but to get the amount owed reduced slightly by hopefully having the 2nd amount of interest on the £2000 and the PPI removed.

 

However I am not very good at writing letters and would be grateful if somebody could help me out or offer any advice.

 

Thank you

 

Ikkle x

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