Welcome Finance

[jamesf104]

the quoted apr at 30.27% is not equal 0.825% monthly, its more like 2.23% The figure of 0.825% is yearly 10.6%. Check what is being charged by looking at your statement and calculating what interest is actually being added, I'll bet its not 0.825% I think the figures quoted must be within 1%, someone will correct me if wrong on this point. Must be something im missing, its a large error. Moneysavingexpert has a nice calculator for this

[Realist]

Thanks but Im more concerned about signing a blank agreement with no dates terms etc.

 

Will look at the APR later today.

 

Regards

[Realist]

Does this look any better figure wise?

[Realist]

I would like to thank postggj for his help, well the lack of it to be honest which I really needed his help.

 

Anyway, I signed the agreement and sent it off and now I wait for my the outcome. Wished someone could of past comment on the agreement posted above but it never came.

 

Thanks all.

[Fester Tester]

I think you know the answer to that last comment...

 

you have now signed a contract with NO IDEA of the T&Cs, and quite possibly is undated.

 

Despite the FOSs contention that this is a sensible thing to do, you obviously suspected otherwise, Yet you went ahead and did it.

 

There is PLENTY of information on here suggesting that this was a silly thing to do. So there is no point me making a fuss and telling you what you already know.

 

So what to do? Personally, I am of the opinion that, since this was arranged by post and with no face to face contact, distance selling regs apply. (Even discounting the fact that this is possibly dodgy in any case.)

 

In which case, if I were in a similar position, I would write to them, telling them that you are exercising your rights to a cooling off period and that you have changed your mind.

 

The reality of taking that action though, is that you may need to take things to the wire to get the PPI refunded.

 

I am in a similar position... refused to sign, and I am now questioning the whole agreement due to the mis-selling of PPI. Early days yet so I cannot say what the outcome will be. But I am quietly confident.

 

Sorry I didn't catch your thread earlier. :/

[Realist]

I signed because the original terms and conditions still apply and nothing has changed.

 

The contract I signed was a back dated contract which I signed and dated back to 2006 of which the contract term is already finished so welcome will of gained nothing by trying to get me locked into a new contract.

 

I have letters here explaining the process so they cannot back out and the signed contract is as far as Im concerned just for there records.

 

Regards

[Fester Tester]

Hmmm. OK

[Realist]

What ever they want to do with the paperwork is up to them, I know what Im owed and so does the FOS so as long as I get paid thats all I care about.

[Realist]

Can someone work out what Im owed from the above and explain how you did it please.

 

Regards

[Realist]

Called Welcome again today regarding my refund and Im told that they are looking at it today and it will be resolved by the end of the week.

 

The women on the phone said she is looking at 3 accounts and dont know why I had to sign 2 new agreements because the accounts have past their term plus one account has a final figure owing thats to high and wrong so whe's waiting for that to be sorted today.

 

So Im looking for a few grand out of them back but its a shame its at 8% and not contractual interest.

 

Regards

[Realist]

Received 3 cheques today for over £2600 from Welcome plus all acounts settled.

 

Not happy with the amounts paid out but at least they are out of my hair for good.

 

Regards

Edited October 28, 2009 by Realist

[Realist]

Update.

 

Welcome have now paid out and settled all accounts and they also stated that the two new agreements signed are no good. Why, because the HP and loan are in affect past the end date and a new agreement is not worth signing so the two I did sign are useless.

 

Welcome as stated above paid out £2600 ish but they cleared the main account of the arrears which in my mind was what was outstanding at the old rate not the revised figure.

 

What I mean is if I've been paying £326 a month for the last 36 months (missed about 5/6 payments) and the new contract without PPI says the figure should of been £244.00 i.e: £326 X 30 = £9780 but the new contract says it should of been £244 X 30 = £7320.

 

Im my mind i've over paid £2460 if Im right and thats just on one account?

 

So, I checked my credit file and Welcome cleared theold amounts outstanding from the loan and HP and not the revised figures.

 

So, if they just paid me back the PPI plus 8% what about the extra £82.00 a month I've been paying over the last 30 months?

 

I did call them and question the payout and they said they added up all payments made, taken that away from the revised agreement amount and any shortfall paid that out of the PPI.

 

Now before they did this I checked my credit file and if that was the case the amounts they cleared was higher than was stated on my credit file how?

 

Regards

[Realist]

My accounts with Welcome have all been settled before there downfall, lucky me but........

 

Looking at my credit file I see one account says settled but the other now says £2,195CR. Whats the CR is that credit and if so do they owe me another £2,195 or am I looking for a early christmas prezzy and why does this account not also say settled?

 

 

Regards

[postggj]

did you do an early settlement and welcome owning up to owing you a rebate?

 

i must be dreaming

 

did you do an early settlement

[Realist]

The account was settled using the PPI refund so in effect yes it was settled early.

[postggj]

well thats it

 

that excess is the ppi

 

its just who do they pass it on to

 

it cant be welcome elite brokers can it

 

welcome say they dont exsist

 

its just in limbo for a while

 

 

i take it when they did the ppi refund, you got it in writing the account was closed as a full and final settlement

[Realist]

Yes I have letters in hand stating so but the local office did call me a few weeks ago asking why I have not paid that month.

 

When I told them its been settled they said ok they will contact their people and have so far not heared a thing.

 

The other account shows settled but this one says £2,195CR.

 

Just baffles me why they cannot just say settled and be done with it.

[postggj]

try explaning that to the hmrc

 

there is a fraud investigation going on at the moment started by the fsa

 

its just they dont know where to hide it

 

if your account is marked as settled, its ended

so the account is in limbo

[Realist]

Welcome are and was a nightmare company to deal with but I had out of it what I wanted and that was to settle the accounts.

 

Hope the £2,195CR dont come back and bite me.

[postggj]

print off a copy of your credit file or book mark it to be on the safe side

[Realist]

I have a printed copy here just in case along with the letters from Welcome.

[emmck]

i would reccommend you getting a transaction list for both accounts. maybe they do owe you money or more likely they put all the rebate onto one account and left one still active not transferring the money over. this would be wrecking your credit rating as showing unpaid and they have just not transferred the money over.

[Realist]

Yes agreed but one account is showing as settled and the other is saying if Im right its £2,195CR which I think means in credit!

 

So instead of it showing £2,195 which is me owing them £2,195

It says £2,195CR (CR credit)

 

Am I right or wrong!!!

[postggj]

I Would Send Them A Letter With Both Acount Numbers And Getting Them To Confirm Both Accounts Are Closed

 

You Need To Get Some Thing In Writing

[emmck]

or ask for a full transaction list (statement) for both accounts as if one is in credit it would be obvious your owed money on the list. It will also show interest charged, all payments made and charges applied.