Welcome Finance- Massive Fees

[nathal]

Back about a year ago, i took out a secured loan with welcome finance.

I borrowed £7,500, but 6 months later when i paid it off i paid back in excess of £10,000.

 

The charges were for ppi which i had to take and a redeeming fee of about £2000.

 

can i claim back these charges

has anyone had any dealings with welcome that can assist

[maddyrose1664]

I wasn't aware that ppi could be made compulsory. I'm pretty sure that it is an extra service and if you haven't asked for it you should be able to get it back. I'll try and find out and get back to you.

[Ihatebanks]

I had dealings years ago with WF at that time if you didn't take PPI you didn't meet their lending criteria of course they never came out directly and said this more the way it was implied

[maddyrose1664]

I knew it. Look at this FSA - Consumer Information - Insurance

 

Look at the orange box at the bottom. It says "You don't have to take out PPI to get a loan." So, if you were forced to take ppi, they have broken the FSA rules and will get into big trouble. You will be able to get your ppi payments back.

 

I have seen some other posts I think in the Egg forum about people claiming back their ppi.

[nathal]

i did sign for ppi but i didnt want it.

 

at the end of the day i did sign!!!!

can i still claim it back

[steveoram1]

The FSA took over regulation of General Insurance products in Jan 2005. All finance companies are very scared of complaints to the FSA as they can levy unlimited fines. I would threaten an FSA complaint on the basis that you did not require PPI and were mis-sold it at the time of taking out the loan. Send a letter similar letter to an LBA threatening an FSA complaint - wouldn't hurt to also threaten a letter to the OFT (Not fit & proper to hold a CCL) as well. Should do the trick.

[TBeckett100]

they told me before i signed an 80%apr deal that it would help me get approved, afterwards i see that box that said it wasnt compulsory.

 

i cancelled it.

 

shame cos the sales rep would have got a hefty clawback,

[steveoram1]

Welcome operate on a no debit back arrangement with garages in respect to finance so the commission wouldn't have been clawed back. They pay the worst commission in the industry and are a total shambles to deal with - I have to deal with them every day. Because they are often the lender of last resort for a lot of people Welcome know that garages don't have the option of arranging the finance elsewhere so they can pretty much do as they like. Also they very rarely county court customers because all of their repos go to their own branches where they sell them on to another customer on finance and as far as I know there is something in the law where they can't chase a previous customer for a debt when they have a new deal secured on the same asset - perhaps one of the mods could look into this and confirm whether it's true.

[maddyrose1664]

I agree. Definately threaten them with an FSA complaint. They don't take too kindly to mis-selling ppi.

[nathal]

excellent thanks

[nathal]

Just received statement account for loan agreement with welcomefinance.I just went into local branch and requested this info. Ive looked at account details and cant make sense of it. Only thing is, for a failed dd they have only charged me £20, i say only as this is cheaper than the banks charge.

There are alot of £5.00 fees which i dont know what for.Also MD and penalty fee for settling early.also ppi which i didnt want(£200)

Could anyone make sense of these statements.

[leedslad]

just got my statements of welcome finance iv noticed everytime i pay 200 pound of my bill which i have done for 2 years solid every month they charge me around 150 in fees so im only paying 50 quid off my loan every month i still owe 3900 of a 5000 grand loan from 3 and half years ago. missed 10 payments right at the start but this is madness i worked it out on the statement that there are 2500 in fees can send em a settlement cheaque

[leedslad]

of 1400 and tell em to get lost???????????????

[rmckenzie65]

hi, i had an agreement with welcome for a £4000 car and with insurance`s etc (insurance made up around £6000) i had to pay back around £12000, after about 7-8 months i fell behind with my payments so they asked me to come into the office and sign an agreement to cancel the insurances and therefore reduce my monthly payments. i have been paying this new agreement for a year now and yesterday got a statement. after cancelling the insurance it turns out they have just boosted the loan for the car which they did not tell me about. for a £4000 car they want £9489.72 back at £112 a month for 7years!!! can they do this and what can i do? please help!

[gandalf haggins]

They can do whatever you signed on the dotted line for...

[Helen89]

Is the £150 fees interest on the agreement? (sometimes shown as capitalization on a statement) If so this should reduce slightly every month meaning that eventually it is paid off. If you have missed 10 payments then the amount you will be paying back will be alot more than you may have first thought as the interest is calculated on the total balance every month (including the arrears) meaning that the interest at this point in the loan is much higher than it should have been. My advice is offer them a short settlement if you can afford it or start increasing your payments (even if only slightly) to bring the arrears down so the interest is not as high.

 

just got my statements of welcome finance iv noticed everytime i pay 200 pound of my bill which i have done for 2 years solid every month they charge me around 150 in fees so im only paying 50 quid off my loan every month i still owe 3900 of a 5000 grand loan from 3 and half years ago. missed 10 payments right at the start but this is madness i worked it out on the statement that there are 2500 in fees can send em a settlement cheaque

[dx100uk]

did they refund you the mis-sold ppi

and have you reclaimed all the unlawful telephone/letter and cats died fees they lump on people.

 

went they canelled the ppi did they refund the unpaid ppi off the balance of the new agreement first.

i bet you are paying the interest on the ppi still.

 

please be aware we have spies do not be tempted to give ANY details if you get a PM .

 

dx