Welcome finance early settlement issues

[Sol]

Your next course of action should be a complaint to the Information Commissioner as they've breached the Act. Did you get it signed for?

 

What's your complaint regarding? You may be able to report them to the FOS as well.

[prudent]

already logged a complaint with the information commissioner and FOS. but from the last conversation i had on the phone with them, they do have months of backlog... And my problem is that the more this drags on, the more interest i incur.

 

Complaint detail:

Request for early settlement figure in Jan 2009. didn't receive this till yesterday, legally they have seven days to respond, so i think the settlement calc should be backdated to Jan, as i should't be paying 3months more worth of interest (59.39apr) due to welcoms in ability to supply settlement figure.

 

Settlement figure calculated wrongly usig rule 78 (loan taken in 2007). No interest rebate deduction taken into account on the figure supplied.. They basically deducted the total (loan+chg for credit) from payment to date.

 

No response SAR

 

And finally charges reclaim

[Sol]

Right well you shouldn't worry about interest and charges being added as the account is in dispute with the FOS. Even if WF do continue to add charges etc, which they probably will, you can ask them to remove them, depending on the outcome of your complaint.

 

It's just a waiting game now.

[andie_303]

I have used court with them - wasn't waiting for FOS - if you can't do it in Scotland perhaps your mums address is the best way round this.

[IdaInFife]

I donlt know if that would work because for them to bring action on you in scotland you have too have resided up here for 3 months so i think something similar would apply down there maybe someone could clarify

 

ida x

[prudent]

I have let these people drag this on for so long due to been pregnant and not having the energy to take this to court at the time, but having given birth 2wks ago, Welcome here i come... At the moment logged the query with OFT, but welcome still keeps harrasing me for money, yet not dealing with my query.

 

I have been requesting for a settlement figure from Welcome since January and they seem to either completely ignore my letters or take 2-3months to reply.

 

I had notified Welcome In january that i would like to settle my account by 31/03/09 before going on maternity leave. And due to never receiving any statement from them since the beginning of the loan, i had no idea of the loan balalnce. i chased for a statement from Jan, followed by SAR request due to no response from welcome. Finally received a statement and SAR request 3mths later.

 

Still chasing for settlement figure, finally received one in April, but queried the fact that no early settlement interest rebate had been deducted (Response received 3days ago (3mths later) despite consumer credit 2004 reg.. stating that it is a criminal offence not to reply in 7days any qery on settlement figure). Their calclation was a case of full loan amount as per agreement(2500) + Acceptance fee(75)+total charge for credit as per agreement (2159.36). All adding up to 4734.36. All they did was deduct payment to date from 4734.36. In other words, despite settling early, i am still paying the loan interest in full to the last day. Despite 2004 consumer credit reg. saying otherwise. Please can anyone who has good knowledge of this help me out here please.....

 

 

Other Issues:

• Settlement figure to be backdated to 31/03/03, as i don't believe i should be subject to more interest due to welcomes delay tactics and inability to respond to customers letters.
  
• Any further interest or charges that might have been applied to my account since the 31.03.09 to be taken off.
  
• All penalty charges from the start of the loan to 31.03.09 to be taken off (110). As these are disproportionately high and therefore they are contrary to the Unfair Terms in Consumer Regulations 1999. In addition I believe that your charges are a Penalty. Penalty charges are irrecoverable at common law. - I am not too fussed about this one though....
  
• All expenses and incurred & distress suffered during late preganancy due to welcome's incompetence. Welcome has failed every step of the way to follw regulations by either completely ignoring my letters, SAR reqeuest, settlement figure, settlement fig query, etc in accordance with consumer credit act and other related regulations
  
• Any adverse info filed on my credit file due to welcomes incompetence in supplying settlement figure be removed.
  

[prudent]

I have let these people drag this on for so long due to been pregnant and not having the energy to take this to court at the time, but having given birth 2wks ago, Welcome here i come... At the moment logged the query with OFT, but welcome still keeps harrasing me for money, yet not dealing with my query.

 

I have been requesting for a settlement figure from Welcome since January and they seem to either completely ignore my letters or take 2-3months to reply.

 

I had notified Welcome In january that i would like to settle my account by 31/03/09 before going on maternity leave. And due to never receiving any statement from them since the beginning of the loan, i had no idea of the loan balalnce. i chased for a statement from Jan, followed by SAR request due to no response from welcome. Finally received a statement and SAR request 3mths later.

 

Still chasing for settlement figure, finally received one in April, but queried the fact that no early settlement interest rebate had been deducted (Response received 3days ago (3mths later) despite consumer credit 2004 reg.. stating that it is a criminal offence not to reply in 7days any qery on settlement figure). Their calclation was a case of full loan amount as per agreement(2500) + Acceptance fee(75)+total charge for credit as per agreement (2159.36). All adding up to 4734.36. All they did was deduct payment to date from 4734.36. In other words, despite settling early, i am still paying the loan interest in full to the last day. Despite 2004 consumer credit reg. saying otherwise. Please can anyone who has good knowledge of this help me out here please.....

 

 

Other Issues:

• Settlement figure to be backdated to 31/03/03, as i don't believe i should be subject to more interest due to welcomes delay tactics and inability to respond to customers letters.
  
• Any further interest or charges that might have been applied to my account since the 31.03.09 to be taken off.
  
• All penalty charges from the start of the loan to 31.03.09 to be taken off (110). As these are disproportionately high and therefore they are contrary to the Unfair Terms in Consumer Regulations 1999. In addition I believe that your charges are a Penalty. Penalty charges are irrecoverable at common law. - I am not too fussed about this one though....
  
• All expenses and incurred & distress suffered during late preganancy due to welcome's incompetence. Welcome has failed every step of the way to follw regulations by either completely ignoring my letters, SAR reqeuest, settlement figure, settlement fig query, etc in accordance with consumer credit act and other related regulations
  
• Any adverse info filed on my credit file due to welcomes incompetence in supplying settlement figure be removed.
  

[prudent]

I have let these people drag this on for so long due to been pregnant and not having the energy to take this to court at the time, but having given birth 2wks ago, Welcome here i come... At the moment logged the query with OFT, but welcome still keeps harrasing me for money, yet not dealing with my query.

 

I have been requesting for a settlement figure from Welcome since January and they seem to either completely ignore my letters or take 2-3months to reply.

 

I had notified Welcome In january that i would like to settle my account by 31/03/09 before going on maternity leave. And due to never receiving any statement from them since the beginning of the loan, i had no idea of the loan balalnce. i chased for a statement from Jan, followed by SAR request due to no response from welcome. Finally received a statement and SAR request 3mths later.

 

Still chasing for settlement figure, finally received one in April, but queried the fact that no early settlement interest rebate had been deducted (Response received 3days ago (3mths later) despite consumer credit 2004 reg.. stating that it is a criminal offence not to reply in 7days any qery on settlement figure). Their calclation was a case of full loan amount as per agreement(2500) + Acceptance fee(75)+total charge for credit as per agreement (2159.36). All adding up to 4734.36. All they did was deduct payment to date from 4734.36. In other words, despite settling early, i am still paying the loan interest in full to the last day. Despite 2004 consumer credit reg. saying otherwise. Please can anyone who has good knowledge of this help me out here please.....

 

 

Other Issues:

• Settlement figure to be backdated to 31/03/03, as i don't believe i should be subject to more interest due to welcomes delay tactics and inability to respond to customers letters.
  
• Any further interest or charges that might have been applied to my account since the 31.03.09 to be taken off.
  
• All penalty charges from the start of the loan to 31.03.09 to be taken off (110). As these are disproportionately high and therefore they are contrary to the Unfair Terms in Consumer Regulations 1999. In addition I believe that your charges are a Penalty. Penalty charges are irrecoverable at common law. - I am not too fussed about this one though....
  
• All expenses and incurred & distress suffered during late preganancy due to welcome's incompetence. Welcome has failed every step of the way to follw regulations by either completely ignoring my letters, SAR reqeuest, settlement figure, settlement fig query, etc in accordance with consumer credit act and other related regulations
  
• Any adverse info filed on my credit file due to welcomes incompetence in supplying settlement figure be removed.
  

[prudent]

I have let these people drag this on for so long due to been pregnant and not having the energy to take this to court at the time, but having given birth 2wks ago, Welcome here i come... At the moment logged the query with OFT, but welcome still keeps harrasing me for money, yet not dealing with my query.

 

I have been requesting for a settlement figure from Welcome since January and they seem to either completely ignore my letters or take 2-3months to reply.

 

I had notified Welcome In january that i would like to settle my account by 31/03/09 before going on maternity leave. And due to never receiving any statement from them since the beginning of the loan, i had no idea of the loan balalnce. i chased for a statement from Jan, followed by SAR request due to no response from welcome. Finally received a statement and SAR request 3mths later.

 

Still chasing for settlement figure, finally received one in April, but queried the fact that no early settlement interest rebate had been deducted (Response received 3days ago (3mths later) despite consumer credit 2004 reg.. stating that it is a criminal offence not to reply in 7days any qery on settlement figure). Their calclation was a case of full loan amount as per agreement(2500) + Acceptance fee(75)+total charge for credit as per agreement (2159.36). All adding up to 4734.36. All they did was deduct payment to date from 4734.36. In other words, despite settling early, i am still paying the loan interest in full to the last day. Despite 2004 consumer credit reg. saying otherwise. Please can anyone who has good knowledge of this help me out here please.....

 

 

Other Issues:

• Settlement figure to be backdated to 31/03/03, as i don't believe i should be subject to more interest due to welcomes delay tactics and inability to respond to customers letters.
  
• Any further interest or charges that might have been applied to my account since the 31.03.09 to be taken off.
  
• All penalty charges from the start of the loan to 31.03.09 to be taken off (110). As these are disproportionately high and therefore they are contrary to the Unfair Terms in Consumer Regulations 1999. In addition I believe that your charges are a Penalty. Penalty charges are irrecoverable at common law. - I am not too fussed about this one though....
  
• All expenses and incurred & distress suffered during late preganancy due to welcome's incompetence. Welcome has failed every step of the way to follw regulations by either completely ignoring my letters, SAR reqeuest, settlement figure, settlement fig query, etc in accordance with consumer credit act and other related regulations
  
• Any adverse info filed on my credit file due to welcomes incompetence in supplying settlement figure be removed.
  

[IdaInFife]

Hi Prudent you seem to know wxaclty what is required,

 

If i was you i would be putting everything down in wiriting and send it recorded delivery to their head office, not your branch detailsing everything you have stated on here and see what their response is

 

ida x

[prudent]

hi ida, i have done that all the way through: two copies of each letter is sent everytime by recorded delivery, one to headoffice, one to branch. I am however looking for some confirmation on my thoughts on settlement fig. as all i know is based on my personal research so far.

Welcome really is a nightmare of a company to deal with.

[T2upNorth]

Sorry to butt in -

one of the reasons Welcome delay when dealing with people who know the law is they are in serious financial trouble. They appear to be concentrating all efforts in trying to grab as much cash from less knowledgeable customers, where they are more likely to get away with additional charges and dodgy terms. Take a look at the sub thread "Welcome Finance" for more background...

 

T2

[prudent]

Spot on T2. They really are a miserable company to deal with....no regards whatsoever for reglations from my experience with them. Surely it doesn't take 3mths to reply a simple letter..... I had no knowledge of any of these things before, but dealing with welcome, i had to learn quick...