Welcome Finance secured loan

[iconoclash]

Hi - any advice pls -

 

 

my friend has fallen behind with her payments and

Ive suggested she has a claim against this company anyway so have drafted some letters for her.

 

 

She has now received a response but I'm not at all sure they are correct.

 

 

In essence its a secured loan of £10k with an Acceptance Fee of £215, a mortg. indemnity Fee of £1100,

and optional PPI of £2513.55, two further insurances of £380 and £125 respectively, totalling £14333.55.

 

 

All the loan details are in one column followed at bottom by APR of 26.9 over 84 months.

It is also variable but has never been varied by WF.

 

 

I think it is crap but they say its fine as it was set up in 2002 and as its variable they dont have to give a total charge for credit.

They say the Arrangement fee is not a document fee.

They say the term credit need not be used and refer to sch. 6 para 1 of the CCA Regs.

and that Ocwen Hughes case confirms this.

 

 

They also say that Wilson First County Trust refers to totals within a total charge for credit

and since there isnt any on this document then it cannot apply either

and in conclusion the contract stands. ????????????

 

 

any knowledgeable people pls let me know if this is really a heap of **** or what:-)

[iconoclash]

welcomeFin.docHi - this is the document concerned re above query - thanks

[iconoclash]

any takers?????

[felixfly]

Hi

 

Were they given a cooling off period when they applied for this loan? If so how long? How did they apply, was it initially over the phone?

[iconoclash]

Hi there - when she first spoke about this I seem to recall that she'd spoken on the phone and then had to go to an office to sign the papers - but - I notice on her agreement that it refers to a "further advance" , so perhaps this was rolling up a previous loan?? will try to get hold of her to confirm. Does this mean that it is linked? or that there should be full details of paying off previous loan with this one etc ?? - sorry, only guessing here at present - will come back soonest - many thanks

[iconoclash]

Hi - apparently this was set up by phone and post. The pre-contract document was changed at final stage by them so that the first named party became the wife not the husband (partner) no further advance, just a first loan, they said it was changed because of the man's employment and/or possibly to do with his not being a british citizen, but, nothing ever seen by them re securing on property either. thanks.

[iconoclash]

Hi - my friend is challenging her WF secured loan agreement with my help and Im certain that it does not comply - after sending all the letters and asking them to deal in writing only today there was a new turn of events.

A man arrived at her door and stated that WF are offering a 50% discount on balances if they pay it off - they felt that she owed about £3k and that her claim was roughly the same so would she kindly agree to call it quits.! Yeah sure, after theyve paid over 30,000 pounds to them for a 10k loan and three mis-sold insurances and a MIG and an arrangement fee!! and then theres the interest.... dont think its gonna be that easy mate

[iconoclash]

bump

[postggj]

its cattles fighting for survival

 

they need every penny

 

do you have a copy of the agreement

[iconoclash]

URGENT ******SERIOUS****

 

Hi - re WF weve had a letter back and its threatening.

In our last letter we talked about the FSA fining them but might have got that wrong - I thought I read somewhere that theyd been fined but now Im looking at this thing dated 12 March 2009 online about Cattles and WF FD Peter Miller, John Blake: managing director, and Mick Belcher operations director, being suspended. Right.

 

In Welcomes letter they say:

 

"In your letter you say 'blah'...... We can advise you that this is not the case further we would advise you that we shall be watching your activity very carefully in the future, and, should we suspect that any dissemination of such false and potentially damaging accusations has been carried out by yourselves, such activity will be severely dealt with. Please take this notice very seriously. In conclusion we assert that there is no breach of the consumer credit act and we do not need a declaration from any court to maintain the enforceability of this agreement......"

THIS IS A THREAT ISNT IT??

[postggj]

this is desperate from welcome

 

yes they were suspended for irregualities

 

who sent that letter

 

was it from compliance

 

 

can you post the letter and the original that you sent

 

they must be desperate

 

why are you challenging the agreement

 

does it lack perscribed terms etc

[iconoclash]

Hi - yes we are challenging this agreement on the grounds that the total is mis-stated as it includes everthing with interest and has not been separated out, also the three insurances were mis-sold, and since then despite them having been paid for, WF now say the two of them were cancelled by the customer a long time ago. ?! This is a 7 year contract made in 2002. Im thinking that the 2000 Regs apply. They were told to make all contact in writing but have been phoning and sent a rep round to the house and that rep said they were offering this 50% off thing, as previously mentioned, whilst this new letter was winging its way to us from Christopher Palmer, Legal Compliance Officer. So - as they are "watching all activity very closely" we can presume they are reading CAG and can provide some clarification. Not likely - this is their FINAL RESPONSE - quote - so in other words they are just going to ignore us now unless we go to court. Also - they swapped the first and second applicant names in between pre-contract and final contract leaving one party not covered. Cant see to sort out this image so you can see it properly??

Edited May 21, 2009 by iconoclash
additional text

[postggj]

i think mr palmer should come out of his office and get into the real world

 

def need a new suite though

 

the agreement is to small

 

can you repost using photo bucket, google it

 

use the upload link for message boards with out thumbnails

 

 

did it mention final response in the letter

 

can you post the letter

 

pm me it if needed

 

 

mr palmer has not been having much luck in court as late

 

shame

 

 

have you done an sar

 

by the way

 

typical hot air from nottingham

[Guest suziedarkness]

subbing with interest.

 

from another welcome lover (not!!!)

 

Suzie