Suspended AOE with Welcome but Set Aside CCJ Hearing - Confused?

[loobyloo35]

bump

[Dipply75]

They charged you 6K interest on a 7K loan?! WTF!

 

A few things need answering...why they required to secure a 7K loan, why it is listed as full cash advance when it obviously wasn't, and the figures don't seem to add up for me (but I ain't great at that lol)

 

You really need a bank statement showing how much cash advance you actually received then... also THEIR statement showing the starting balances etc as this will show what the £7k really did and their 'Statement of Price' which will shwo you their breakdown of your payments.

 

You also need a statement showing the original car loan being cleared.

 

Also request a copy of the security to prove they HAD a legal charge on your home (then) and see if they had any claim to money from the sale of the property....

Edited July 31, 2009 by Dipply75

[Dipply75]

Hey guys....secured loan...should this not have had the 7 day cooling off period?

[loobyloo35]

They charged you 6K interest on a 7K loan?! WTF!

 

A few things need answering...why they required to secure a 7K loan, why it is listed as full cash advance when it obviously wasn't, and the figures don't seem to add up for me (but I ain't great at that lol)

 

You really need a bank statement showing how much cash advance you actually received then... also THEIR statement showing the starting balances etc as this will show what the £7k really did and their 'Statement of Price' which will shwo you their breakdown of your payments.

 

You also need a statement showing the original car loan being cleared.

 

Also request a copy of the security to prove they HAD a legal charge on your home (then) and see if they had any claim to money from the sale of the property....

 

I have a statement at home which I will put on here this evening and see if you can work out what they have done. The statement doesnt show the 1st loan being cleared, merely what I have borrowed in one lump sum.

 

I am disputing the 7k which was one of the reasons for the CCJ getting set aside.

 

Would I need to request the statement clearing the first loan from Welcome or the Solicitors that I am paying? What happens if they have no record of this when I know for a fact the 1st loan was paid off with this one?

 

The sale of the property is irrelevant as the monies from the sale went to pay off the mortgage and only the mortgage, there were no available funds after this.

 

LL

[loobyloo35]

Hey guys....secured loan...should this not have had the 7 day cooling off period?

 

I agreed to the secured loan at the time as this was the only way I could get a loan as my credit file at the time was shot to pieces.

[Dipply75]

I agreed to the secured loan at the time as this was the only way I could get a loan as my credit file at the time was shot to pieces.

 

OK, fair enough to agree to it being secured to get the loan but they still have to give you 7 days cooling off period by law,

 

Daft question but when you paid off the original car loan, was it HP did you then keep the car? (ie not have to hand it back or anything?)

 

Not trying to be nosey, just to see exactly what they've done to you

[Dipply75]

The sale of the property is irrelevant as the monies from the sale went to pay off the mortgage and only the mortgage, there were no available funds after this.

 

Aaah, got you.

 

Would I need to request the statement clearing the first loan from Welcome or the Solicitors that I am paying? What happens if they have no record of this when I know for a fact the 1st loan was paid off with this one?

 

Is the solicitors Howard Cohens by any chance?

 

I have a statement at home which I will put on here this evening and see if you can work out what they have done. The statement doesnt show the 1st loan being cleared, merely what I have borrowed in one lump sum.

 

Very interesting, so what happened to the 1st loan in their system then, hmm. Can you remember, or have a bank statement showing how much in actual cash you did receive from the secured loan?

[loobyloo35]

OK, fair enough to agree to it being secured to get the loan but they still have to give you 7 days cooling off period by law,

 

Daft question but when you paid off the original car loan, was it HP did you then keep the car? (ie not have to hand it back or anything?)

 

Not trying to be nosey, just to see exactly what they've done to you

 

Ask away don't worry especially if you are able to help I am more than happy to provide the info.

 

Basically, I took out a CAR loan with them and the money was against the car. It was bought from a car dealership. The reason I paid off the 1st loan was to upgrade the car so the 1st loan was paid off with the 2nd one and apparently they can only secure £x amount on a car loan and anything higher needed to be secured, hence why it was put against my property BUT any car that I purchased with that money was free from debt.

 

Does that make sense? LL

[loobyloo35]

Is the solicitors Howard Cohens by any chance?

 

Very interesting, so what happened to the 1st loan in their system then, hmm. Can you remember, or have a bank statement showing how much in actual cash you did receive from the secured loan?

 

No its Young & Pearce based in Notts.

 

I don't know what happened to the 1st loan I guess I would need to get hold of the paperwork, but checking my Equifax report, the loan is shown as settled at the same time as the new one started

 

To be honest I cannot even remember who I was banking with when I took the loan out, it might have been Nationwide but would need to revisit old bank statements.

 

The car that I purchased was £6,000 and I traded in my old car at the same time, from memory I got £1,500 for it so £4,500 would have been used as cash and the remainder to pay off the 1st loan.

 

LL

[IdaInFife]

looby you have left you address on the second link,

 

ida x

[citizenB]

looby you have left you address on the second link,

 

ida x

 

Have removed 2nd link which contained an address.

[loobyloo35]

Update...........

 

I have been paying this debt at £30 per month given that there is no legal obligation for me to pay this (CCJ was set aside), the Courts actually told me that I didnt need to pay unless they got a further CCJ set against me.

 

Anyway, I missed a payment last month due to my son starting secondary school and far too much money being spent on uniform etc. etc., etc.

 

I have now received a letter from them threatening me with legal action if I dont pay this £30!

 

I feel like writing back and telling them to get lost given there is no CCJ and therefore I am paying this off my own back and not because I have to!

 

Clearly I cannot just tell them to get stuffed as much as I would like to as it might prompt them into getting another CCJ against me, however, is there a letter I can send them to tell them to politely get lost given they do not hold anything on me to pay this as the CCJ was set aside?

 

I also need to know how much of this debt needs to be paid off as approx £6k was interest and the debt is now double the original offer!

 

The pages were scanned in but no one has come back to me unfortunately so any help greatly appreciated, thanks LL

[citizenB]

loobyloo, I am not sure what you are asking.

 

You say the Court advised there was no need for you to pay this money back, but you are doing so anyway ?.

 

Having missed what is purely a voluntary repayment, the company is now threatening legal action.. is that a correct summary of the situation ?

 

Did the court give you anything in writing ?

[loobyloo35]

Basically I am paying voluntary so that I do not get hit with another CCJ as I agreed to part of the debt just not all of it.

 

And yes your assumption above is correct, thanks for replying

[IdaInFife]

right you need a plan of action the interst and charges are sky high

 

1st send welcome a sar

 

inlcude in it that you want copies of all agreements you have had with them. knowing welcome they wuld have made sure you took PPI on the first loan so incude that you want details of all PPI payments and charges and copy of the underwriting sheet as well

 

we need you to rescan the agreement you have but block out all your personal details on it this time.

 

Ida x

[loobyloo35]

ok thank you I will get on the case

[citizenB]

Ida has you on the right track.. good luck.