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Please help me-Long posting re: Welcome Finance Loan Agreement


m2000
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Hello,

 

I hope you can help, I really am not sure where to start. I know, in hindsight, that I should not have touched Welcome wiht a very large barge pole, but that isn't going to help me resolve the issues.

 

Basically I took out a secured loan with Welcome in May 2007. This was done via phone with the Head Office in Nottingham. The loan was for £11,000 plus they added £1446.44 for various insurances.

 

The loan was all accepted and the insurance documents arrived. I decided I did not need the insurances so cancelled within the cooling off period. I didn't recieve a refund, instead Welcome said they would alter/recalculate my monthly payments to take care of the difference. Looking back over my records I have never had this confirmed to me.

 

Fast forward to September 2007, the local branch of Welcome call me saying do I want to 'top up' my loan as they are able to offer 'selected' customers a higher limit on borrowing.

 

Stupidly, I accepted the offer and they produced a new agreement , this time for £16347.91. This paid off the existing welcome loan and rolled the balance into a new one.

 

I was catagorically assured that the term of the loan would remain the same as the original one. On checking back and comparing the new agreement has a term of 180 months not 121 months!!!!

 

I have also discovered that the documents should have been signed within the branch, this didn't happen!!! I was sent the agreements in the post and was told to send them back, but the copy they sent back to me following me getting the cheque shows what appears to be staff member witnessing my signature!! how could they, I didn't sign it in front of anyone!!!!

 

I know this is a long post, and I know I have been pretty stupid and should have thoroughly checked things but at the time I wasn't in a particularly nice place financially or mentally. I really need to get myself back on track and move on with my life, hence I need your help!

 

Where do I start?

 

 

ps. The APR for both loans is 20.40 %!!!

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  • 2 weeks later...

wecome done that to me,,mine is a secured loan for 49,000.

I signed the original agreement in the branch with 7%APR, later got a letter with a new agreement sent out by post to my home saying could not be done at that rate and just sign and return credit agreement with an APR rate of 9% ( no signature witness,,)I think my agreement has flaws but I dont knw what to do

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I am yet another person taken in by these creeps.I would like to say thanks for all the useful advice and support there is on this site.

I am in the process of finding out if the top up loan I took out is enforceble.Perhaps someone on here might have had the same problem.

I stupidly have taken out secured loans.The agreement form has a heading to say its regulated by The Consumer Credit Act 1974 but I have since found out that as its over £25,000 I'm not protected.I signed in my lunch break on 27/02/2008 and have since found out the law changed in April 2008 to a higher figure.My question to Welcome is should they have given me another form and to make me aware of the serious consequences.I was given no prior paperwork and was told by callcentre staff they didnt have to as its over £25,000.Now me thinks that they new what they were doing.I've been told it may be a case of Misrepresentation.?Im also experiencing payment problems now like lots of us but ready for the fight.!!There not going to repossess my home.Would be interested to find out if anyone else has this problem.Thanks

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Hi - seasoned Welcome fighter here so will do everything I can to help. do you have copies of your agreement? If so can you take out your personal details but leave the figures in and post to photobucket and then post the url here I will look at them and see if I can see anything wrong with them.

 

Is your agreement secured? if so did you get the 7 day cooling off period required by law??

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wecome done that to me,,mine is a secured loan for 49,000.

I signed the original agreement in the branch with 7%APR, later got a letter with a new agreement sent out by post to my home saying could not be done at that rate and just sign and return credit agreement with an APR rate of 9% ( no signature witness,,)I think my agreement has flaws but I dont knw what to do

 

was this after you got your money - If so I hope you didn't sign it!!

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I have had the money yes and I signed this was back in 2007.I'm having payment probs now but have kept on paying as much as I can afford.

I have asked if they can stop the interest and was told by local branch manager he would do that and put it in writing...That was four weeks ago now! My account has now gone to the second stage and been tole i'm at risk of repossession.As I have no equity in the house and Im paying my first mortgage company ok. I know that if Welcome do take it further it will cost them and they could end up with nothing...

Will sort out my agreements later and post them..Also have found out they sent all my paperwork to someone elses address.The more I look into this the more I learn about their incompetence!

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I have had the money yes and I signed this was back in 2007.I'm having payment probs now but have kept on paying as much as I can afford.

I have asked if they can stop the interest and was told by local branch manager he would do that and put it in writing...That was four weeks ago now! My account has now gone to the second stage and been tole i'm at risk of repossession.As I have no equity in the house and Im paying my first mortgage company ok. I know that if Welcome do take it further it will cost them and they could end up with nothing...

Will sort out my agreements later and post them..Also have found out they sent all my paperwork to someone elses address.The more I look into this the more I learn about their incompetence!

 

As they will be the 2nd charge on your house it will not be easy for them to order a reposession so don't worry too much about that just now.

 

I hope you reported the breach of data prtection (sending your stuff to anohter address) to the Information Commisioner - if not you should do ASAP.

 

I will look at the agreements for you and see what I can see.

 

Have you checked the land registry to see that they have actually registered their charge against your house?

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  • 3 months later...

Hello Everyone,

 

Right, I have finally got myself some scanned in copies of the 2 agreements with Welcome Finance. (personal info has been deleted,)

 

To recap, here is my origional post outlining the situation:

 

Basically I took out a secured loan with Welcome in May 2007. This was done via phone with the Head Office in Nottingham. The loan was for £11,000 plus they added £1446.44 for various insurances.

 

The loan was all accepted and the insurance documents arrived. I decided I did not need the insurances so cancelled within the cooling off period. I didn't recieve a refund, instead Welcome said they would alter/recalculate my monthly payments to take care of the difference. Looking back over my records I have never had this confirmed to me.

 

Fast forward to September 2007, the local branch of Welcome call me saying do I want to 'top up' my loan as they are able to offer 'selected' customers a higher limit on borrowing.

 

Stupidly, I accepted the offer and they produced a new agreement , this time for £16347.91. This paid off the existing welcome loan and rolled the balance into a new one.

 

I was catagorically assured that the term of the loan would remain the same as the original one. On checking back and comparing the new agreement has a term of 180 months not 121 months!!!!

 

I have also discovered that the documents should have been signed within the branch, this didn't happen!!! I was sent the agreements in the post and was told to send them back, but the copy they sent back to me following me getting the cheque shows what appears to be staff member witnessing my signature!! how could they, I didn't sign it in front of anyone!!!!

 

I know this is a long post, and I know I have been pretty stupid and should have thoroughly checked things but at the time I wasn't in a particularly nice place financially or mentally. I really need to get myself back on track and move on with my life, hence I need your help!

 

 

 

 

This is the link to the first agreement i took out:

 

002-1.jpg picture by m2000_album - Photobucket

 

This is the link to the second agreement, which paid off the first loan:

 

http://s630.photobucket.com/albums/uu22/m2000_album/?action=view&current=001-1.jpg[url=http://s630.photobucket.com/albums/uu22/m2000_album/?action=view&current=001-1.jpg][/url]

 

 

Please can someone take a look at the documents and let me know your thoughts on how to proceed.

 

Cheers

M2000

Edited by m2000
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phone these people

 

ask what details they have on you ref welcome insurance

thats start date/finish and if any are still running

ask them to send details and be polite and civil

 

ive a sneaky feeling the insurance etc has not been cancelled

 

once the insurance is cancelled by you, you would have had to go into a welcome office and sign a agreement to modify the first

 

i bet that never happebed or and insurance rebate was credited to the second loan

 

Direct Group - Where Insurance and Innovation Combine - Home Page

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phone these people

 

ask what details they have on you ref welcome insurance

thats start date/finish and if any are still running

ask them to send details and be polite and civil

 

ive a sneaky feeling the insurance etc has not been cancelled

 

once the insurance is cancelled by you, you would have had to go into a welcome office and sign a agreement to modify the first

 

i bet that never happebed or and insurance rebate was credited to the second loan

 

Direct Group - Where Insurance and Innovation Combine - Home Page

 

 

Hi Postggj,

 

Many thanks for your reply, it really is appreciated. I just didn't know where to start with all this.

 

When I cancelled the insurance I did it by telephone I think, I cannot recall signing anything.

 

Then, when the new agreement (for the latest, increased loan) was signed, from what I can remember there was no breakdown as to what was being paid off regarding the previous loan agreement. I know I should have thouroughly checked and questioned everything, but at the time there was a lot going on with my personal life and i was a bit of a mess! Need to get it all sorted now though, onwards and upwards...

 

I will ring Direct Group tomorrow and report back. Is your gut instinct that there is something a miss?

 

Thanks once again

m2000

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Hello,

 

I have spoken with Direct Group today. They brought my record up on the screen and said that there was indeed a 'Credit Protection Insurance' policy on the first agreement. She stated that this was cancelled before policy documents were issued.

She said any further enquiries need to be sent to Welcome Finance as she is unable to see any dates/notes/amounts etc.

 

I can remember calling Welcome to say I wanted to cancel the Insurance on the first loan, (think it was within 14 days as this was the time period during which i could cnacel PPI.) Welcome said they would amend the agreement to reflect the cancellation, I cannot recall seeing anything since then, and certainly didnt sign a new agreement following the cancellation.

 

Fast forward and I take out a new 'top up' loan following a phone offer from them. They consolidated the previous loan into the new one, however I know I didnt see a breakdown/settlement figure. (silly i know!)

 

Not sure where I stand here really...

 

Where do I go from here? further advice would be very much appreciated.

 

Thanks as always, M2000

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Hi M2000

 

you have a similar situation to me...

 

Post has had some technical hitches this week, but im sure he will be along as soon as poss...in the meantime have you requested a SAR from compliance department at nottingham?

 

b-o-2

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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migt be an idea to get one of the mods to move your thread over to the main welcome thread!!!

 

b-o-2

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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m2000

 

seems to me direct group have cancelled the ppi etc

knowing welcome like i do, they prob still charged you for it and still paying no doubt

 

as bo2 has stated

have you sent off an sar to compliance in nottingham.

realy need to see the agreements and if welcome charged you when it was cancelled,

 

the agreement will be crap and goodby welcome

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m2000

 

seems to me direct group have cancelled the ppi etc

knowing welcome like i do, they prob still charged you for it and still paying no doubt

 

as bo2 has stated

have you sent off an sar to compliance in nottingham.

realy need to see the agreements and if welcome charged you when it was cancelled,

 

the agreement will be crap and goodby welcome

 

 

Hi All,

 

I will fire over a SAR asap. Is there a template for this? does it need to go recorded so I can prove date sent etc?? is there a specific address?

 

Sorry about all the questions, just want to try and get it right first time!

 

Thanks as always

M2000

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http://www.consumerforums.com/resources/templates-library/48-bank-templates/110--data-protection-act-1998-subject-access-request-

 

send by recorded delievery to

 

welcome financial services

compliance

ruddington fields business park

ruddington

nottingham

ng11 6nz

 

enclose a £10 postel order

 

print dont sign

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Has anyone had the following happen...

 

Sent my SAR and postal order on Monday to Compliance at Welcome in Nottingham, sent it recorded delivery.

 

Just gone onto the Royal Mail website to track the letter, type in the reference and it says:

 

"Your item with reference DVXXXXXXXGB was delivered from our CLIFTON Delivery Office on 04/08/09 . "

 

Then in the signature bit, it has a scribbled " X "

 

Clearly no one wanted to sign their actual name, is this a common occurance with large companies???

Edited by m2000
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Hi,

 

Something like this happened to me. And of course it is Welcome... On the POD it is a scramble that no one in this world can read... Only one thing that I've received a letter from Compliance confirming the receipt. But now is the next step - couple of people at Welcome are saying that documents have been posted via recorded delivery on 6th Aug, but when I've asked for a tracking number no one can provide it... oops..

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