welcome finance help please! is it legal?

[lawfrodo]

hi, i'm new to posting on this forum. could anyone advise me please? my wife and i took out a joint secured loan with wf(our house is in my name) and then a new loan to pay the first off and give us more money etc. a few things seem like they may be dodgey about our loan agreement to me; on the second loan the wf agent signed as the witness, they said we had to take ppi etc to get the loan, even though my wife and i work as agency workers(and then they only put it in my wifes name), i did not sign a from saying that they could put a charge on our property and we have not recieved a letter from wf to say that they have, or a letter from the land registry saying that a charge has been put on our property.

 

do you think that any or all of these things would make our loan unenforceable?

 

and do you think that we have a case to reclaim ppi?

 

advice would be appreciated

 

regards, lawfrodo

Edited July 15, 2009 by lawfrodo

[42man]

You must start an official dispute and reclaim the PPI....!!

[lawfrodo]

Thanks for the reply.

 

if i start a dispute, do i need to keep up the monthly payments?

[lawfrodo]

Hi. i am about to start trying to reclaim miss-sold ppi etc on our secured wf loan.

 

how do i put the account into dispute?

 

do i need to keep the monthly repayments up to date while the accounts in dispute?

 

p.s. i spoke to our local wf office and asked about cancelling the ppi etc. they said something like; we should send the local office the request to cancel the ppi etc, which they will then forward to head office, then if they're going to refund it(which would be a partial refund), that they would do this by taking it off the balance of the loan which would reduce the term of the loan but not the monthly repayments!!!!! is that legal?

 

regards, lawrence.

[dx100uk]

i think you need to do a bit of reading upon the whole process.

 

if you go to the ppi forum

there is a nice sticky there in red called guidance notes.

 

have a read.

 

you do not need to put the A/C into dispute at all to do this PPI reclaim.

 

i would also not pay any attention to the bull the local rep is telling you.

 

reclaim it ALL and interst & the 8% stat.

 

and don't take NO for an answer.

 

dx

[lawfrodo]

hi, some details of our secured loan are on my other threads.

 

a few months ago, due to us having difficulty paying the installments of around £305.00 p/m on our loan, wf offered to let us pay £155.00 p/m with a view to re-write the loan for lower monthly repayments, the re-write did not happen(which i am glad of after looking into wf a bit more). now wf want the full monthly repayments and are saying the shortfall in monthly payments that has built up has been added to contractual arrears, which is now around £900.00.

 

we made the mistake of not getting the reduced payment arrangment in writing(the arrangment was made in the local wf office).

 

is there anything that can be done about this situation? as they say we are now paying mostly interest each month, and a local wf agent told me on the phone something about the head office wanting peoples arrears to be chased up for payment.

 

regards, lawrence.

[The wife]

to be honest i would continue making the reduced payments and let them put you through to their DCA lewis, at least when it gets that far no more charges can be added and you can pay what you are paying now without their charges being added...but thats the easy way out if you don't mind a poor credit rating.

 

your other option is to send in a SAR request as you should in theory get the phone call log too and your agreement of reduced payments will be logged on it then you can take it from there.

 

no doubt others will have better advice to give

[lawfrodo]

ok. will it be safe to let it go to their collection people or we be risking repossession as its a secured loan?

[The wife]

ah that might make a difference hopefully someone will be along shortly who can advise you better

[tiaposy]

I had the same with deferred payments. They are now saying the man in the office shouldn't have agreed to them and I should have known this!! I have sent them a SAR so I can prove the phone conversation.

[The wife]

tiaposy,

 

why would you know this?

 

the general public has absolutely no idea how welcome work..because they work to their own rules which they change at will!!!

 

muppets:mad:

[lawfrodo]

well i spoke to them today(local office) and told them i could not pay the usual £305ish, but i could pay £155.00 and i told them that i have been selling things etc to try to meet the payment. they took a payment from me for £150.00, and they said things along the lines of that i should try to borrow money off people i know, and/or sell things, so i can pay them, and told me that i have to pay the rest by friday 31/07/09 or they dont know what will happen to my account!!!

[The wife]

OMG its against trading standards or OFT guidelines to make you go further into debt to clear their debt...its great when you tell them that...can't remember the legislation for it...might have to go on a look for it.

[lawfrodo]

what address is it best to send the cca and ppi reclaiming/miss-sold letters to?

[EBOY]

I would bypass your local office. Go straight to the compliance team and logged a complaint. It's because the office is under pressure to meet targets. I would also log a complaint with the fos if compliance fail to respond to your complaint after 8 weeks.

 

Once the complaint is logged (i would include for the office to refrain from phoning seek increased payments while your complaint is being investigated.) This will buy you time. Get a subject access requests then claim back any fees charged plus interest.

 

You are in control. I don't have a secured loan but I stopped paying them completely last month. This month they phone and asked if I was making a payment this month and I said no but maybe when my complaint is satisfactorily dealt with. I won't receive another phone call to next month now. Don't let them bully you.

[lawfrodo]

ok, i will send a letter of complaint, and also cca request, sar, and ppi miss-sold letters and see how they respond. i am concerned that they might try to repossess our house though.

[EBOY]

It will take them time to go through the loop to repossess and you should be able to put enough delays in motion to stop them. The main thing is get things started.

[tedmaul72]

I sent mine to -

 

Welcome Financial Services

Compliance

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ

[lawfrodo]

had a call this morning from wf man from their local office asking me for an update on whether i can pay the rest of the payment this month, i said that i cant but will try to pay extra next month if i have enough money etc. he asked/suggested that/if we can refinance to settle the wf loan or arrears by getting another loan/remortgage, i said no as we have a fixed rate mortgage until 08/2010.

 

are they allowed to suggest things like that?

and how desperate are wf to suggest things like that!?

[lawfrodo]

i have sent a cca request on 31/07/2009 to compliance. now i would like to know, if wf do not comlpy within the 12+2 days, can i safely withhold payments considering that our loan is secured and in arrears?

 

would be grateful if someone can advise me on the legalities of this, or give advice based on their experience.

 

regards, lawrence.

[freakyleaky]

I can see you have 5 threads running in the welcome forum. Are they all concerned with the same issues?

[lawfrodo]

they are all about wf, but about different issues with them. some issues in the threads may overlap, but as new threads are posted etc some older threads go lower in the listings and dont always get read/answered. so to ask a specific question about our wf loan i have posted a new thread.

 

regards, lawrence.

[freakyleaky]

If your thread goes unanswered just post 'bump' on the thread and it will bring it back to the top.

Try and stick to one thread if possible.

Would you like me to merge any of your threads to keep things together?

[lawfrodo]

oh yes! i checked some of my threads, and i could have put this question on some one of them and brought the thread back up the list as you said.

 

yes, could you merge all my theads in order of posting with the title as the title of the first thread please?

 

thanks, lawrence.

[freakyleaky]

Unfortunately the threads will merge in order of individual posts.

I will go ahead and merge and you can let me know if there is anything you want removing for the sake of continuity.