Welcome want to re-write my loan?..please help

[ajpoolshark]

Hi, I've fallen 3 months in arrears on my welcome finance loan (taken out nov 07 - payments £200 per month) due to long term injuries which are hampering my income potential as I'm self employed)...Anyway, a chap phoned up saying that he was from their collection team (OFB Branch) demanding payment...I mentioned that my income was down, but dont want to default any further. He then said I'd have to have the load re-written, lower interest but over a longer time period, thus a lower monthly payment....I managed to make a token payment of £65 last month, but am unable to pay the same this month...Is it best then to have the loan re-written?.....are there any other avenues I can persue?

[The wife]

hi AJ do not get the loan re-written...under any circumstances, write to them or contact your CAB and get them to make a reasonable offer on your behalf...one you know you can manage.

 

after that another more experienced member will be able to give you better suggestions, you might be advised to CCA and SAR welcome, which will cost you £11 total, £1 for the CCA which will mean they have to send you an original copy of your loan they have 12+2 days in which to send you the copy, if they fail you can put the loan into dispute..thus no more payments for a little while at least, the SAR will give you all your account details, the comings and goings in your account like charges, phone calls etc they have 40 days to comply with this.

 

Did you get PPI? if so, being self employed it is no doubt invalid, you can reclaim that too.

 

wait for others more clued up to fill you in better but they are my initial hints and tips.

Good luck

[ajpoolshark]

Hi, I had a visit from a WF doorstep collector this morning demanding payment on a WF unsecured loan....I told him that will only deal with WF in writing...he was quite rude and agressive, and am wondering if there's any action that I can take against WF?......Brief history is that I took out a personal loan with WF in sept 07, it was then re-written in mar 08, I was making regular monthly payments until June this year where it fell into arrears (now 3 months)...I had a phonecall from LMB saying that I'd have to go into my local branch and get the loan re-written again to stop legal action being taken against me for non-payment..I decided against having it re-written, and was told that LMB would be back in contact shortly (3 months ago)...I've had numerous missed calls from welcome (at least 3 per day) but decided not to respond until I had something in writing from them (still havent received anything in writing)...I've got no problems in paying the loan (providing its enforcable) but cant pay the £200+ monthly payments...the most I can afford at the moment is £50, is this a reasonable offer?.....I'm going to send a CCA request of to WF in the mean time...I've scanned copies of the agreements that I've got, I would be very greatful if anyone can spare a few moments to have a look at them for me (to my untrained eye, they look enforcable)

 

thanks!

 

http://i645.photobucket.com/albums/uu176/ajpoolshark/welcome/1stcreditagreement-welcome.jpg

 

http://i645.photobucket.com/albums/uu176/ajpoolshark/welcome/TCs.jpg

 

http://i645.photobucket.com/albums/uu176/ajpoolshark/welcome/loanagreement2.jpg

[steven4064]

These are too small to read easily. However, they lookm like a standard Welcome loan agreement. These are usually enforceable if there is no insurance on it.

[minmac]

Also as the loan was taken out in sept 07 I dont think you can use the unenforceable road.

 

 

However if 50 is all you can afford then just pay them that. Dont let them bully you into an amount you cant afford, they will push for as much as they can because welcome finance are in deep trouble at the moment and branches are closing left right and centre so they need every penny they can get.

 

Turn off your voicemail and dont answer their calls as they charge you everytime they call and speak to you.

Also if they come back to your door dont confirm its you as they charge you for that also.

 

Oh, if they refuse the £50 pm pay them it anyway by postal order or cheque, they are very unlikely to take you to court if you are paying as they know full well a judge will only tell you to pay what you can afford not what welcome want you to pay.

[Fester Tester]

Also as the loan was taken out in sept 07 I dont think you can use the unenforceable road.

 

This is a slightly confusing aspect of the 2006 amendments, but does not necessarily spell disaster should you find yourself with an agreement that would, prior to April 2007, have automatically been unenforcable.

 

What it DOES mean is, they would need a court to enforce. But if the agreement is prejudicial to you (say, because of mis-sold PPI being included), it is highly unlikely that an OC would automatically win in court. A judge can still make the agreement unenforcable. In fact, just about anything is possible, from adjusting the amount owed to an amount more reasonable, to writing the whole lot off plus forcing the OC to repay all monies already paid. UTCCR can be your friend.

 

So whilst it makes it a bit more of a gamble to challenge an improperly executed agreement post April 2007, it is a gamble for both creditor and debtor. The gamble becomes less so if proper reasearch is done.

Edited September 21, 2009 by Fester Tester

[minmac]

This is a slightly confusing aspect of the 2006 amendments, but does not necessarily spell disaster should you find yourself with an agreement that would, prior to April 2007, have automatically been unenforcable.

 

What it DOES mean is, they would need a court to enforce. But if the agreement is prejudicial to you (say, because of mis-sold PPI being included), it is highly unlikely that an OC would automatically win in court. A judge can still make the agreement unenforcable. In fact, just about anything is possible, from adjusting the amount owed to an amount more reasonable, to writing the whole lot off plus forcing the OC to repay all monies already paid. UTCCR can be your friend.

 

So whilst it makes it a bit more of a gamble to challenge an improperly executed agreement post April 2006, it is a gamble for both creditor and debtor. The gamble becomes less so if proper reasearch is done.

 

 

Ahhhh..... thanks for posting that I had no idea. xx

[Fester Tester]

OOPS!!! Just spotted a typo... that should of course be agreements post April 2007

[ajpoolshark]

Thanks for the info guys....there was no PPI sold on the loan...I'm going to send off a CCA request anyway just to see whats what, and start making £50 payments meanwhile...Thats all I can afford at the moment, and at least its showing a willingness to pay the loan

[ajpoolshark]

a quick question for the experts....

 

did a SAR on WF, and recieved documentation this morning...I've noticed that on the loan repayment breakdown, they've charged interest on the initial loan acceptence fee..Are they allowed to do this??

 

Acceptence fee was £75, the breakdown of the loan was for £3.25 of the monthly payment was towards the acceptance fee..Multiply that by the 48 monthly payments, and you £156, not £75..Can anyone clarity this for me please?

 

Cheers

[Sol]

This is being challenged by me and a few others just now with the FOS. My case has been forwarded for consideration by an ombudsman at the moment, so we don't know for sure yet.

[Mummy_of_Five]

we too are paying interest on our welcome finance car hp.

[ajpoolshark]

noticed another thing, the statement of account only goes up to March this year, and is approx £300 less than the current balance, me thinks they've been adding on considerable charges since(a list of which of course wasnt included - blatant breach of SAR )....Do I SAR them again and/or put the account in dispute...once again, I've no problem paying the loan as long as its enforcable, but if their going to play silly buggers, then so will I!

[ajpoolshark]

bump!

 

really need advice on this thread, I've been sent a default notice from WF, I've 14 days to pay arrears or else.....how do I put this on hold?..1) they've charged interest on the loan acceptance fee, or their interest figures are messed up...2) they've sent me a statement with entries only up to march this year, and 3) my balance (depsite making an interim payment in June) is now over £300 more than the account balance as of march - it seems there have been hundreds of pounds of charges added since march...I've had no written correspondence with WF during this period (mar 09-sept 09) apart from the account statement and the default notice - there have been no letters specifying penalty charges added to my account...

 

Please help!!

[ajpoolshark]

can anyone help please??

[postggj]

chill ajpoolshark

 

its all part of the welcome mind games

 

tell me

is the default notice headed

without prejudice

 

has a date been inserted to rectify the breach by

[ajpoolshark]

thanks for replying

 

ok, the covering letter is headed 'without prejudice'...on the default notice itself, the "date of notice is 21 september 2009", and I quote "to remedy the breach you must pay to us the total arrears of £xxxx.xx within fourteen(14) days"...

[postggj]

as i thought

 

pure crap

 

not worth the paper written on

[ajpoolshark]

as i thought

 

pure crap

 

not worth the paper written on

 

thanks post

 

should I send another SAR?.....I've just printed off the 'telephone harrasment' letter to stop them from calling me....what would you recommend as my next course of action?...

 

Thanks

[postggj]

have you got an agreement from welcome

[ajpoolshark]

yep, posted it it another thread.... http://www.consumeractiongroup.co.uk/forum/welcome-finance/220563-welcome-finance-doorstep-collectors.html

 

note, thats the copy I held....the copy of the original that they sent me is very poor quality, I've tried scanning it at higher resolutions but cant edit it to remove personal details (editing software keeps crashing)....The information though is the same on both copies

[postggj]

check back tomorrow

 

ill have to blow it up

 

boy do i need glasses

[ajpoolshark]

Thanks Post ....apologies for the microscopic scan!...lol

[postggj]

do not tip off welcome ref the crap default notice

 

if they ever took you to court all you would be liable for are the arrears up to the default

thats it

 

kiss the rest goodby

[ajpoolshark]

Postggj, Welcome dont give up, do they?.....just got home from work, and found this shoved through my letter box.....should I just ignore it, or complain to their compliance dept??

 

(personal info & balances rmoved)