Welcome Car Finance: Unsigned credit agreement.

[emmilou1]

[Your address]

The Complaints Department

[Lender’s address]

[Date]

 

Dear Sir/Madam,

 

Ref – policy number

 

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

 

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

 

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

 

Possible additional paragraphs – include any which apply to you

 

 

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

 

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

 

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

 

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

 

 

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

 

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

 

Yours faithfully,

 

[Your signature]

[electric2]

Thanks for that. Will get it in post tomorrow.

 

Sent off the no telephone call letter a few weeks ago, and had a letter back saying they acknowledge it. Had 2 phone calls today from branch manager. Something tells me the right hand doesnt know what the left hand is doing

[electric2]

Still getting phone calls from local Branch, despite Nottingham having received my telephone harrasment letter. Obviously Head office do not tell the branch what is happening!!

[electric2]

Hi all

still getting phone calls from welcome. Latest message left was to tell me I have got a new account Manager - how nice. She obviously hasnt been told either that I do not want contact by telephone

[emmilou1]

Still haven't recieved a statement of price as requested 3 times so called up today to find out where it is.

 

Apparantly there is no statement of price with our agreement and not all agreements have them. Is this true??

 

Only a week to go before ppi complaint time is up!

[electric2]

Hi

Receiving two phone calls a day from local welcome branch. Left a message today saying have sent telephone harassment letter - they said it is in my contract that if my account falls into arrears they have every right to phone me.

 

Also received a letter again from my local branch, telling me they are charging me £10 for sending the letter to tell me to contact them regarding the arrears on my account.

 

They are going to visit my home tomorrow.

 

I put the account into dispute because of non compliance with cca - nobody seems to have taken any notice of this.

 

Where do I stand/what do I do regarding the visit I am going to receive tomorrow?

[Fester Tester]

Tell them to f e c k off before your Rottweiler escapes.

 

Seriously, keep a log of ALL phone calls, get names, and record times. And report them to Ofcom, Trading Standards and the OFT.

 

If TS refuse to do anything, keep phoning THEM every time Welcome phone you. They'll soon realise how wearing it can get.

[emmilou1]

I'd phone compliance in Nottingham and tell them due to the harassment you are recieving from your local branch, you will from now on only deal with the compliance team.

 

If they turn up tomorrow, don't answer the door. Good luck

[electric2]

Thanks guys

[emmilou1]

well, got my decision regarding mis-sold insurances today from Welcome.....

 

They're gonna cancel and refund the PPI!!!!!!!!!!!!!!!!!!!!!!!!!! and my statement of price (which they said didn't exist) has shown up!

 

HOWEVER, there seems to be alot of ifs and buts attached, Including:

 

They haven't mentioned the mech breakdown that I wanted refunded or the shortfall extra.

 

There's no mention of exactly how much they are refunding, they say PPI and the associated interest so i'm gonna have to work out all that now.

 

They haven't mentioned the statutory 8% interest I asked for.

 

They want to restructure the loan so that the PPI is not included even though acccording to my calculations, the refunding of the insurances and their interest and the 8% interest should clear the whole balance

 

Sooooo, seems like there is still a few kinks to work out, but it's a start.

 

Any advice on how to approach this now?

[postggj]

This Is Interesting

 

Ask Yourself

Why Are Welcome Being So Accomodating All Of A Sudden

 

Its Your Choice Though

 

If You Come out Of This Owing Nothing And A Clear Credit File

I Would Go For It But

 

get It In Writing First

[emmilou1]

another interesting point is the PPi that I have paid and the interest on that ,....they want to refund me by cheque.

 

Isn't that a bit strange? I would've thought, and the way I calculated it when I first claimed is that they would refund the money to my balance to reduce it to near zero.

[postggj]

My Opinion

 

Welcome Have Shafted You Big Time And Have Now Been Busted

 

Ive A Feeling The Next Step Welcome Will Do Is Try And Get You To Sign A New Agreement

[emmilou1]

Well in the letter it said that local branch are gonna arrange for an appointment for us to go and see them, presumably to sign a new agreement. If thats the case we wont be signing until we've read through everything, there's definately something fishy here.

 

Do you reccommend writing another letter stating our further demands such as the 8% statutory interest given to us, the charges on the account refunded, credit file cleared....and so on?

 

I suspect they have added a load of charges to the account while this claim was going through and want me to sign the new agreement before we notice that?

[postggj]

Go The Full Hog

 

You Have Been On The Welcome Forum Long Enough To Know The Real Welcome

 

Believe Nothing Unless In Black And White

 

 

If You Go Into The Office, Sign Nothing

 

Get Them To Photocopy The Agreement And Take It With You To Look At Before Signing

 

Remember

Signing On Trade Premisis Ends Most Of The Protection In The Cca

 

Allways Watch Your Back

[emmilou1]

You're exactly right, already noticed a contradiction on the letter, it basically says if I sign a new contract then it will have the same terms and conditions as the contract I first signed...then later in the letter it talks of 'NEW' terms and conditions.

 

Right, going to draft a letter now. Thanks for the advice, you've been a great help throughout hopefully I can be rid of them very soon.

 

[emmilou1]

ok got the new agreement which they want me to sign, it's for the original amounts for the car and all the insurances have been taken off, so far so good I thought.

 

Unfortunately they have only sent page 1 meaning that I don't have a copy of the terms and conditions so not happy with that, and also they seem to want to charge me a higher APR!!! surely they cant do this???

cheeky beggers, no way i'm signing this cr*p.

 

Looks like it's time to write another letter...any thoughts?

[postggj]

They Cant Charge A Higher Apr

 

Glad You Spotted That One

May I Ask How Much Higher The Apr Is.

They Have To Get Back The Insurance Some How, Dont They.

 

Just Confirm

 

Agreement Back To The Original Amount Minus Payments Allready Made

Less Ppi Etc

[emmilou1]

The agreement is showing the amounts for the car and interest on the car. They have NOT taken into account any payments I have made. No insurances charged on this one.

 

The APR on the old one is 28.9 and on this one it's 29.54.

 

The car details on this one is incomplete, no chassis no and the engine number is wrong.

 

How can they expect someone to sign a new agreement with no proof that the payments already made have been taken into account? The deposit isn't showing on there but the total amount payable is £51 less than the original agreement so they've taken that into account.

[postggj]

Work Out From The Statement Of Price How Much The Insurance Payments Were

 

See If They Come To £51 Quid

[emmilou1]

no, insurance payments were over £80 a month.

 

They are faxing a statement to the local branch today so i'll be able to see how much these muppets think I owe them now the insurances have been scrapped. According to my calculations it's very, very little.

[postggj]

Cancellation period

10. - (1) For the purposes of regulation 9, the cancellation period begins on the day on which the distance contract is concluded ("conclusion day") and ends as provided for in paragraphs (2) to (5).

 

(2) Where the supplier complies with regulation 8(1) on or before conclusion day, the cancellation period ends on the expiry of fourteen calendar days beginning with the day after conclusion day.

 

(3) Where the supplier does not comply with regulation 8(1) on or before conclusion day, but subsequently communicates to the consumer on paper, or in another durable medium which is available and accessible to the consumer, all the contractual terms and conditions and the information required under regulation 8(1), the cancellation period ends on the expiry of fourteen calendar days beginning with the day after the day on which the consumer receives the last of those terms and conditions and that information.

 

(4) In the case of a distance contract relating to life insurance, for the references to conclusion day in paragraphs (2) and (3) there are substituted references to the day on which the consumer is informed that the distance contract has been concluded.

 

(5) In the case of a distance contract relating to life insurance or a personal pension, for the references to fourteen calendar days in paragraphs (2) and (3) there are substituted references to thirty calendar days.

[postggj]

There's no need. The CCA covers this really clearly. Up to £25k the borrower has automatic cancellation rights which begin on the day the confirmation of agreement is received and extend for 5 days from that date.

 

In order to comply with the act, the lender MUST send confirmation of the loan along with a cancellation rights notice within 14 days of drawdown of funds.

 

Failure to do this will render the loan unenforceable as it denies the borrower the opportunity of exercising their cancellation rights. Nothing the lender does can affect this.

 

Any court would throw the book at the lender for sloppy practice if it got that far.

 

the fact remains that the lender is totally wrong in asserting that the borrower has waived their rights as it simply isn't true. Anything that suggests they have could be viewed as coercion.

[postggj]

i Thought This Would Make Your Day Emmilou 1

[emmilou1]

okay let me try to get my head round this as i'm a bit slow today, do you mean that because they haven't sent page 2 which includes the terms and conditions incl. the cancellation rights that they have made a huge mistake?

 

Excuse my stupidity

 

By the way, they never faxed a statement to the local branch as promised.