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minus-millions

Hi all can anyone help with Welcome finance ?

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Loan amount £7000 to be repaid over 5 years .

Initial charge for loan £3000 .

Monthly repayments £280 .

Payments to date £2800 .

Current outstanding balance £9000 .

 

I have just recieved my first annual statement and it seems i am paying £280 a month but £180 of that is being deducted in charges so only £100 monthly is subtracted from loan .

 

Surely this can't be right , i have never missed or been late paying but i am reluctant to contact Welcome as the loan is secured on my house .

 

I would be very grateful for any advice as to what i should do ?

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Hello and Welcome, minus-millions.

 

I'll move this thread to the Welcome Finance Forum :)

 

Regards.

 

Scott.


 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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hi Minus,

 

my suggestion is, if you are able to scan your agreement and the statement removing all personal info and that way people can see what the charges are for and work out if there is anything wrong with the contract or the charges.

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Of maybe 30 papers only 3 offer any personal info so i will ask my daughter if she can get then on here for you to look at , thanks .

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I have scanned my letters into com but how do i post them on here ?

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I have scanned my letters into com but how do i post them on here ?

 

 

I think the way the guys suggest doing it is to get a photobucket account and copy them to that then post on here.

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Ok please see below the only 3 letters i have from Welcome Finance that relate to me personally , the first is the offer i accepted , the second a copy of the agreement i recieved after i had agreed , and the third this years only statement which causes me alarm .

 

 

http://i999.photobucket.com/albums/af119/minus-millions/TheOffer.jpg

 

http://i999.photobucket.com/albums/af119/minus-millions/Agreement.jpg

 

http://i999.photobucket.com/albums/af119/minus-millions/AnnualStatement.jpg

Edited by minus-millions

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Minus, the £180 a month isn't a charge but the interest on the loan. Welcome are charging you 22.20% per annum according to the statement - that works out at roughly 1.85% a month. So, after your payment, the balance is £9843.43 and 1.85% of that is around £184. As the balance goes down, the amount you pay in 'capitalisation/interest' will decrease so 1.85% of £8900 is £165 or so.

 

You may find this link useful -

 

Excel functions for calculating loan repayments

 

I notice in your agreement that you're paying PPI, though. Get this cancelled immediately, even if you do nothing else.

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i had probloms with about 5 yrs ago if you miss a payment you will be taking to court well i missed a payment and won the court case due to not contacting for change of d/d though bank the judge throw the case out on reading the statement from my bank /and my self he advise w/f to closed my acct as i had being overpaying them advice pay off loan douggie company lots of luck oh yes judge awarded me £1500 cost

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Thanks Tedmaul72 obviously the extra £100 a month i'm paying results from PPI so if i can get that removed and prove it was mis-sold i am likely to half my monthly payments .

 

Woody thanks for the vote of confidence but i don't have £1500 to get it to court !

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if you get the PPI removed you need to ensure they restructure your loan - so the monthly payments reduce not that they take it off the back i.e. payments stay the same but you pay X number of months less.

 

Remember RESTRUCTURE not REWRITE - do not sign a new loan agreement

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and it doesn't cost you £1500 to get it to court - normal court fees are between £35 and £75. But you're a long way off from that yet.

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I'd have to think about restucture , if i continued to pay £280 monthly once PPI was removed the loan would be settled in 2.5 years rather than 5 years , surely this would allow me to avoid considerable interest ?

 

I would need legal representation to go to court that doesn't come cheap !

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No - if they don't restructure you are still paying interest as remember the PPI is front loaded.

 

and why do you say you need legal representation there are plenty of people that do it themselves - me being one of them. Eveything I have learned I have learned on here and using the internet.

 

Anyway as i have said court is a long way off and you are speculating ahead of the game - first you need to send the letter to reclaim PPI. You can assess your options when you get a response.

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Of course how stupid of me the interest would be calculated and projected forward to include the cost of PPI so remove the PPI from the start date and the interest would have to be recalculated . DOH!

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thats ok it took me ages to get my head round all of this too :)

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Dear Sir/Madam,

 

Re: Agreement Number

 

I purchased the above policies from you in connection with the loans referenced above.

 

I believe that I was miss-sold these policies for the reason(s) given below, and wish you to investigate my complaint according to your normal complaint procedures.

--------------------------------------

Despite it being explicitly required under the rules of the Financial Services Authority (FSA) the following terms of service were not met :-

 

1, At no time did Welcome Finance ask about existing insurance cover .

2, At no time did Welcome Finance advise the PPI was optional .

3, Welcome Finance did not comply with disclosure rules as they did not disclose the

amount of interest that is payable on the premium .

4, Welcome Finance failed to explain or bring attention to the exclusions and

Limitations of the policy .

-------------------------------------

I personally was not able to make an informed decision as a result of Welcome Finance failing to act within the rules explicitly required by the FSA .

To further underline this I had at the time of application an existing insurance policy that offers far greater cover than your own , this policy is a requirement of my mortgage and it seems reasonable to assume that Welcome while acting as an insurance broker and being aware of the mortgage should have suspected this and questioned the need for PPI of their own accord .

 

Of course I am now aware that your sales advisors receive commission upon the sale of insurance products and therefore their actions cannot be impartial. This should have been made clear to myself at the time of the insurance being sold.

 

Please now investigate my complaint within the eight weeks allowed to you. I expect that you will uphold my complaint and refund all premiums paid plus both statutory and compound interest and compensation . I would expect the loan to be restructured to take into account these changes but will view any attempt to rewrite the loan as grounds to forward my complaint to the Ombudsman .

 

I am advised because i dealt solely with Welcome Finance when the loan and insurance was approved that Welcome Finance is responsible for any third parties involved .

 

If I have not received a satisfactory response within 8 weeks I will contact the ombudsman who is already dealing with an unrelated complaint (fsa number *****) on my behalf to discuss court proceedings .

 

Do you think this letter covers everything or does it need altered again ? Comments please .

Edited by minus-millions

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Come on guys i want to post it today but i'm sure i've made a few mistakes ?

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