welcome finance - problems !

[pinklily0105]

been reading up o the OFT website, and it doesn't seem to look good for the cooling of period. It does say that if on trade premises then the cooling of period doesn't apply:confused:

 

whether this is different for a secured loan i don't know

[postggj]

Correct On That

 

We Are Talking About A secured Loan Which Is Different

[Fester Tester]

Can you clarify about the secured loan difference, post?

[postggj]

will do

 

give me a few hours

[pinklily0105]

the only thing my loan says is that i should have been given a copy of the agreement 7days prior to. I wasn't, but surley that would be hard to prove ?

[Fester Tester]

If there is no mention of, or a copy of, the pre approval agreement in response to a SAR, then THEY won't be able to prove it was given to you.

[pinklily0105]

by a pre approval agreement, do you mean a copy of the credit agreement or a statement of price ?

[pinklily0105]

any news in the difference of cooling off on trade prems for a secured loan ?

[Fester Tester]

I mean, the copy of the agreement that they SHOULD have provided you with 7 days before you signed the binding agreement. As per wot it sez on the tin. Well, on the agreement, but you know what I mean.

[pinklily0105]

didn't have one of those, but why doesn't that surprise me !

[pinklily0105]

waiting for my SAR but really wanting to get my complaint in with welcome, in case they go under first.

 

but if i complain now and mention this before they have sent out my SAR, will i be giving them a heads up on what im up to ? They might doctor their records ?

[postggj]

never tip them off until you have your sar

things have a habit of going missing with welcome

[pinklily0105]

rung rang a few places today, spoke to consumer direct and national debtline.

 

There is no cooling off period if signed on trade premises. However, we should have been given an advanced copy of the agreement 7 days prior, of which time welcome should not have any contact. Unless we request to them, that this period be made shorter.

 

The problem is that this would not definatly make this agreement unenforcable. It would have to go to court and it would be up to the judge on the day. And although the agreement wasn't exceuted properly, if the judge didn't think this would change the outcome; being that even if we had of received the contract 7 days prior we still would have still taken out the loan. Then they will go in welcome's favour an enforce the loan. Meaning that we could then be made liable for all costs including welcomes.

 

They seemed to think that this was a very risky angle to take, and we would just be better to persue missold ppi.

[pinklily0105]

just received back my sar from welcome. It includes the details from the secured loan, plus one personal loan not the any off the others.

 

There is a letter in it that says that we have the advanced copy of the loan and the charge agreement to look over. There is no copy of the advanced agreement just this letter, but we have never seen it before. But then how would we prove we never got that ?

 

The ppi is on both loans, so we can go after that because on all the loans we were sold we were told that it would have to be taken out in order for us to get the credit.

 

On their loans figures on the personal loan, it does look like they have applied a credit for insurance becuase we have paid it off early, but I can't see a credit for the loan being paid off early. In fact it looks like we have been charged an interest amount for paying it off early.

 

Not sure what else im looking for on this, is there anything else i should be looking for ?

 

Any help would be much appreciated, thanks

[pinklily0105]

i was under the impression that an SAR would also provide screen shots etc, but I don't have anything like that.

 

does any body know what exactly should be in the SAR ?

[Fester Tester]

Did you specifically ask for screen shots? I'd have thought thae info on that would be pretty much covered under their Customer Notes dump from the files anyways. I have a few pages of those.

 

Need to look at early settlement penalties, as I have likewise been charged. Not sure of the legalities, but certainly no mention of it in any of the terms and conditions so far. And I would have thought it would need to be in there, otherwise, you haven't agreed to that. Maybe.

 

Great fun this, innit?

[pinklily0105]

been looking through the t&c's on the personal loan, no mention of early settlement penalties ! No surprises there then hey ?!

 

anyway as regards my SAR wondering if another letter should be sent in that they have failed to give all info ? The other loans are with the 6 year period so am I right, it is the law they have to provide that ?

 

Also as regards to my secured loan, I have a list of times when welcome have accessed my account for example :

 

04/04/2008 arrangement made

02/10/2008 check account

05/12/2008 outbound call

 

is this satisfactory info, or should each entry have more details, such as a telephone transcript, or a computer shot ? Wouldn't have a clue what "arrangement made" would mean. Account has never been in arrears. Just wondering if I could get more information, rather than just a list.

Edited September 16, 2009 by pinklily0105

[pinklily0105]

anybody got any advice, thanks

[pinklily0105]

[pinklily0105]

sorry still not great with photobucket !

 

Anyway for really hoping Post could look at this. This is the personal loan we had with welcome before taking out our secued loan, which in turn paid this above off early.

 

You had previously said to me to check the correct rebates had been applied. It looks like we have been charged to pay this off early in the terms of "settlement penalty interest "

 

I can't find anything in the t&c"s off the loan reagrding this, can they do this ?

 

Just wanted any clarification on this because the end figure has then been transferred onto my secured loan with the cash advance we had, just wanted to make sure all figures we're as they should be !

[postggj]

well you have your answer to begin with

 

no, welcome can not charge early settlement interest unless its on the agreement under the termination rights or in the t&c

 

this will call the secured loan into question

 

 

now dont quote me on this, strictly off the cuff

why do you think this happens

 

its because things like commission payments etc. the welcome staff get will have to be paid back by the staff member

[pinklily0105]

thanks for looking at that post.

 

So what should my next course of action be with this ?