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Welcome Finance - Settlement Figure Extortionate


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Good Afternoon All,

Please bare with me, first time ive posted (welcome have driven me to it).

 

Basically, i took an unsecured loan for 5k over 3 years in Sept 08, so now 11-12 (33%) months into arrangement.

 

On the Credit Agreement i signed at the time of taking this loan it gave indications of settlements figures after 25/50 & 75% of Agreement.

(25% - 4680.75 / 50% - 3678.18).

 

It does state that 'In calculating the amounts shown, no account has been taken of any variation which might occur under the Agreement. Accordingley, the amounts are only illustrative.'

 

Today, i contacted Welcome to acquire a settlement figure and was astonished to hear that they would expect over £5200.

(This does i am told, include £130 of late payment charges, which i totally accept)

 

As a layman, i would imagine that the correct settlement figure would be somewhere between the figures stated for 25-50%.

 

When i questioned my account manager, he insisted that the 'exdras' were for 'variations' in the credit agreement as stated on the signed agreement, however, he, nor his manager can tell me what these variations are.

 

As far as im concerned the only variations are the late payments, for which i accept liability, an i would also expect for the signed agreement to be adhered to by both parties.

 

So i guess my question is....

Can i hold welcome to the signed agreement? As no variations have occured.

Any advise will be greatly appreciated.

 

Thanks and Kind Regards

 

Dan

Edited by decka
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First of all never accept late payment charges.

2) Never deal with this company over the phone.

3) write to them requesting a detailed statement and information relating to the so called variations.

4) Once you have this information post the details at that stage.

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I am currently in process of writing to the relevent offices requesting a settlement figure...

Am i correct in believing that i will be requesting a settlement figure as of the date of the letter? As this is when i requested it...?

And if so, am i entitled to suspend the direct debit payments as of this date? As this will surely affect the final figure...?

 

Thanks again,

 

Dan

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PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

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Thanks for the reply 42man,

I have read the link you supplied, however, it doesnt seem to answer my questions, just poses them in a different manner with no responses.

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  • 2 weeks later...

This ones better, apologies for the mess

 

I am currently composing a letter to request a settlement figure/propose an offer and request details of variations, can any body please have a quick look and point out if im walking into trouble?

Thanks in advance... Dan

 

Compliance Department

Freepost RLUU - ERRT - XKLR

Welcome Finance

Compliance Services

Mere Way

Ruddington

Nottingham

NG11 6NZ

 

14th September 2009

Re: Customer No ******, Settlement Figure Request

Dear Sir/Madam,

Could you please forward, in writing and including all details of charges, variations and calculation methods, a figure to allow for full settlement of the above mentioned account at the earliest opportunity.

Please Note, This is second time of asking. A figure was requested over the phone during the week ending Friday 4th September 2009, however nothing has been received to date.

Due to this failure on your part, a further loan payment was taken on 5th September, therefore invalidating any quotes that may be in the post.

The figure quoted over the telephone was in excess of what I would expect to pay as informed on the signed credit agreement (as attached), and your office could not indicate what the variations might be.

Using the provided figures (not taking into account undisclosed variations), I would expect to pay no more than £4300.

Please accept this as an offer to settle the account at £4300 with immediate effect.

The next payment date is the 5th October 2009, therefore, I will be expecting a response by no later than Friday 25th September 2009 (10 working days from date of this letter/or 12 days). Otherwise, In order to prevent any further confusion/misunderstanding, please accept this letter as confirmation that all repayments will be suspended as of the date of this letter until a satisfactory response has been received.

Should you wish to discuss this further, please contact me via email, on dan..com

Yours Sincerely

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