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I am helping a friend (a young woman in her 20s) with a Welcome loan. She has just received back a load of bumph in response to an SAR. Here are the basic facts:


1. She took out a loan whilst working for about £2k


2. In addition to the loan the persuaded her to take out


a) personal accident insurance (why?)

b) life insurance (they said, "you wouldn't want your mum to be landed with your debt if you died, would you?" - :mad:)

c) PPI


3. The APR is shown as 64.71% (Have they no shame? censoredsmilie.gif)


4. After a few months, she had to leave work and Welcome agreed to refinance the loan


5. They cancelled the insurances but, get this, they carried the unpaid premiums over to the new loan


6. After a while they started the phone calls and persuaded her to make payments on her credit card (this is a cleat violation of the OFT guidelines on debt collection)







Anyway, my view is that


1. the insurances were mis-sold


2. Welcome almost certainly got paid commission on the insurances which are not declared. This is a breach of fiduciary duty and unlawful. It may even be fraud


3. the refinanced agreement is unenforceable because the amount of the loan is mis-stated. They have told her there is no insurance on the agreement and the computer printout records them telling her that, yet the loan amount includes the premium. The fact that no commission is declared means that the TCC is almost certainly mis-stated and that makes the APR wrong too.


4 IMHO, they can got take a long walk on a short pier.


What does anyone else think?



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Guest Old_andrew2018


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I think you are spot on. The effect of mis-sold PPI basically nullifies the agreement on its own.


Without even having to worry about the multiple part agreement nonsense, which to be honest, I'm not too comfortable with as an argument, especially when the above argument is so simple to explain to a judge. Why make it complicated, is my motto.

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