Welcome Finance Unenforceable Loan ??

[dantripled]

Hi,

 

I am new to this site, but after reading many of the threads on here, I feel sure somebody may be able to help/advise me.

 

I took a secured loan out with Welcome Finance in 2005 for around £11800, this was a re-write. I have paid in almost £5000, however I have missed several payments over the years and have accrued many charges. My account was recently taken over by a new account manager, who decided to tell me for the first time ever that my contractual monthly payment wasn't even covering the interest being applied!!!!!! My £11800 loan now stands at around £16000. I immediatly agreed to up my payments to cover interest and a little bit more but was very shocked no-one in Welcome had ever told me this before, I questioned this and was told that interest had only accrued since Oct 2008 due to missing a payment, so for almost a year, I have had £2/£3 added to my account each month, instead of anything coming off!!!.

 

I paid a £10 fee back in July, to which i have proof of (bank smt) and requested that they send me my CCA. I received a computer print out, with all figures on, but no dates, names or signatures.

 

I never did anything with this until 2 weeks ago when i asked my new account manager to send me the correct CCA through, which i had paid for. He phoned back to say they couln't find it. He then basically said if i go for unenforceable loan, they will take me to court for the original loan, which this one wrote off.

 

I have a meeting arranged this week with new account manager to discuss this further and would appreciate any advice beforehand. I have been advised to hold all future payments as this loan may not stand etc....

 

First of all:-

a) should i stop paying now???

b) should i even go to meeting this week???

c) what do i say when they phone chasing payment???

d) if they can't produce my CCA, and the loan is uneforceable, what would happen to previous monies paid in???

 

I would really appreciate any help on offer, thanks guys:)

[postggj]

Welcome Dantripled

 

What Ever You Do, Follow This Advice

 

Welcome Only Want You To Go Into The Branch To Get You To Sign A New Agreement

 

Tell Them To Bog Off If They Do

 

Do You Have The Original Loan Agreement And If So Post It Onto Your Thread

 

Google Photo Bucket

 

GO TO THE MEETING TO FIND OUT WHAT WELCOME ARE UP TO

 

THATS ALL

[dantripled]

I have the original agreement in my possession (blue carbon copy). This i believe is unenforceable as it doesn't have CONSUMER CREDIT ACT 1974 on there as a header, it is also unsigned and undated for and on behalf of Welcome Finance.

 

I truly believe they know this is unenforceable and have "lost" it on purpose maybe???

 

Either way, if they do happen to locate it, do i have a leg to stand on??? If they don't locate it, i am laughing anyway surely????

 

Do you suggest i stop making payments as of now, only my DD is due out this week??

 

Thanks for your speedy reply post

[dantripled]

I am unsure how to upload copy, but will defo try and do that tomoro at some point. There is also mortgage indemnity fee and acceptance fee on there, that seems to be included in the total charge for credit, does this sound right to you post??

[postggj]

I Need To See The Agreement

 

Just Scan The Agreement And Upload Using Photo Bucket

 

Any Probs Give Me A Bell

[DOTCOM]

If welcome have not answered you subject access request for which you have paid £10 and not produced your properly executed agreement surely that makes this account in dispute. I think you can now with hold payments,

please correct me if I am wrong - anybody?

[dantripled]

Hi post,

sorry to be a pain, but i have managed to upload copies to photo bucket (although they aren't very clear), next step is to transfer them to here??? How do i do that please??

[djwigster]

There should be a "share" button when you click on the photos. From this you can get the link code to copy and paste into a message here.

[dantripled]

help, i'm clueless, think i need step by step

[dantripled]

well here goes:-

 

[dantripled]

[dantripled]

the above is a copy of the loan, myself and hubby went into branch to sign. not very clear but, there is no signature for and on behalf of welcome or date, there is only a witness signature. also this agreement does not have CCA header on it, hence the reason why they probably can't find it????

[postggj]

That Is Not A Credit Agreement

 

Its A Pre Contract Agreement

 

I Take It This Is A Secured Loan

 

Its Cancelation Rights They Have To Send With The Original Agreement When They Allow The 14 Day Cooling Off Period

 

Its Your Lucky Day

[dantripled]

it is difficult to read figures from this, so here they are:-

 

Total amount of credit: £10676.40

monthly payment: £151.50

Number of monthly payments: 180

APR VARIABLE: 16.40%

TOTAL CHARGE FOR CREDIT (M+N+O) £16594.36

ACCEPTANCE FEE: £0

MORTGAGE INDEMNITY FEE: £1174.40

INTEREST CHARGE: £15419.96

RATE OF INTEREST - NO FIGURE IN THIS BOX

 

SETTLEMENT FIGURES:-

AFTER QURTER TERM: £9864.99

AFTER HALF TERM: £8189.87

AFTER 3 QUARTERS TERM: £5230.37

 

MYSELF & HUBBY HAVE BOTH SIGNED THE AGREEMENT ON 25/11/2005

 

UPON LOOKING AT THIS FURTHER I HAVE JUST NOTICED A BOX FOR PPI FURTHER DOWN, NOT SURE IF YOU CAN SEE IT BUT THIS READS AS FOLLOWS:-

 

I WISH TO PURCHASE ________________

PAYMENT PROTECTION INSURANCE

 

THERE ARE NO FIGURES IN THIS SECTION AND NONE OF THE BOXES HAVE BEEN TICKED, HOWEVER I HAVE JUST NOTICED THAT WE HAVE SIGNED THIS SECTION ALSO. SO WHAT HAVE WE ACTUALLY SIGNED FOR HERE??? I WAS ALWAYS UNDER THE IMPRESSION WE DIDN'T HAVE PPI

[postggj]

You Signed The Pre Contract Agreement And Welcome Being Muppetts Have Accepted It

 

You Have Not Signed Any Credit Agreement

 

JUST LOOKING ALSO

 

THE APR HAS NOT BEEN INCLUDED

 

THAT A PERSCRIBED TERM

 

LOAN TOTALLY UNENFORCEABLE

[dantripled]

YES THIS IS A SECURED LOAN POST. UPON REQUESTING A COPY OF MY CCA BACK IN JULY, I RECEIVED THE FOLLOWING DOCUMENT:-

 

 

THE FIGURES READ THE SAME AS THE CARBON COPY ABOVE, HOWEVER THIS ONE HAS THE CORRECT HEADER AND ALSO HAS THE ADDED FIGURE OF 14% FOR RATE OF INTEREST PER ANNUM.

 

THE MASSIVE FLAW HERE IS THAT THIS COPY STRANGELY HAS NO NAME, ADDRESS OR SIGNATURES ON IT ANYWHERE, SO BASICALLY IT COULD BE ANYBODY'S LOAN????

 

WHEN I PHONED TO SAY PLEASE SEND ME CORRECT AGREEMENT, IT IS THEN THAT THEY SAID THEY CAN'T LOCATE IT.

 

WHAT ARE YOUR THOUGHTS NOW????

 

WHAT DO YOU MEAN BY IT'S MY LUCKY DAY, DO WE HAVE A GOOD CASE HERE????

 

THANKS YOU SO MUCH FOR ALL YOUR HELP SO FAR, IT REALLY IS MUCH APPRECIATED.

[postggj]

They Have Not Complied With Your Request For The Agreement

 

Was The Request Done By An Official Cca Request Enclosing A £1 Fee

[dantripled]

No it was requested over the phone back in july and i was told i had to pay £10 fee!!!! I did this by debit card and have the statement to prove my payment.

 

When i have phoned again requesting the correct CCA, they said they can't find my £10 in the system so any requests from me are on hold while they locate my fee. Personally i think they are stalling, god knows what for, but they have requested this meeting on friday so i will be taking a copy of bank smt in with me to prove i have paid.

 

What else do you think i should be saying to them when i get there???

[postggj]

It Seems Welcome Have Lost Your Agreement

As Stated

Sign Nothing, Welcome Will Prob Sling An Agreement Under Your Nose And Say Sign Or Be Hung , Drawn, And Quartered

 

Ime Posting A Template In A Mo For You To Send Welcome

 

Lets Do This By The Book

[dantripled]

yes i have signed the pre contract agreement only haven't i. i did notice that it says on there DO NOT sign or return this copy, why is that???

so basically are you saying i have never signed an actual credit agreement?? also, why do you think they would "lose" this pre-contract agreement, surely if this goes to court, they at least have something with my signature on and that would help them, no??

[postggj]

WITH OUT AN AGREEMENT

 

WELCOME ARE STUFFED

 

THEY DEFAULT ON THIS REQUEST IME POSTING AND THEY WONT BE ABLE TO TAKE IT TO COURT AND AFTER 14 DAYS FROM RECEIPT YOU CAN WITH HOLD PAYMENT WITH NO PENALTY

 

send this by recorded delievery

to

 

welcome financial services

compliance

ruddington fields business park

ruddington

nottingham

ng11 6nz

 

 

Your Address

 

Date

 

Dear Sir/Madam

 

Re:− Account/Reference Number 4563210025897412

 

This letter is a formal request pursuant to s.77(1) to s.79 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide.

 

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77(6) will apply.

 

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection from Unfair Trading Regulations 2008 (CPUTR).

 

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

 

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

 

We look forward to hearing from you.

 

Yours faithfully

 

 

print your name

[dantripled]

It is clearly obvious that you have had bad dealings with Welcome in the past and your advice is absolutely sound as can be. Thank god for people like you, i really can't thank you enough. For once i think i will have a decent night's sleep tonight, as i am feeling positive now.

I will send this letter off recorded tomorow and if anything happens in the meantime, i will let you know asap, other than that i will be in touch on friday after the dreaded meeting ha ha, speak soon and once again thanks for everything:D

[postggj]

most important its sent recorded and print your name

never sign

[mark1arby]

Will the office still be open on Friday, or will they be handing in the keys to the Landlords of these buildings? lol

 

Cheers MARK

[Et Contra Pacem Regis]

Just a little tip. Welcome Finance tend to charge interest on their fees. There's a case in the CoA at the moment awaiting judgment on the issue of whether that is legitimate. If it goes in favour of the consumer, then you may want to challenge Welcome over that mortgage indemnity fee...