Unsecured Loan - Default Charges

[NICHOLS76]

Afternoon all!

I stupidly took out a Un-secured loan from Welcome Finance back in May 2007 for £1500. Basically, I fell behind with the payments and of course the defaults charges came flooding in. I recently received a statement dating backing to September 2008 and to my absolute horror they have now made the outstanding balance as of Sept 2008 of £4919! So I called them this morning and I spoke to someone in the local office who tells me the loan has been 're-written'. Then the dude tells me that I had signed my consent to have this rewritten which I replied that I didn't recall signing anything, then he drop himself in it by agreeing with me!

 

They claim the balance is £3400 and have offered me a settlement figure of £2400!

I have now asked how much I have paid to date, and also what original balance was when I took out the loan.

The DD is due to leave account tomorrow - Shall I cancel it and tell them that I believe the charges are un-reasonable and put it into dispute?

Please can someone give me some advice on where I need to go from here, as I can't believe I've been well and truly dropped in it by them!

Many thanks

[emmilou1]

You need a statement a.s.a.p....shocking.

[NICHOLS76]

Would this need to be an SAR?

 

Many thanks

[Sand-Dancer0191]

Yes SAR them....Make sure you get a copy of the rewritten agreement.

be specific in the SAR ie.all data,including insurances etc etc..

[dfitz24]

There is a sticky at the top of this forum with a pretty comprehensive Subject access request template if you need it

[EBOY]

Hi the thread was started in October what is the current situation with the balance.

[NICHOLS76]

I've only been able to get round to doing this due to illness

[NICHOLS76]

If I find that I have paid the loan and interest stated on the original agreement, can I then refuse to make further payments?

Thanks

[EBOY]

Not sure how to put the account in dispute properly. Give it is an unsecured loan you might feel comfortable not paying them and it will put you in a better bargaining position

[NICHOLS76]

Hi there,

 

I've just found a statement from last year and final to date I have paid back £4736.75 and the original agreement is for £3292.23! I can't believe I've let them have so much money. Any ideas where I go from here? I'm guessing I can tell them to take a run and jump?

[EBOY]

I would suggest reclaiming PPI and any fees they applied like telephone, letter and failed direct debits. I would also state that you are disputing the balance. As it is unsecured I personally would not pay them anymore because you will be in a better bargaining position.

[NICHOLS76]

Thanks - Is there a letter I use to say that I'm not going to pay anymore? Also can I claim back what I over paid?

[NICHOLS76]

Can anyone advise on this please? Thanks

[NICHOLS76]

Can anyone help? Thanks

[donbracho]

hey up on claiming ppi i would read these...http://www.consumeractiongroup.co.uk/forum/welcome-finance/214154-welcome-finance-question.html

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/250560-ppi-newbie.html#post2811957

[NICHOLS76]

Ok - had a phone call this morning from local branch telling me the DD had been cancelled. Which is correct. I told them that a letter has been sent to the Complaints department in Nottingham, and I wasn't willing to discuss the account on the phone, and I want everything in writing. They told me that I'm being stupid not discussing the situation on the phone and all the Complaints department do is send the letter to the local branch?! (Is this correct?). They also told me couldn't send me a letter as they are only allowed to send out a limited number of letters!

 

Can anyone advise me what I can do next?

 

Thanks

[EBOY]

The branch is talking rubbish. Call their bluff and say you are write to the complaints dept to verify their story. IF they phone again ask them for their full name in case the complaints dept require it. When a complaint is report they have 8 weeks to respond. If they fail to respond in that timescale you can take it to the financial ombudsman service.

 

Did you letter include refunding any charges and ppi?

[NICHOLS76]

Good point! Thanks for that. Also, I sent them a PPI letter and now waiting for the response. I'll keep you updated. Cheers

[NICHOLS76]

Just had another call from the local office yesterday. I told them that two letters have been sent to the Complaints Dept at Ruddington (special delivery). The geezer on the other end of the phone said that he hasn't been sent anything from them??!! Doesn't this mean the complaints dept is a myth? Do the head office just pass on the letters to the local offices? I told him that I want everything in writing and I wouldn't confirm my details over the phone. I also sent a hassement by phone letter to the local and complaints offices.

 

Is this correct?

Thanks

[NICHOLS76]

Just to give you an update on this. A muppet from Welcome racked up to my door last night, and left posted a letter through the letter box. (Must have not heard them knock) asking me to contact the office regarding the arrears. As they rejected my complaint, I passed this to the FOS about a month ago. What shall I do now? I'm guessing they might turn up again??? I'm going to send a door step letter today.

[sillygirl1]

Write to them telling them you are not impressed with the lack of compliance on their side and should their person turn up again you will have them arrested for fraudulent activity as well as trespass.

 

These doorstep collectors have no legal rights and can be quite safely dispatched with a 'get lost' comment.

 

You need to complain to Trading Standards and the OFT about this, and don't forget the Minstry of Justice.

[NICHOLS76]

Thank you for the advice. Shall I send this to the local office and the Head Office?

[NICHOLS76]

Thank you for the advice. Shall I send this to the local office and the Head Office?

 

Hi, I sent the letter this morning. Let's see what happens. In the meantime, I sent a CCA Request on 17th October. How long have they got before non compliance stage is here?

 

Thanks