Welcome are now officially dead and buried

[postggj]

if your looking in stephen

 

i have 100% proof welcome get commission

 

i have it in black and white

 

between 17 and 25 % of the insurance sale goes to welcome elite brokers

 

this is never disclosed to the borrower

[Dibbothe3rd]

well my agreement certainly does not have anything about commission being paid to anyone. Nor do the terms and conditions!

 

does this mean by agreement is unenforceable by point of law? how could they fight this?

[crockie]

Have been reading this with interest and would like to ask a quick question if I may

 

We have two accounts with welcome, a loan and HP. I dont want to give out too much info at the moment as to be honest we have had that many dealings with this that if someone from our local Welcome branch were to read this we would be instantly recognisable

 

We made an agreement on these two accounts some time ago and we have kept to this agreement without fail. These agreements are pretty good with very large reductions in amount owed (provided we keep up with payments) but now I think about it they were very quick to make these agreements and I am wondering why.

 

The question is do we just keep paying or should we rock the boat. The problem is at the moment we get no mither what so ever and we only have just over a year to go.

 

Keep quiet or make waves ????

[mark1arby]

Intriguing! Better than any Agatha Christie novel.

 

postggj has been working on these Secret Commissions for a very long time. I have missed the point somewhat. Until now, thank you Steven.

 

But still the question remains. What constitutes proof that this is happening?

 

At the time I asked for underwriting sheets from all three. I thought underwriting sheets were the Insurance Details and T&C`s.

 

All I got from DG was 3 sheets of WF headed A4 paper with spurious details of what the insurance was ie: PPI. The date insurance or the loan was taken and how long the term of the loan was. That was from 2 loan accounts and who knows how many insurances.

 

From the **** as proof of how much was paid in Insurance Tax, I got 2 copies of Statement of Price purporting to show how much tax was paid, but not who to. And they told me that answered my questions about Tax on the Insurances.

 

Most interesting though. Aviva when I rang them said they had no live policies for me or Mrs Mark. All they had are records of 2 lapsed policies from 1998/1999.

 

Now , being so naive I am unsure if this situation is important to me or any body else, or what to do about it.

 

Would it be apt to SAR Welscum again. Also what about DG and AVIVA?

 

Sureley if Aviva have no policies then WF and DG have potentially ( IMO) committed fraud?

 

Cheers, MARK

[postggj]

the problem with this welcome elite brokers is getting them to release it.

i have official documents with payments to welcome elite brokers.

 

two cases are at court ref this commission payments and mortage indemnity fee

 

one case a judge ordered disclosure, welcome withdrew the court action rather than disclose

 

the second claim is in court as we speak

 

this will nail welcome to the wall and the only way to get this info is through an enforcement ordergiven by a judge quoting

 

wilson v hurstanger

 

welcome will allways quote

 

comercial sensativity

 

AND IN COURT WITHDRAW ANY LEGAL ACTION RATHER THAN RELEASE THIS DATA

Edited December 19, 2009 by postggj

[Dibbothe3rd]

The thing with insurances, is that if Welcome or welcome elite brokers did not receive commission, then they would not of received anything for brokering the deal of selling it. this meant that Aviva got free money for the insurance cover. With Welcome brokering so many of these deals, they would lose a very good income stream, so it would make sense for them to make some money out of it...the only way would be by commission as I certainly dont see any mention about fees included in my agreement.

 

I think I shall make some enquires with my IFA client so see if there is a way of finding out how to get hold of commission details from a provider!

 

Might be able to pull some strings at Aviva heh heh.

[postggj]

look at this also

 

the definition of a broker is to search the market to get the best deal

 

so why are welcome doing there own products at vastly inflated prices

 

CONFLICT OF INTEREST FOR WHICH THE FSA ARE AWARE

 

I TOLD THEM

[steven4064]

It is unlawful because Welcome act as agent and therefore have a fiduciary duty to you to find the best deal. Taking commission is a conflict of interest which is unlawful in a fiduciary relationship.

 

HAve a look at these two quite recent cases:

 

Wilson v Hurstanger and analysis

 

Imageview v Kelvin Jack and analysis

[MARTIN3030]

PT news update;

 

Paul has asked me to wish you all a great Christmas.He is away in OZ with family for Christmas and new year,returning around 8th January.

He was delighted to hear the news as discussed in this thread.

Unfortunately he is unable to log on to CAG from his locality.

No doubt he will want to express lots of thoughts on the demise of Welcome on his return-but I think the news has deffo been something he was very happy to hear.

In making this post,I also want to wish everyone in this forum a happy and peaceful Christmas-what ever you are doing and who ever you will be spending it with.

I too will be off on 29th to spend new year with my special one in Ukraine.

Lets hope that 2010 will be a deciding time once and for all for justice and consumers.With people like you we have begun the challenge.....the OFT may choose to stand aside but lets be honest-we can do it without them:)

[ozzywizard]

Quite right Martin, hope you have a fantastic christmas and safe journey in the Ukraine...... have a fantastic time.

[jj69]

PT news update;

 

Paul has asked me to wish you all a great Christmas.He is away in OZ with family for Christmas and new year,returning around 8th January.

He was delighted to hear the news as discussed in this thread.

Unfortunately he is unable to log on to CAG from his locality.

No doubt he will want to express lots of thoughts on the demise of Welcome on his return-but I think the news has deffo been something he was very happy to hear.

In making this post,I also want to wish everyone in this forum a happy and peaceful Christmas-what ever you are doing and who ever you will be spending it with.

I too will be off on 29th to spend new year with my special one in Ukraine.

Lets hope that 2010 will be a deciding time once and for all for justice and consumers.With people like you we have begun the challenge.....the OFT may choose to stand aside but lets be honest-we can do it without them:)

 

 

Yes a happy xmas and new year to all...everybody on this site has helped me get my life back on track after a really difficult 12 months...which I for one appreciate..no doubt more sharks like Welcome will be going belly up soon..

Thanks to all on here who have helped me gain confidence to fight the DCA's in fact not had a letter off any in December since CCA requests which must be some kind of record

Just noticed in my town that HFC and Black Horse finance offices are now vacant !! what a shame...

[RALALU]

latest update - welcome are in even more of a dire situation than was 1st thought (if thats possible) they are losing cash at the rate of £32million / month!! The general feeling by the shareholders, who may i add are joining together and are starting a claim against welcome is that is shouldnt be very long now until the receivers are called in.

[jj69]

latest update - welcome are in even more of a dire situation than was 1st thought (if thats possible) they are losing cash at the rate of £32million / month!! The general feeling by the shareholders, who may i add are joining together and are starting a claim against welcome is that is shouldnt be very long now until the receivers are called in.

 

Wow that is serious..so if I hold off paying my monthly loan installment at the end of Dec in all likelyhood the local office may not be in a position to chase it..

[bigshaund]

Ive just started to grab my debt by the scruff of the neck and get it sorted. First step was pay off overdraft, close account and open building society account with no debit card or credit facilities!

 

I have a secured loan with welcome but due to large mortgage payment every month aswell as other things Ive paid one installment in the last 6-8 months. Now looking at my credit file, it has 8 missed payments and states that the credit agreement has ended as the account is now in default.

I know ive only got myself to blame but its just seemed that for the last 12 months my (decent enough) wage has been going in and coming out so quickly that ive fallen behind specifically with welcome.

 

Im not trying to weasel out of paying as I took the loan out and knew the payments.

 

Im just after some advice as to where to go from here, should I contact welcome? Wait til they contact me?

[ozzywizard]

Bigshound, first off welcome to the forum, let me assure you that you have come to the right place to have this sorted. May I advise you to open your own thread in this section by clicking here then you got your own diary for your referance and it allows us to have all your information in one place.

Once you have your own thread we will take it step by step in helping you, first advise is too not worry as most of us on this forum can understand your situation based on our own. These people do not own the world and are no were near as big as they believe, there is ways of dealing with this, best advise i give you now is do not deal on phone and do not sign new contract.

[bigshaund]

Thanks Ozzy, Ive created a new thread.

[steven4064]

latest update - welcome are in even more of a dire situation than was 1st thought (if thats possible) they are losing cash at the rate of £32million / month!! The general feeling by the shareholders, who may i add are joining together and are starting a claim against welcome is that is shouldnt be very long now until the receivers are called in.

My advice is to get your CCA equests and SARs in now -it will be messier once the receivers get involved. In SARs,make sure you ask for detailes of commissions paid and recvieved in relation to any insurances on the loan.

[dx100uk]

....

 

dx

Edited December 23, 2009 by dx100uk
thread created

[MARTIN3030]

Dan Ras Ting-Will create a thread for you.

 

 

Edit -Done.You should have had a pm directing you to it,but its here;

 

 

http://www.consumeractiongroup.co.uk/forum/welcome-finance/239385-dan-ras-ting-unsecured.html

Edited December 23, 2009 by MARTIN3030

[RALALU]

A group of shareholders in Cattles has vowed to fight for the doorstep lender to be wound up, in an attempt to improve the chances of pursuing a legal case against some of its former employees.

 

Barry Dearing, a Lancashire-based solicitor, has started a shareholder action group to press for Cattles to agree to close down promptly so that potential legal action could be considered under the Insolvency Act. The group is racing against the clock as there is a limited period to prosecute certain offences.

 

Mr Dearing said that so far he had attracted 200 individuals with just under 22 million shares. Shareholders voted at an extraordinary general meeting this month to ask Cattles’ creditors for £500,000 to fund a petition to wind down the company.

 

Cattles, which lent money to customers with impaired credit histories, issued a Stock Exchange announcement this week rejecting the move. Margaret Young, the executive chairwoman, said: “We appreciate the disappointment felt by shareholders but there can be no case for winding up the company when this would be highly detrimental to the interests of all of our stakeholders.”

 

Shares in Cattles were suspended in April. The company has admitted to an “incorrect application” of bad-debt accounting procedures that resulted in an £850 million black hole. Seven directors were dismissed and the chief executive and chairman stepped down in the wake of what the lender claimed was “a breakdown in internal controls”. Cattles is trying to keep going so that it can recoup as much of the £1.9 billion in outstanding customer loans as possible in order to repay some of its debts to creditors, which stand at £2.7 billion.

 

The company is understood to believe that customers are less likely to pay off their loans if it is being wound up. Cattles’ banks, led by Royal Bank of Scotland, support its strategy.

 

Shareholders are angry that the company is not being wound up because they believe this makes it more difficult to pursue potential legal action.

 

Mr Dearing said: “The first critical date to pass will be December 31, 2009, after which criminal offences which might have been committed under section 209 of the Insolvency Act 1986 will escape prosecution.”

[ozzywizard]

very interesting, in lehman terms > trouble in the camp lol.

[JonCris]

How does this effect PPI mis-selling claims?

[RALALU]

I'd be getting any claims in for PPI sharpish whilst Welcome still exist.

 

The quicker that the sharholders can gain enough power / share % to force the company into liquidation, the better for all of us with outstanding finance

[mark1arby]

I'd be getting any claims in for PPI sharpish whilst Welcome still exist.

 

The quicker that the sharholders can gain enough power / share % to force the company into liquidation, the better for all of us with outstanding finance

 

I`d watch out for whoever takes over their running accounts!

 

In the end the DCA`s will buy the outstanding debts as well!

 

It may be a case of "Better The Devil......". I hope not, but we shall see.

 

Cheers, MARK

[postggj]

Forget About The Share Holders Making A Legal Claim

 

It Wont Happen

 

Cattles Took Rbs To Court To Save Its Self And Lost

 

Rbs Are Pulling The Strings Now, Not Cattles Or The Share Holders

 

RBS WILL FOR CLOSE AFTER IT HAS SUCKED THE BONES DRY OR SOLD OFF ALL THE ASSETTS