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I totally agree it would be foolhardy to believe loans will be written of because quite simply they won't(dont know who said they would just dissapear??!!)However what is likely to happen is when the expenditure of the company becomes more than the intake of monies gathered on outstanding loans its at this point the company will be sold on and at which point significantly reduced settlement figures should be available.

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HA!!! Sold on... may be difficult to achieve, especially if the Citi buyout does not go ahead. If they won't touch them, nobody will.

 

I see administration ahead. Where the administrators will want maximum recovery in the shortest space of time. So yes, significantly reduced Full and Final offers might be the best hope for many.

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However that is not going to be soon enough for some of us who have their solicitors breathing down our necks! I had a letter from `Salans` last week and Ive written back to them yesterday asking what they consider to be a "substantially reduced settlement final lump sum payment" would be?

Currently I owe £18k +:mad::mad::mad:

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However that is not going to be soon enough for some of us who have their solicitors breathing down our necks! I had a letter from `Salans` last week and Ive written back to them yesterday asking what they consider to be a "substantially reduced settlement final lump sum payment" would be?

Currently I owe £18k +:mad::mad::mad:

 

£1.8K is the best they could hope for if they sold on the debt.

 

Perhaps they might take a realistic view of any offer over and above that. After all... Welcome need cash NOW. Not in dribs and drabs over the course of decades.

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Billy Goat - Welcomes normal protocal is when an account gets passed to solicitors the settlement figure gets reduced to 50% of the outstanding debt - in your case 9K which is still a large amount. How many payments have you missed, how much are you behind and is the loan secured / unsecured?

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nioclik - this highlights welcome stupidity, at branch level the most they can reduce the debt by is 35% but should you ''choose'' to miss 6 payments your loan can then get transferred to solicitors where the reduction is generally increased to 50% - therefore penalising the people who pay on time every month. I would never condone or suggest anyone does this but i have heard of people not paying for 6 months (not blowing the money that should have been used to fund the loan but keeping it to one side), waiting for the loan to be passed to the sols, offer to be made of f50% and loan to be paid of in F&F. If the offer wasnt forthcoming the money placed to one side would have been used to bring the account back upto date. The mayor downside to this is though is you have to be prepared for the constant calls and letters and the payment (or lack off) markers on your credit file and then be prepared to reclaim all the charges they would have applied!

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However that is not going to be soon enough for some of us who have their solicitors breathing down our necks! I had a letter from `Salans` last week and Ive written back to them yesterday asking what they consider to be a "substantially reduced settlement final lump sum payment" would be?

Currently I owe £18k +:mad::mad::mad:

As per Fester Tester I would suggest an offer of £2k. Salans will write back asking you to make a more realistic offer. You ignore them. They will write again asking for a response. You continue to ignore them. It all goes quiet (2 months now).

 

At least that is what has happened to my partner. She does, however, have a stack of things against Welcome (they cannot find agreement, deficient default notice followed by termination, charges, etc). In fact her offer to Salans was for them to treat the amount already paid (about 16% of a secured loan) as the full and final rather than offering them any more. I am not advising that this is the course of action you should take, that choice has to be yours. I am just informing you what has happened to her.

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Personally I am just waiting for this corrupt company to die. I will continue to pay (which seems to go up each month) & hope that it will all just end up with welcorupt in the mire!

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The loan is secured. I really dont think they will roll over & take £1.8k.

I have missed 6 payments. I have paid 12 monthly payments @ £326.22 per month which is £3914.64 paid to date. I have written back to `Salans` and asked them what is a considerably lower one off lump sum payment to settle the account. I got that letter in the post yesterday to them I havent quoted any figures myself to them.

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Hi Billy - when you said your loan was for 18k was that inclusive of welcomes interest rate or is that solely the amount of the loan? - if solely the loan i think you'ld be lucky if they would do the norm and offer you the std 50% reduction as you would have only paid 2/3 of the original amount out and no interest back. I know its not great news - have you tried entering into a repayment scheme with salans or are they now after the total amount outstanding or nothing?

 

Also is their equity in your property, if not and you can provide the solicitors with a couple of valutions plus mortgage outstanding details to show that if they did repo they wouldnt recoup their losses you may have slightly more wiggle room in regards to what they would accept

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The 18K outstanding is inclusive of interest original loan was £15k. Initially on the correspondence received from Salens they`ve indicated a full & final repayment figure & they have asked about repayment proposals. As stated initially Im gonna explore the full & final repayment option. In terms of repo which frankly is a bit strong & scare mongering nothing can happen with out a court order and in that scenario likely outcome would probably be a charging order on the property.

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The 18K outstanding is inclusive of interest original loan was £15k. Initially on the correspondence received from Salens they`ve indicated a full & final repayment figure & they have asked about repayment proposals. As stated initially Im gonna explore the full & final repayment option. In terms of repo which frankly is a bit strong & scare mongering nothing can happen with out a court order and in that scenario likely outcome would probably be a charging order on the property.

This will depend how much equity you have. If for example you are in negative equity or your 1st charge mortgage leaves Welcome precious little left, this could also be used as a tool to whittle down that F&F figure. Thye do need cash now and should you get repo'd by the 1st charge lender, they could end up with nothing at all and lose their 'security' thus putting them in a worse position.

 

Btw, do you have a 1st charge lender and what level of charge does Welcome hold?

The matrix is intrinsically flawed. Within it is the program for it's own destruction. If you are reading this, you are in the matrix and it's days are numbered...so watch out! :eek:

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Yes I do have a first charge lender. Welcome is a 2nd charge on property for £15k. Frankly I find this all very disturbing & I don`t intend by any stretch to let it get to the extreme of repossession Ive worked my backside off all my life and I aint going down with out an almighty fight you can rest assured of that as can all the `Welcome Guests` having a sniff & nose around on here.

My mortgage is fully up to date.

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Billy Goat - We tried that and were told that they cannot tell us or suggest an offer so we offered £500 they then go away come back the next day and say no so we upped it daily by £50 eventually they settled for substantially less than the amount owed (we paid around 40%) I think it was because they were sick of me calling them with an extra £50 offer

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  • 2 weeks later...

Hi guys,

 

I'm new to the forum but not new to Welcome Finance. As an ex employee I have a bit knowledge on the ins and outs of the place. I worked in head office and was not made redundant I left of my own accord.

 

First things first, stop moaning about their interest rates. They lend to people who have bad credit ratings, this is of course on a bigger risk than someone with a top notch credit rating and you pay for them to take on that risk.

 

However, I do agree that some things including re-writing loan agreements have been done in ways that are very questionable and therefore can make a bad situation worse.

 

I can't remember all the exact figures but they will give discounts off settlement figures depending on how far in arrears your account is and when you last made a payment.

e.g. You are in arrears by £500 but these were from years ago and you now pay every month you are less likely to get a discount (or the discount will not be as big) as someone who is also in arrears by £500 but can't afford to (or won't) pay now.

 

When a settlement is reduced it goes on your credit file as a write off of whatever %, this may have a detrimental effect on your credit file.

 

If you have VT'd, VS'd or had your car repo'd they will consider discounts of around 50%. Many people think when they VT they will have nothing to pay, this is only if you have paid 1/2 the cost of the loan (not including insurance)

If your car is repo'd they will sell it at auction and deduct the price they got for it and add repo fees. Please be aware they do try and get as much as possible for the cars (for their own sake not yours) but I have seen cars sold for £15 and the account have fees of £100+

 

If you make ridiculous offers for a short settlement they will not help you in any way (eg 1p for every £1 outstanding, which believe me people try) However if your offer is reasonable they may consider it or come back with a counter offer. I had people offering £1000 when the min we would have accepted was £1200 but if that person had come with an offer of anything less than £800 it would have been left with a no.

 

Mis-sale of PPI was another favorite in the office. If it was genuinely mis sold then fair enough go do what you have to do to get your money back but there were times people would write in with a letter of this effect

Dear Sir/Madam

I was mis sold my PPI and this is why:

I did not know I had PPI on the agreement

I was told I had to take out PPI or I could not have the loan.

Please refund my PPI plus interest

 

Yours

Some Random Customer

 

If you use a letter template please make sure you delete things that aren't appropriate as this case was thrown out as soon as it was seen for this huge contradiction.

 

If you want any help or advice from the inside let me know and I'll be sure to do what I can.

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urm..............

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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If you want any help or advice from the inside let me know and I'll be sure to do what I can.

I'd like to know something from 'the inside'. When a customer files a claim against welcome why don't the Legal Compliance Dept. respond to the court's directions within the time limits set by the court?? Also, when a customer alleges that welcome have broken the law why do welcome respond with an admission of the offence as a defence and proceed to deny the law? Is it some kind of joke??

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You'll find alot of welcome staff became very conditioned to people threatening court papers, this is NO excuse on what happens in that building but there are threats in all companies - I'll take you to court, I'll go to the FOS I've been told by someone in the compliance dept there are fake court papers sent in so sometimes the real ones can be ignored. A personal favorite of mine was a letter from the " On Board Man" It had always been of my understanding if you were going to forge a letter from them you'd find out how to spell ombudsman. But yes, when someone presents actual court papers they tend to S*** themselves and don't quite know what to do with it. There is no excuse for their lack of dealing with that in the appropriate way.

 

I'd like to know something from 'the inside'. When a customer files a claim against welcome why don't the Legal Compliance Dept. respond to the court's directions within the time limits set by the court?? Also, when a customer alleges that welcome have broken the law why do welcome respond with an admission of the offence as a defence and proceed to deny the law? Is it some kind of joke??
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You'll find alot of welcome staff became very conditioned to people threatening court papers, this is NO excuse on what happens in that building but there are threats in all companies - I'll take you to court, I'll go to the FOS I've been told by someone in the compliance dept there are fake court papers sent in so sometimes the real ones can be ignored. A personal favorite of mine was a letter from the " On Board Man" It had always been of my understanding if you were going to forge a letter from them you'd find out how to spell ombudsman. But yes, when someone presents actual court papers they tend to S*** themselves and don't quite know what to do with it. There is no excuse for their lack of dealing with that in the appropriate way.

Well that's a good as reason as any! It has amused me a great deal to think of Mr P with his pants padded free-happy-smileys-819.gif

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Well that's a good as reason as any! It has amused me a great deal to think of Mr P with his pants padded free-happy-smileys-819.gif

 

Me also :lol:

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Hi Helen89

You have mentioned a couple of interesting things. Could you pliz clarify the what elemet of ppi I can claim. I mean when I original got my car loan 260504 I had a combined total insurance of £4236.96(2648.19+1588.77). 1588.77 being the finance charge. I paid a monthly payment of 232.61(144.34(monthly hire purchase) + 88.27 for insurance. the insurance was bundled together to include Mechanical Breakdown, Emergency, shortfall, collision call and PPI. I must admit i was naive at the time I was made to sign the agreement because I did not need all these. My question is: I am considering making a claim for mis-sold PPI , can I claim the other elements as well. At the time I signed the agreement, the salesman made me to understand that I could not have the loan for the car without these. Any thoughts about this

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