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Stupid Welcome Customer


lawrence147
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I'm sorry emanevs, I may sound like an idiot but I don't know how this helps my case.

 

We signed the contract in Welcome's branch office and, as far as I can see, this doesn't help as its Distance Marketing Regulations.

 

Please help!

 

Lawrence

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Dont worry, you are no idiot, the welscum are!!!

 

just trying to build up as much of a case for you as possible. This is just one part.

 

When you went in to sign for the loan did you have the agreement seven days prior? (see your contract - your rights). Could they prove it as well?

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Cooling off and your right to cancel

 

You will benefit from a cooling off period if the credit agreement was made in one of the following ways:

  1. For agreements signed away from the creditor’s normal business premises – i.e. at your home, place of work or at an exhibition stand
  2. For agreements made at a distance (this also includes banking, insurance, pensions and investments)
  3. For financial products and services marketed by an intermediary or broker (even where this is face to face)

For agreements which fall under (1), you will have a cooling off period of 5 days, which begins from the time you receive the second copy of the agreement (containing the cancellation form). For contracts which fall under (2) and (3), you benefit from a 14 day cooling off period (30 days for life insurance and personal pensions). Unlike the cooling off period for goods bought under the Distance Selling Regulations (DSRs), the creditor may make a reasonable charge for any service (such as insurance cover) which was operating during this time.

 

There are specific guidelines on how you should cancel the contract, which must be notified to you by the creditor before or immediately after the contract is made. If the creditor does not make this information available to you, then your cooling off period will not begin until this happens.

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Just read this on the net looking for MIF. Its for a MIG (same i think)

Quote:

 

MIG: Mortgage Indemnity Guarantee. If you borrow more than 75% of the value of your house, you'll probably get stung with one of these. It insures the lender against you being unable to pay. Even though it's you that pays this premium, it still won't stop you ending up at the Salvation Army soup kitchen.

 

My own property was at 36000 when i bought it. At time of loan 1 year later the house next door sold for 72000! And they still hit me with this...

I feel they are on thin ice with making this one stick with me or a court for that matter...

 

Yahoo! UK and Ireland - Finance - Glossary

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We signed the forms on the 18th and they gave us the cheque after seven days. Knowing Welcome's storage procedures (microfiche, of which our contract looks to have been sourced from) I am not sure they can prove it.

 

We do not remember being told of any guidelines regarding cancellation.

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Yeah been keeping up with this site and the regular financial news.

 

Cattles are losing £1m A DAY through welcome and WFS has £2.7bn in 'toxic' debt!

 

They wanted to wind down the company, collecting what they can from the loanbook within 2 - 3 years.

 

If it doesn't close tomorrow, then I give them 3 months.

 

Happy Days:D:D

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  • 1 month later...

Hi Guys,

 

I could use some help on this since we received this letter today:

 

 

Obviously I am not happy with this decision and am starting a full complaint with the FOS and any other body that will help.

 

Can someone give me some advice on what they have ignored this time to reject my complaint?

 

Many thanks in advance

 

Lawrence

Decision - 05.03.2010.pdf

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Lawrence, this is a standard letter ping pong with welcome. I have read the letter but cannot check all the details as I am at work. dont give up and let Post have a read of it before you do anything as i think he will love to reply to this. I will help in more detail as soon as I can.

 

 

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Sorry i cant help with writing welcome a letter but i can point you in direction of complaining to fos if thats any help

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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bottom line is that this agreement is clearly automatically unenforceable.

 

303 @ 168 = 50904 (TAP)

total charge for credit = 30,257.90

apr = 16.8% (AND NOT 16.50% AS SHOWN ON YOUR AGREMEENT)

 

See schedule 6, prescribed term - rate of interest.

 

ENJOY!

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Lawrence lets check this contract.

 

Your loan is £20,411.10 over 168 months at 17.10% APR

thats a monthly repayment of £303.58

interest £30,590.54

total payable £51,001.64

 

you have no insurances.

 

Add £51,001.64 to the acceptance fee of 235 giving figure of £51,236.64

divide by 168 to give a monthly figure of 304.98 were welcome say 303.00 doesnt sound a lot but you will have shortfall at the end of 332.64 .

 

the contract is incorrect.

 

OZZY, PLEASE WOULD YOU EXPLAIN WHY ITS INCORRECT, INCLUDING LEGISLATION?

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