Welcome Finance Secured Loan Nightmare

[ozzywizard]

Welcome to the forum, you are in the right place and you will receive assistance here from consumers in (OR HAVE BEEN) the same position as yourself.

 

First is getting your agreement, when you say you sent them a letter for the agreement was it a CCA ? did you enclose a pound fee and was it sent recorded ? If not this is what you need to do, please confirm . Dont worry about the SAR yet as one thing at a time we will do the CCA first.

 

Regarding the direct debit guarantee, if you setup the direct debit then it is not covered, a company can use their own discretion of what is due and how much to take, they do need to inform you ( 10 working days notice)but you are giving them access to your account. It is better to pay by standing order then you are in charge.

 

You have sent them the harrasment letter so they will not come to your house again.

Edited January 22, 2010 by ozzywizard

[ozzywizard]

Use the below template. (recorded delivery)

 

 

Your Address

 

Date

 

Dear Sir/Madam

 

Re:− Account/Reference Number 4563210025897412

 

This letter is a formal request pursuant to s.77 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 (not sign) and enclose a one pound postal order, send it to head office at :

 

Welcome financial services

Compliance Department

Ruddington fields business park

Ruddington

Nottingham

NG11 6NZ

 

 

 

In the meentime do not speak to them on the phone, best way is to not confirm password when or if they call, what I did when they called me is read the letter of harrasment out to them on the phone and tell them it is sent to compliance, still not confirming password. they should not phone or visit due to you sending this letter.

 

This will get you your agreement for us to check, if not received in 14 days your account is in dispute.

 

On there was insurance that i did know i had purchased

 

Do you believe this was missold for any of the various reasons ?

 

Are you still paying and is it t the rate of contracted amount ?

 

.............

 

Depending on your answers and the agreement you receive will depend if we now need to send off a SAR for a full copy of every information held on you.

[ozzywizard]

Ok so in that case you have PPI that you believe is missold and you wish to claim back and take action right ? . .

 

Now wait till Monday and send off your SAR below enclose a 10 pound postal order sent recorded (reason im asking you to send Monday is best to send seperate day from CCA so receipts are unique giving more traceability as welcome have been known to claim only one of the letters received).

 

WELCOME FINANCIAL SERVICE

COMPLIANCE

RUDDINGTON FIELD BUSINESS PARK

RUDDINGTON

NOTTINGHAM

NG11 6NZ

 

REMEMBER THE £10 POSTAL ORDER AND SEND RECORDED DELIEVERY

 

Never sign but print signature.

 

 

[your address]

 

 

 

[their address]

 

 

[DATE]

 

 

 

 

 

Data Protection Act 1998

 

 

Subject Access Request

 

 

 

 

Dear Sir/Madam

 

 

 

ACCOUNT NUMBER: xxxxxxxxx (or multiple numbers if more than one account)

 

 

 

Please supply me with copies of all the data which you hold on me in relation to any matter and in any form and for any period of time.

Please note that I require disclosure of any personal data which you hold on me for the entire period of my dealings with you.

The Subject Access is not limited to my transaction history and it is not linited merely to 6 years of historical information.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my financial business with you.

I require all information on details of all insurance products supplied by welcome financial services. This is to include the statement of means, statement of price, details of all insurance premium tax paid, and underwriting sheets.

If mortage indemnity insurance has been added to the agreement, i require all details on who this premium was paid to, and who underwrites this insurance.

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

 

I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties or charges which are invalid under the Unfair Terms in Consumer Contracts Regulations against me, then I shall be reclaiming them together with any interest charges which you have levied on them.

As it is your wrongdoing and mishandling of my account which has created the necessity for this Subject Access Request, I shall also be reclaiming the enclosed £10 Data Protection Act subject access request fee.

 

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

I would be happy to collect the Data from my local branch.

 

 

Yours faithfully,

 

 

[signature]

 

 

[name]

[ozzywizard]

Send the two letter templates I have given you (CCA and SAR) .

The fact you asked for your agreement and they did not provide just clarifies that a legal document is needed like the CCA1974 to force their hand. The SAR does indeed force them to comply and send every bit of information they hold on you for all contracts, agreements and communication .

 

Trust me people do get one over on welcome and such companies as the law is on their side just as it is on yours. Unfortunatly human nature and proven facts show that once people use these kinda forums and get what they need they never return to tell the story, just look at how many members we have here in comparison to how many are logged in ? people used to come in their hundreds claim backbank charges but never donate or let us know their sucess, only about 5% of us actually stay to tell the story and help others . . . fact. . .

[ozzywizard]

Also does it make any difference that the agreement is with PROGRESSIVE FINANCIAL SERVICES LIMITED trading as welcome financial services of mere way

 

No differance at all .

[ozzywizard]

Also does it make any difference that the agreement is with PROGRESSIVE FINANCIAL SERVICES LIMITED trading as welcome financial services of mere way

 

This does not make it unenforceable.

[ozzywizard]

Either tonight or tomorrow night after work I will check your full agreement and breakdown your costs for you and we will then decide if it is enforceable.

 

i also have a statement from them where the opening balance is £20452.35 where does this figure come into it if the total amount of credit is £18591.90.

 

Add 18591.90 to your MIF and acceptance fee and you get this figure of 20452.35 .

Edited February 6, 2010 by ozzywizard

[ozzywizard]

I not forgot Bebo, hopefully get this done tonight for ya . off to work again in 10 mins grr. . .

[ozzywizard]

Bebo, this is being looked into on your other thread right ?

[ozzywizard]

No probs.

[ozzywizard]

I understand no worries, just wanted to check I wasnt losing the plot and you had more than one agreement. lol.

[ozzywizard]

Ok Bob, hope im ok to call you bob lol, actually your a gurlie right so will go for Bobby hehe. . .

 

To start off the MIF is a serious no no and incorrect.

There should also be a signature on the agreement from welcome and an address of who loan is secured with.

 

ET asked you

Did you recieve a "pre-contract information" copy of that agreement, and have 14 days to think about it prior to signing in the branch?

 

You say you cannot remember, this is important........ please discuss with your OH and come back with an answer if you possibly can.

 

ET is also correct in his post that if the MIF or acceptance fee is included in the credit it is unenforceable.

 

Ok time to do some number crunching on your loan.

 

Your loan is £14,776.85 over 120 months at 27.5% apr

 

thats a monthly repayment of £331.40

interest £24,991.80

total payable £39,768.65

 

Insurance

 

Insurance £3815.05 over 120 months at 27.5% apr

 

interest £6,452.32

monthly payment £85.56

total payable £10,267.37

 

total interest is £31,444.12 plus loan of £14,776.85 is 46,220.97 plus insurance is total amount repayable 50,036.02 ok sorry still not finished we now add the acceptance fee of 235 and the MIF of 1625.45 to give grand total of 51,896.47 divide by 120 to give a monthly figure of £432.47 . . this is a huge loan and welcome are seriously out on their figures as paying welcome their monthly figure would leave you to pay at end of contract an amount of no less than 1833.67.

[ozzywizard]

Bebo, if you ask a site team member or report your own post they will migrate your two threads together to stop the confusion . lol .

[ozzywizard]

Exelent Rooster, thanks heaps . . as always your a star

[ozzywizard]

Bebo, sorry save me reading the 5 pages were are you upto on this, just a quick summary. has anyone checked your agreement yet with the figures etc ?

[ozzywizard]

Ok Bebo, exelent..... Await welcomes response to the complaint. your account is in dispute so it is going no were and they have 8 weeks to respond, my guess is you will have letter of them within 2 weeks. Lets see what the letter says to determine your next move. its moving at a nice pace so dont worry . I will help you write a letter when the time comes.

[ozzywizard]

when I recieve the final response letter and if im not happy with the response is the account still in dispute til I agree with a suitable outcome?

 

In my opinion yes it is.

[ozzywizard]

Yes I had one, give me a few hours and I will post my response for you. it will take me 20 mins to prep it up so have to wait till later. what ae yuo claiming it was missold for ?

[ozzywizard]

If your account is in dispute then this is incorrct, although I think if PPI is your only issue you should continue with your payments.

[ozzywizard]

Okies here was my exact response. but I must advise this was my response based on my claim and I do not know if it was right or wrong so your choice how you do yours.

 

 

1) Why do you now believe PPI policy is now not suitable for your needs.

 

Please refer to page one question one as not enough space to write here.

2) at the time you bought the ppi were you in paid employment.

 

Please refer to question one page one as not relevent to my complaint.

3) has the nature of your employment changed since you bought the ppi.

 

Please refer to question one page one as not relevent to my complaint.

4) was your job secure, was their risk of losing your job.

 

Please refer to question one page one as not relevent to my complaint.

 

5) when you bought the policy were you in good health.

 

Please refer to question one page one as not relevent to my complaint.

 

6) how long would your income of lasted if you had lost your job.

 

Please refer to question one page one as not relevent to my complaint.

 

7) how long would your income of have continued if you had been unable to work due to accident or sickness.

 

Please refer to question one page one as not relevent to my complaint.

 

8 ) at the time you bought the police did you have anyone who was financially dependant on you.

 

Please refer to question one page one as not relevent to my complaint.

 

9) at the time you bought the policy did you have any other policy that protected your income in event of sickness or accident.

 

Please refer to question one page one as not relevent to my complaint.

 

10) any other comments to support your claim.

 

Please see page one question ten as not enough space to write here.

 

................................................................................

 

seperate letter.

 

 

Response to question one.

I was informed by your agent that my loan would not be accepted unless I took out the payment protection insurances. I have subsequently discovered that all insurances should be optional; I was NEVER given any option to take the loan without the insurances and was never provided with a comparative quote for the loans without the insurance premiums attached.

 

 

Response to question ten.

Both my wife and myself were explicitly informed by your sales agent that we would not in any circumstances qualify for the loan without insurances attached as we were “bad creditors”.

This I now know to be incorrect and feel you have created an unfair relationship due to the fact that the attached insurances are supposed to be optional.

Quite simply we were never given the option of taking out the loan with no insurances attached, the insurances themselves were not fully explained (Other than they were a necessity) and therefore were not sold following an accurate analysis of whether or not we required said cover and therefore were missold.

Therefore questions 2-9 on your questionnaire are not applicable to be answered, there was no investigation at the time of the loans as to these circumstances and the suitability of the cover and looking back in hindsight on these would only cloud current matters.

Put simply it is irrelevant as to whether or not policies may have benefited me as the option to take these out was never presented and I was misinformed that they were in fact compulsory after later discovering that they were optional. My circumstances were not considered at the time of applying these policies to my loans; therefore play no part in assessing mis-selling after the event. I was told that I had to take out the insurance to get the loan and so was misinformed and would like this resolving immediately.

[ozzywizard]

Ive got 3 at the minute, 1) Incorrect figures (kindy pointed out by yourself), 2) Mif and acceptence fee (wasnt made fully aware) 3) Mis-sold PPI.

 

Then you are right to put in dispute and withold payments untill resolved.

[ozzywizard]

This was my initial working out of your figures

 

Your loan is £14,776.85 over 120 months at 27.5% apr

 

thats a monthly repayment of £331.40

interest £24,991.80

total payable £39,768.65

 

Insurance

 

Insurance £3815.05 over 120 months at 27.5% apr

 

interest £6,452.32

monthly payment £85.56

total payable £10,267.37

 

total interest is £31,444.12 plus loan of £14,776.85 is 46,220.97 plus insurance is total amount repayable 50,036.02 ok sorry still not finished we now add the acceptance fee of 235 and the MIF of 1625.45 to give grand total of 51,896.47 divide by 120 to give a monthly figure of £432.47 . . this is a huge loan and welcome are seriously out on their figures as paying welcome their monthly figure would leave you to pay at end of contract an amount of no less than 1833.67.

 

 

in figure o they have attempted to calculate the 18591.90 which is insurances added to actual loan by 27.5% and came up with figure of interest being 29610.17 but the true interest is £31,444.12 . your right no matter how you do it, you do not get their figure.

[ozzywizard]

Yeah Mark I had a few beers haha..... its the only time I can write letters too rofl.

[ozzywizard]

One of whose posts ? . . .not mine me dont think . .

[ozzywizard]

This is the post you quoted, and it was Em that said it lol.