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Welcome Finance Secured Loan Nightmare

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Ok thought i would give you a bit of an update about my issue. I have been busy with FOS so not been able to update.

 

So had a complaint with an adjudicator regarding the amount of interest charged. They did not uphold my complaint as they said the figures tallied with the agreement.

 

I challenged this as the adjudicator has missed the point completely and i was quering how WF had come to the amount of interest charged. FOS said go away and find an actuary to prove it was wrong. I queried and showed them some examples and explained i wanted WF to confirm how it had been calculated.

 

Response was that interest is charged on a monthly basis in my case 1.8% and then mulitply by 12 to get the AIR which is 21.6%. They then said that APR of 27.5 was correct.

 

I was unhappy with the response as inthe first letter they sent they confirmed the interest is not added on the MIF but then in the latest they said oh no got it wrong WF have said they can charge interest so thats it claim not upheld.

 

The FOS took 37 minutes to respond to my last claim so i have now gone back AGAIN for a third time and my case is being reffered to an ombudsman to have the points re addressed. So lets just see what happens not.

Edited by BEBOBEBO
spelling

As always please check and double check what myself and other Caggers inform.

 

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mine is finally with an ombudsman as well!

 

third time lucky!!!

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If I am right and you need to check. If as you say the insurances were not optional and you had to take it to get the loan then it becomes a Charge For Credit. If it is then added to the Amount of Credit it is a Misrepresented Prescribed Term. Also you need to check but as I understand it being a multiple agreement the repayment terms for the insurances have to be seperated out from the principal sum. As far as I know they can be added together for collection but have to be itemised seperately. As said do your research but if I am right your agreement pre dating April 2007 if you have not signed anything else is iredeembly unenforcable.

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restricted use, and unrestricted use credit agreements........

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Hi

 

Ok so here is the copy of the agreement minus all the personal info.

 

Would really appreciate someone having a look for me.

 

I can see that we have a mortgage indemnity fee, also there is no details of the addess the loan was supposed to be secured on, it has been left blank. We have been charged for lifecare and ppi but my husband advises me he didnt ask for it. We certainly didnt know we had it.

 

My husband signed the agreement in the branch, but i notice that on the agreement there is no signature from them should there be?

 

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.

 

All help is greatly recieved.

 

http://i870.photobucket.com/albums/ab266/rottweilermick/welcomeagreement.jpg

 

BEBO, This does not appear to be the WHOLE agreement. where is their signature???? and dates???

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I have to say that the figures more or less add up, using the OFT formula.

 

there seems to be a 28p shortage in the total amount payable, and the total charge for credit in comparison which was shown on the loan agreement.

 

i am not sure, wen the **** signed the agreement??

i am not sure, how much unrestricted funds bebo got out of the loan of £18591.90, and wen it was paid and how it was paid??

 

the apr seems also to be within tolerances, which is why the FOS says that the APR is ok. (27.5 on agreement as opposed to 28.1 calculated)

 

the important issues now, are the questions above.

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Hi All

 

I have been looking at s 18 multiple agreements and i come to the same conclusion that it should have been separated out. I have raised this with the ombudsman, not sure how good they will be.

 

As for the signature i only have one page of the agreement. I have been sent a copy of the agreement 3 times and have only been sent one page each time. Again i have raised this.

 

Bebo x


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Have a read of the regs - ref producing a valid, legible copy of the agreement.

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Just thought i would say hello, sorry but i have been a bit preoccupied lateley with one thing and another. Havent heard from our friends in a very long time. They did a sudden u turn regarding the PPI as originally they said i wasnt getting anything then next day i get one offering me money. But i have refused to sign a new agreement due to the fact i am still with the FOS and now i am waiting for an ombudsman, plus the fact i am complaining about the adjudicator and the way she handled the complaint.

 

Not sure what they up to but they certainly not bothering me at moment..... very strange.


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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As said previously if insurance was not optional it cannot be included in the Amount of Credit. It is to be treated as an item entering into the Charge for Credit. (Total Charge for Credit)Regulations 1980 s4©. That being the case The Amount of Credit is a Prescribed Term and as your Agreement pre dates April 2007 from what I have read on various threads on this site I believe it may render your agreement iredeemably enforceable. You should be aware that some Creditors are admitting to have missold insurances for pre 2007 agreements and asking you to sign new agreements in the Knowledge that the courts have no discretion to enforce before that date, however if you do sign a new agreement basically your goosed.

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Maybe i jinxed it this week. I have now recieved a letter from Incasso chasing the arrears on the account. Has anyone dealt with incasso from a WF perspective. Funny really when WF have admitted they owe me over £5k. Any suggestions?


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Bump :)


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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....don't think anybody with any knowledge or advice comes on here anymore!!!!!!!!!!!!!

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It's looking like it Andy, what's happened?? Seems like all the same threads again just different members. Has anyone had any luck with welscum yet?


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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It seems that welcome ae passing eveything onto DCA'S at the moment, irrelevant of us having complaints with the FOS.

me and ED Have been contacted by Experto Cedite this week...so it seems they are using all and sundry, although not sure whats happened to lewis goup?

Edited by brassed-off-2
gremlins in my keyboard

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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I've again requested information from Salans on what sort of offer they'd expect to receive and I'm also after written confirmation from Welcome that they've terminated the agreement so that I can follow the route of 'incorrectly terminated' and then offer them an absolute minimum.

Salans themselves are confirming that the agreement is now terminated and are demanding the total amount outstanding (or an acceptable offer/means of payment), so I'm going to make a ridiculous offer and see what they respond with.

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....!!!!!!! Seem to have posted on some-one elses thread????

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Hi to everyone, Well its been a while and a long road and alot of stress and what a waste of time it has been. Our case was finally seen by an FOS ombudsman who have scrutinised all our cases against Welcome (please have a good read from the start of this topic, It relates to the popular compliants against welcome) and the outcome basically is all in Welcomes favour , without going into detail I signed the agreement which explains everything, had use of the money end of story.

 

My plans now are to try to get my PPi back the case I won through the FOS 1.5 years and still waiting for payment (FOS tell me they can no longer get involved as the FSA are involved who tell me to contact the FOS!).

 

I plan also to try to claim the charges back, as anyone actually successfully claimed these back ??

 

Its been a long fight and I thank those who supported me throughout the years, If ive any advice to give anybody new to the welcome forum is take everybodies advice check and double check I learned this towards the end. It breaks my heart to see the the same senior people giving and getting away with giving the newbies advice that is incorrect and know nothing about and promising to help them them disapearing. This is not a dig at the CAG this is an open forum which is a credit to all involved, just have everything checked by a Legal proffesional, dont let these people give you false hope.

 

Im not the sort just because ive lost ill stop coming on , im gonna be about for the next few week and ill have a look at some posts if I can give advice which is correct I will if I cant I wont.

 

Bebo x


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Im so sorry this wasnt the outcome we hoped for :( but you saw it through to the end despite all the hiccups on the way and you should congratulate yourself for that! I agree on the getting information double checked. Good luck with getting the money you are owed! x


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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Bloomin` Hell. Talk about `Blasts from the Past`!!! I have heard from FOS my self in the last week. Now the work begins!

 

Waiting to hear what the **** have to say, will then have to reveiw everything I was ever told on here? I just hope I didn`t give any mis - leading info? If I did it was because I had information which in my naivety it was very easy to believe the information given had to be correct, and because I was looking for any way to stop paying these `Rip off Merchants`, and escaping thier clutches it was easy to get sucked in, as I am sure were the people giving the advice! I always double checked all info and advice given to me. The problem is that most of the advisors are just ordinary citizens like us. I have done so much research in the last 3 years I should know contract Law inside out. The problem is in my opinion, all the advice, from what ever source is and always will be open to personal interpretation. Also a hell of a lot of what we Caggers from a couple of years ago were being advised as fact as changed with recent Judgments and updates of various Guidelines.

 

It is great to know that some of the Old Crew are still around. Even if it is not in the best of circumstances! I hope you are well BeBo and Beyond, etc?

 

All the best to everyone.

 

Mark

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LOL hey up Mark and Beyond certainly is a blast from the past.

 

Most of our compliants were grouped together so now Im gonna make separate compliants, I also think Multiple Agreement is the way forward but not saying too much until ive studed it and the caselaw.

 

Ill be around for abit lets resurect the Team :)


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Resurect the Old Team? It would probably take Burke and Hare to arrange that. LOL. Most of them are probably Homeless or soon will be? LOL I`m up for anything M8! Will need all the help I can get soon enough. LOL I can also see a lot of PM`s coming up as well. At least until we find that Case Law? LOL Don`t want anything being looked at as actual advice. Do we?

 

What do you mean by making seperate complaints now? Who to? Do you mean in Court?

 

Regards to all.

 

Mark

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:-D lol if we didnt laugh we'd cry eh lol, Separate claims with the FOS , The letter I recieved from them said the are not obliged to look at all compliants and and pick the ones they feel important. Amongst other things and I could go on and on the main point ignorned is the CCA is unsigned by welcome and the security isnt listed on the agreement. Its fine Ill just set them all up as separte complaints. Your right what you say the staff at the FOS are just normal people like us.

 

I think whatever which way we turn the FOS, FSA and the courts are that Welcome biased we dont stand a chance, Most you get is the PPi back. Two years on and still no evidence of a Welcome CCA which has been proven unenforceble says it all mate.


As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Most of our compliants were grouped together so now Im gonna make separate compliants, I also think Multiple Agreement is the way forward but not saying too much until ive studed it and the caselaw.

 

 

Have sent you a pm ref: multiple agreements - cannot post in the open forum just yet - case still going on.

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:-D lol if we didnt laugh we'd cry eh lol, Separate claims with the FOS , The letter I recieved from them said the are not obliged to look at all compliants and and pick the ones they feel important. Amongst other things and I could go on and on the main point ignorned is the CCA is unsigned by welcome and the security isnt listed on the agreement. Its fine Ill just set them all up as separte complaints. Your right what you say the staff at the FOS are just normal people like us.

 

I think whatever which way we turn the FOS, FSA and the courts are that Welcome biased we dont stand a chance, Most you get is the PPi back. Two years on and still no evidence of a Welcome CCA which has been proven unenforceble says it all mate.

 

If you make a formal cca request they generaly fail to supply terms and conditions - thsi is due to how they maintain their records, and copy the credit agreements We have written evidence from welcome showing how this works.

 

also would advise you to report any wrong doing to the OFT - their is a live and active file.

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