Welcome Finance Secured Loan Nightmare

[pwg6565]

No. I have a secured loan of £24000 and have not paid them since Aug 2009 and will not pay them another penny until all of my complaints are resolved with my contract. I do not get involved in threats or bullying from them and just tell them what I want them to hear and then end the call politely. I am the customer and if all was well I would gladly pay but the fact is I have had many unlawful charges added to my account and until they sort that out. Account in dispute !!!

[BEBOBEBO]

Yeah I intend on doing the same, your case sounds similar to mine, have you found the FOS helpful?

[pwg6565]

Yeah Bebo. Very. I have a lady called Helen Hunter dealing with my complaint and have had regular contact with her via email. She always responds and seems very thorough. I have a lot of confidence in them and I am sure they will sort the problems in time. I am in no hurry as I just simply tell Welcome that they are dealing with the F.O.S. now and not me.. I know it can be difficult talking to Welcome and in the past I have written myself a little script before I call them but it does help and I have found that if I call them first and tell them what is happening they tend to leave me alone. If they start threatening and bullying then I just tell them the account is in dispute end of !! And I have just called to update them out of good will.

[BEBOBEBO]

thats reassuring to hear ive heard mixed things about the FOS, they dont call me anymore think the branch is shutting down , they just send me silly letters, I know what you mean though they can be intimidating, I dont think any of them have had proper financial training

[pwg6565]

Have faith Bebo and dont be bullied. At the end of the day Welcome have a code of practice they are supposed to stick to so dont let them cross the line... I am sure the F.O.S. will be as fair as they can be so just be patient and try not to worry. Good luck...

[emanevs]

Account In Dispute!!! Hear Hear!!!!

[BEBOBEBO]

Recieved a questionaire as regards to the PPI part of my claim, wanting more information etc. Checked with the FOS they Dias this is normal procedure and I must fill it in. Anyone else had one??

[BEBOBEBO]

bump

[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 ?

[BEBOBEBO]

hey ozzy, I was mis-sold it basically because I was informed by the branch manager that I would only get accepted for the loan if I took PPI, The PPI wasnt needed as I was with a good company with good benefits and paid full sick pay, my partner was also in full time employment. Thanks Ozzy for your help.

[BEBOBEBO]

it also says in the letter that whilst my compaint is on going I must pay my contractual payments, is that correct when the account is in dispute?

[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.

[BEBOBEBO]

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.

[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.

[BEBOBEBO]

Ozzy your a genius!! thats what I wanted to write but didnt know how to word it. would you mind having another look at the figures on my CCA when you got a minute, I cant work out how they have got the figure in box O ?, the APR seems out to me. once again thankyou this is very much appreciated.

[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.

[BEBOBEBO]

Ozzy thank you its been driving me mad, just needed it confirming...your a star. thankyou

[mark1arby]

On Form Tonight OZZ???

[ozzywizard]

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

[BEBOBEBO]

Quality

[beyondhope]

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

 

I seem to write better letters when alcohol has been consumed too hmm wonder why this is lol

[BEBOBEBO]

One thing for us all, by claiming this money back would that then mean that there is no breach of prescribed term - and no unenforceability????

 

I would personally, go for unenforceability, let them keep the money!!!

 

 

I borrowed this from another thread, Yes ems its one of your post.

 

Would this also apply to my agreement.

[ozzywizard]

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

[BEBOBEBO]

No Ozzy not one of yours, cant find the post now.