Help with Welcome Finance agreement

[Carlz]

Hi guys,

 

I wondered if you could help me...

 

I took out a loan with Welcome Finance and wondered if you could possibly have a look at the credit agreement and tell me where I stand with it?

 

I am currently disputing charges and mis-sold PPI and am awaiting to hear back from them and wondered if there was anything else that I should dispute within my agreement.

 

WF, as i'm sure many of you agree, are vile and not to mention rip off merchants and need to taught a lesson or two on honesty and customer services !

 

Have heard many horrendous stories about them and am quite suprised that I have not heard from them since Friday. Is this the norm?

 

Fingers crossed I have a case and that my letter sent to them was ok?

 

Look forward to hearing from you.

 

Carlz

[ozzywizard]

You need to remove this agreement . . . then edit so it no longer shows your name and address. the patches you used can be moved off by anyone showing the full agreement. Please remove

[postggj]

hi carlz

 

can you post the agreement minus personal details

leave in the figures

 

google photo bucket or image shack to post

[postggj]

i can see no agreement????

[ozzywizard]

Its removed now, was there with name and addy etc. its a 36 month agreement. APR 42.37 GEESH lol.

[Carlz]

Not a great start lol!

 

Attached the wrong copy....

 

Will try again :-|

my cca consumer group.doc

[Carlz]

I know! The APR is a joke. Was young, desperate and incredibly stupid!

[postggj]

give me half hour to go over the figures

[postggj]

i need glasses so please confirm

 

1/ amount of credit (loan) £720.50

2/insurance £370

3/ apr 42.37

4/ 36 monthly payments

 

thats one bad agreement

 

i take it they gave you £750 and used the rest to pay off a previouse loan

[Carlz]

KEY FINANCIAL INFORMATION

 

Total amount of credit (b+c+d) 3596.58 A

Amount of credit to settle loan 726.58 B

Amount of credit for insurance 370.00 C

Amount of credit for cash advance 2500.00 D

Amount of credit (Insurance & Settle) C+B 1096.58 E

Amount of credit (Cash advance & settle) (d+b) 3226.58 F

 

Duration 36 months

Amount of each monthly payment 164.43

Number of monthly payment 36

APR (VARIABLE) 42.37%

 

OTHER FINANCIAL INFO

 

INSURANCE

1st Customer Lifecare 24 195.00 H

1st Customer Accident plan 175.00 I

 

TOTAL CASH PRICE 370.00

 

Total charge for credit (O+P) 2322.90 N

Acceptance Fee 75.00 O

Interest charge 2247.90 P

 

Rate of interest per annum 40.10%

 

If you look on the agreement - left of my signature - does it look to you if the agreement has been tampered with?

[Carlz]

This is what I sent to Welcome... and i've not heard from them since Friday and very overdue with late payment

 

SENT BY RECORDED DELIVERY

19th January 2009

Welcome Finance

Compliance Services

Mere Way

Ruddington

Nottingham

NG11 6NZ

 

Dear Sir or Madam,

 

Account/Agreement number: ##########

RE: PPI and unlawful charges/interest

I purchased the above policy from you on 24/01/08 but now believe that I was mis-sold this policy for the following reasons:

 

This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson stated that taking out the policy would assist with my credit application and that I would not be able to have the loan without it.

 

Your salesperson was very pushy in selling me the policy so that I felt I could not say no and the application process was very rushed and forced upon me.

 

Your salesperson did not tell me that the policy was optional nor does the listed breakdown of cost for insurance add up to my loan term of 36 months and nor was I aware of the added interest on it and is it clear on the payment breakdown.

 

Your salesperson stated that taking out the policy was essential for me to get the associated credit even though I had already taken a loan out with you prior to the loan I am now disputing.

 

Your salesperson did not give me full information on what the policy would and would not cover and the term/duration of cover.

 

I am also concerned that the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

 

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I too would require that you arrange for the restructuring of the loan and to write off any charges (and any interest on them) which would not have arisen, if the monthly payment had been the lower amount that would have applied if there had been no PPI policy.

 

I also wish to know the following - and more so, should you dispute that my complaint is not for the interest of WF and for the supposed insurance company, although I am very aware that you ARE and I have been advised so:

 

The name of the Insurance company the supposed policy is held with?

 

How much of my Insurance Premium was paid directly to the Insurer (exact figure)?

 

How much was paid in Insurance Premium Tax?

 

Did Welcome pay this tax or the Insurer?

 

As a member of the Finance and Leasing Association - who is your Code Compliance Officer?

 

When was your last annual statement of compliance submitted to the FLA?

 

I also wish to dispute the given breakdown for credit and question why I am being charged 42.37% and then 40.10% again for insurance and an acceptance fee and ask that you provide me with your calculation and why I am again paying 2.8% on another breakdown. These calculations/costs were again, not fully explained to me upon agreement, nor do they make any sense or are they in line with what I was told by your advisor. I must remind you that it is a responsibility of your own to make all calculations/breakdowns to be listed clearly and as your breakdown does not reflect the total cost of things like insurance etc it is evident that I was ill advise and this loan agreement was again mis-sold.

 

I must also stress that as it was evident to you/your advisor that when you accepted my application for credit, you were aware that I had no financial background or knowledge in this area and I strongly feel that you have taken me for a ride and by selling me an unclear and complicated agreement and policy. I too, would like to point out that your advisor had even listed the wrong year on my application/breakdown which would again, reflect the lack of training and knowledge that your salesperson/advisor had and the rush of my application. If your advisor is unable to recognize what year it is, I would then question on what basis does he have to sell to me financially let alone to actually advise me.

 

I too wish to dispute why my statement has inconsistent amounts of ‘capitalization’ and why the ‘stated’ amount of provided credit (listed on my statement) differs to the amount listed on my agreement.

 

 

I too wish to dispute charges on the account (to include interest) E.G payment reversal/failed debit charges – if you look at my payment methods this year, you will note that I had stopped my direct debit and in turn, provided payment to you over the phone each month. Therefore, I cannot understand why you continued to make debits from my account when it had been explained to you that I has cancelled this method of payment and you had noted my new payment method. Therefore, I again, expect all charges (to include interest) to be refunded and erased asap.

 

I look forward to a full and prompt response to this letter and for the matter to be concluded or I will have no option but to contact the Financial Ombudsman to investigate my complaint. I expect a refund in FULL to include all interest and will not except any less. Should you deem my request to be unacceptable, I will do everything within my right to reclaim these unlawful charges and hope that you would prefer to settle this matter before any further action is taken.

 

To sum this up, this account/agreement is in serious dispute and I will not be making further payments until this matter has be mutually resolved and am within my rights to do so. As this account is in serious dispute, I must state that you can not pass this account onto a collection agency nor can you default my account and pass these details onto a third party and whist this complaint is in place. I will expect you to note that I will be checking my credit file daily for any illegal entries.

 

I look forward to hearing from you and ask that all future responses are done so in writing.

 

Yours faithfully,

 

 

Name

 

* 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. This is documented in the Data Protection Act Good Practice Notes. Therefore, I am not signing this document.

[postggj]

give me half hour on the agreement

[Carlz]

ACCOUNT IN DISPUTE

 

J

Welcome Finance

Compliance Services

Mere Way

Ruddington

Nottingham

NG11 6NZ

21st January 2009

 

Dear Sir or Madam,

 

ACCOUNT NUMBER:

 

As per my previous letter to you regarding my dispute with Welcome finance Ltd regarding mis-sold Payment Protection Insurance, I have again enclosed my letter which was sent to you by recorded delivery and fully documents my reasons why this account is in major dispute.

I would like you to note that I am still being pursued by Welcome Finance for payment and would expect that no further calls or demands continue whilst this account is in dispute.

 

I am of the view that any continued phone calls or demands and harassment of payment by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970.

 

You will be aware that under the Banking Code, to which you subscribe, you may not default my account or take further enforcement action whilst the debt is in dispute and feel that it is in both of our interests to come to a swift and satisfactory resolution.

 

I would also like to make you aware of The Office of Fair Trading Code of Guidance in which it states: “Putting pressure on debtors or third parties is considered to be oppressive. This includes, ignoring disputes about whether money is owed and refusing to freeze action if the debt is in dispute”.

 

I, therefore, hope to receive your full co-operation in this matter and would like to request a written response to that effect.

 

Yours Sincerely

 

 

name

 

* 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. This is documented in the Data Protection Act Good Practice Notes. Therefore, I am not signing this document.

[Carlz]

And another document which might come in useful

payment break consumer.doc

[Carlz]

Thank a lot POST

[postggj]

give me a break down

(b)????? fill in please total of b

© £370

(d)£2500

[postggj]

error

[Carlz]

B - 726.58 (was from my other loan)

[postggj]

i can get cracking now

[Carlz]

Thanks Post.

[postggj]

this will be a long one so stay with me

 

total amount of credit

(b) £726.58

© £370

(d) £2500 total £3596.58

 

that is over 36 months at 42.37 % apr

that works out at

 

a monthly repayment of £164.43

interest £2322.97

total repayable £5919.55

 

INSURANCE

 

cash price of insurance £370 over 36 months at 42.37 % apr gives

 

a monthly payment of £16.91

interest £238.97

total repayable £608.97

 

so lets add interest on the loan £2322.97, and interest on the insurance £238.97 gives an interest total of £2561.94

we add the acceptance fee to this of £75 , which gives £2636.94

 

so interest and fees

£2636.94 add insurance with amount of credit

£370

£3596.58

 

total repayable £6603.52

devide by 36 to get the monthly repayment £183.43

 

welcome have screwed up again

 

checking figures again though

[postggj]

figures are correct

 

there is a difference of £684.04 in welcomes favour

 

undisclosed commission me thinks

[beyondhope]

Hi Carlz glad you managed to get a post on - glad postggj is looking into this for you he comes highly recommended from me

 

What a shock that the figures dont add up

[postggj]

its all these undisclosed commission payments

 

people think there loans are over, then get a shock

[beyondhope]

They had one hell of one on my agreement then Im over the shock now just angry

 

Amazes me how they have managed to trade this long without serious repercussions!