Just show's how desperate Welscum are getting!

[Pitsy]

This week out of the blue my partner had a call from the local office from supposedly the branch manager, I'll start off by saying my partner has a loan account that was re-signed in Aug 2008 for £825 +£75 acceptance fee on a 0% agreement, this came about beacuase of let's say Welscum's utter incompetence in handling the account which generated a fromal complaint, the re-signed agreement was to run for 36 months @£25 p/m, great so we thought!

 

After 6 months it was noticed Welsum were taking £25.05 p/m instead of £25 dead, and despite many requests to reslove this they have continued to take 5p over and above what they should have been be taking, we put it down to Welscum stupidity and if they were that desp for 5p a month they were Welscum to it!

 

Then out of the blue this week after hearing nothing from them for the best part of 15 months my partner gets a call from the local branch manager, asked if my partner was in a position to settle the account in full, because if she did not they would now start to add interest to the outstanding balance for the remaining period of the loan!

 

You can imagine the expletives on being told what they had said!

 

My partner still has the original yellow copy of the agreement which clearly notes 0% and £25 p/m over 36 months, she has never missed a payment or been late with a payment, and is bang up to date with payments.

 

She also has an original letter from a Senior Manager at Welsum's Nottingham HO dated Aug 2008 who organised the re-sign, the letter clearly states "After looking into your complaint I have found that the best solution to resolve your isues are to re-schedule the account for £900 at 0% intereast to be paid over 36 months."

 

But what I have noticed on the yellow agreement document below where the interest charge box is (which clearly notes 0%), is this:

"Rate of interest per annum (variable by giving you 14 days notice in accordance with clause 1(b) overleaf."

 

Clause 1(b) states: "We may from time to time increase or reduce the rate of interest after giving you 14 days written notice. We may give effect to any such increase or reduction by increasing or reducing the length of the duration of agreement or size of the monthly payments or both."

 

Presumably Welscum cannot now do a thing about their 0% agreement, or can they on the basis of giving my partner 14 days notice in writing of Welscum's intent to add interest, or are Welscum as it seems, trying it on to pull a fast one because of their own desperate situation?

 

I tell you, the sooner these clown's go out of business the better!

Edited March 16, 2010 by Pitsy

[ozzywizard]

They are defo trying to pull a fast one, this is an absolute joke. you have a signed agreement and a signed resolution. they would never send this to court. how many payments are left of the 36 months ? on the 36th Payment I would deduct £1.75 just to be sarcastic . . . ten send a letter asking them to confirm settled. Dont discuss again on phone ask for everything in writing, if they put this in writing to you post it up on this thread and we will get a killer response for them.

[Pitsy]

Thanks for the support Ozzy, I thought as much, and it just shows how low Welscum will stoop to claw money in.

 

It has approx 15 months to run, unbeknown to them we could have paid it off in full at the re-sign, but as they were stupid enough to re-sign as a 0% agreement we thought to the hell with it, they can wait for their money!

 

I'm hoping the local office or HO put's what they said on the phone in writing, cos we'll happily take our chances in court, and likley have the balance of the agreement voided at the same time, have never come across such a tosspot outfit of a company in all my 48yrs!

 

I wish some guys who represent the FSA would drop by this forum just to take on board the stunts that Welscum are pulling, cos what they're doing amounts to deception!