Help! Welcome Finance Despair!

[jooshy]

Hi everyone, im knew to the forum, this being my first post after trawling the web for answer to my problems i have decided to get some more direct and personal answer to try and achieve justice on these monsters.

 

I took out a loan with Welcome Finance for £5,000 @ £219 PM x 36 = £7,884. I am somehow incurring Capitalisation of £177.34 to £192.99 a month and it is destroying me. I have no ides what is is and am desperate to get rid of this loan, i asked them to lower my payments for a few months whilst i was unemployed and they refused to so i basically told them i cannot afford to pay you then and they just left me to go in to arrears.

 

I have since read up on them and discovered all this stuff about possibily bankrupcty/admin? And all their tricks to try and squeeze cash out of us and it is disguisting. I receive phone calls every day from a branch manager who sounds like hes lost the will to live and even receive the odd house visit which they apparently charge for. I am desperate to get a loan elsewhere and be rid of them so what can i do to sort this out its upsetting me and keeping me up at night worrying over my debts. I have somehow managed to have a closing balance of £6,176.67 on my last statement!! I cant afford to keep paying £219 as its crippling me as well as these charges they are implementing so what do i do?

 

Please help, Josh!

[beyondhope]

Capitalisation is another name for interest.

 

Dont let these sc*mbags get you down

 

Do you have a copy of your agreement you can scan in delete personal info and paste here?

[jooshy]

I haven't if im honest i lost it whilst moving properties a while back. Could i request one from them?

[Sand-Dancer0191]

Start off with a CCA request (cost £1) template found in library. when you have the copy of the original agreement then the caggers can advise you more.Inspect it for errors...ppi...apr etc..In the meantime read other threads and the library etc for as much info as you can..MOST if not all are in the same boat as you...and believe me its not worth loosing sleep over

[jooshy]

Cant find the CCA anywhere!

[dawnytrish]

Hi Jooshy,

Just found this on the main thread for you.....

 

.......... you can request a copy of your finance agreement under the CCA

 

something like this should do :-

 

--------------------------------------------------------

 

Dear Sir/Madam

 

Re:− Account/Agreement Number :- XXXXXXX Customer Number:- XXXXXXX (If Applicable)

With reference to the above agreement, we would be grateful if you would send us a copy of this credit agreement.

 

We understand that under the Consumer Credit Act 1974 (Sections 77−79), we are entitled to receive a copy of our credit agreement on request. We enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

 

We understand a copy of our credit agreement should be supplied within 12 working days.

 

We understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

 

We look forward to hearing from you.

 

Yours faithfully

 

 

 

---------------------------------------

 

 

Good luck

Dawnx

 

[dawnytrish]

Send the above to...

Welcome Finance

Compliance Department

Mere Way

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ.

 

Send Recorded delivery and DO NOT SIGN

 

xx

[pwg6565]

It may be worth you sending a CCA request and Subject access request to have a look a what Welcome have been doing to your account.

CCA should be returned to you within 14 days and Subject access request can take up to 40 days. (included in the Subject access request should be all info regarding your account including statements which should tell you the information you require regarding charges etc).

The CCA will cost £ 1 (postal order) send recorded delivery.

The Subject access request will cost £ 10 (postal order) send recorded delivery.

When sending these requests do not sign your name just print.

 

Letter templates below.

http://www.consumerforums.com/resour...request-letter

 

http://www.consumerforums.com/resour...est-debt-a-dca

 

Once you recieve your documents post them up on your thread and the more experienced on here will lend a hand.

 

Send to..

Welcome Finance Compliance Services Mere Way Ruddington Nottingham NG11 6NZ

[jooshy]

Thanks Guys Will Send On Pay Day Next Week!

[jooshy]

Hi guys, left things a while got loads on at the moment. Basiclly i owe £62400 ish to WF and they have forwarded it to debt colelctors due to non-payment. Basically i lost myjob and informed them i could not meet the £220pm payments and would like to renegotiate for a whileas it was impossible to pay, WF refused several times and said to sort it out basically so i thought sod you i am not paying it as i basically cannot pay it at the moment. So a few months past and now i am in arrears and owing the said amount. Received a few letter and written back to both WF and collectors. Now the collectors sent me a letter saying to pay £3200 ish (50%) by end of July and call it quits, which is friggin excellent news apart from the obvious fact i cannot afford to do so!!! Any suggestions please guys im stuck and need some sort of repayment plan to rid of these sods asap!

[TheCherry0121]

What debt collectors is it ?? If you have no job a DCA will set up a repayment plan easier than welcome will but id definately reccomend sending off for a CCA

[jooshy]

Its Lewis Debt Recovery, and i have just typed up a letter to send tomorrow explaining the situation and welcomes lack of cooperation and willingness to repay the debt, just not at £220 a month. What you suggest, not sending it? 29th July is deadline for the 50% off deal so after that i guess itll go further which i dont want.

[beyondhope]

i have had 2 50% off deals in the last 6months all they will do is continue to chase, stand your ground and arrange a plan you can afford if they ignore your requests enlist the help of citizens advice if no one here can offer advice dont be bullied into promising something you cant afford because even if they were brave enough to take you to court which is unlikely the judge would only allow you to pay what you can afford by offering to pay you are showing willingness but you have to be able to live and no court in this land will dispute that!

[letsdothis]

Did you ever do the CCA?

 

If they are prepared to write off 50% spmething is possibly wrong.

 

Are there any late charges or PPI payments that you have paid that could be reclaimed at all?

[jooshy]

To be honest i have no idea with regards to CCA and my account. I worked for a bank and have done my fair bit of claiming back and fighting past but this welcome stuff is a tad confusing. I will do that first if thats the best way forward? I have considered telling them to stuff it and take me to court for your £1 a week for being such a bunch of unprofessional ***** over it but its not worth totally screwing my credit file over. I will send a copy of cca tomorrow then if thats the best way forward and wait for that to arrive before jumping the gun?

[letsdothis]

If you do a CCA then you would get the agreement back hopefully. If you then scan it and remove all your personal details and then post it on here, people can see if it is enforceable etc

 

If you have been charged any late payment fees over the years, then you would be able to claim those back, along with any mis-sold PPI payments.

 

This would bring your balance down.

 

Most DCA's or OC's wouldn't normally offer 50% off unless there was something wrong with the original paperwork.

 

If you have missed payments and the DCA is up to normal tricks I would bet that your credit file is already trashed anyway.

[jooshy]

OK thanks guys goingto send for a CCA today recorded. This the address?

 

Welcome Financial Services Ltd,

Ruddington Fields Business Park,

Mere Way,

Ruddington,

Nottingham,

NG11 6NZ

 

 

May not be able to find any paperwork for acc no etc though, this an issue?