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Welcome Secured Loan PPI and Other Problems!


lotuselite
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OK. Where to start????

Well a quick synopsis of our dealings with Welcome. In 2005 took out a secured loan (I know,I know!) with them via Freedom (I dont think) Finance.

Financial difficulties followed very quickly (Son very ill) and next thing we know in 2006, we have another loan also secured! Or perhaps it would be better to call it a rewrite? Finally got a grip in 2007 having already been defaulted and started a dispute with Welcome, CCA and SAR. Didnt get very far and ill health and other problems have intervened. So three years on, no payments and various mail contact disputing the figures have followed.

We suddenly received a default note, which appeared to be very incorrect and then what appears to be a no notification sale to MKRR. Various letters asking for money all ignored, as far as we are concerned we dont owe.

So have decided time to take this lot on ....

 

Joint 1st Loan is the only that has been secured although it appeared to be secured 8 days after signature??

Loan for 10,000, PPI 1762.30 (No use to use but told we had to have it as we were self employed), 300 Medicare,175 Lifecare,125 Homecare (None of which were asked for even according to WF's own paperwork!). This sum apparently made up the Amount of credit 12362.30. Then they added MIF 1100 and acceptance fee 235 to make total amount of loan - 13697.30. Looking at the statement, interest appeared to have been paid on the full some. Interest 1.7% APR 26%

 

So quickly in problems and are being taken to court for our mortgage. WF say they can make it easier for us, cut the payments. Never explain this is a new loan even when explaining details at our house, worked that afterwards. So we now have loan for 15,000 that we are told we have to have 3395.43 of PPI tacked onto and a cheque for the mortgage company of just over 2000, oh and another acceptance fee. This was all done in our house, with no cooling off period, we signed while they were there they gave us a cheque. Although we explained we wanted to remortgage at the time as they recorded, still charged up front insurance. Charge on house never changed.

As you can imagine, all went tits up pretty quickly.

 

So now apparently the loan has been sold to MKRR but only in one name. The charge is still in Welcomes name on the land registry.

 

What do I want to do? Get my money back and sort out whats happening with the charge, that no longer seems valid.

 

I think starting with the first loan and moving on from there ... what do you experianced people out there think?

 

Apologies for the length of first post!

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blimey

welcome [or not] to the welcome fleecers forum

 

they have ripped you off bigtime there on sev things.

you've been charged PPI {and the rest of the ins crap] twice, one rolled into the other so thats PPI on PPI + int on int.

 

scan up all the agreements you have but remove pers info.

 

postggj is going to love this one...

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for the "welcome" to the welcome forum!

Just realised that my post is full of spelling mistakes and that it didnt make much sense but glad you have got the gist of things!

 

I have been reading some of the other posts and they have really encouraged me to get going!

 

I have seen postggj several times, I get the impression he might like the Mortgage Indemnity Fee part of the loan :-)

 

I will scan the agreements, what is the best way to upload, I am very new at this!

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use one of the many free websites to convert your files to pdf format. save them to your desktop [or where you know where they are!]

 

then comeback here and hit reply

hit the go advanced button below this [and your] msg box

then hit manage attachments

hit browse and find your files

hit upload

then the close at the bottom of the box

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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dont forget to blank ALL pers info inc barcode and page endge numbers

leave the financial figures though!!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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where you HAVE paid the loan installments yes

then they rolled the outstanding PPI from the first loan + intererst into the second loan, so they charged interest again on the PPI & charges Int again on the Int charged for the first loan's PPI.

 

so YES anything to do with the PPI on the first loan you can clawback {+ interest] [unless you got a rebate or discount? - but i doubt it!]

 

you need those agreements up

 

and PM postggj

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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My first post makes it sound like we didnt pay, we did and rather a lot of money! It is just when we complained and didnt get very far, we stopped paying ... and have been haggling on and off ever since....

 

How do I send a PM??

 

Thanks for all the help :)

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you need to blank out the secured home ad in doc 2

 

i'll alert postggj now

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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:D

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Lotuselite

 

Dx Has Asked Me To Drop In

 

I Wont Tell You What I Think Of Welcome Or Ill Get Cagbooted

But You Now Realise What A Sorry Excuse For A Finance Company This Lot Are

 

Give Me An Hour To Decode The Agreements

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That is correct.

Scan 1 is first loan, that then morphed into the loan covered by Scan 2 although we were not told at the time we were getting a new loan as such. I know we should have been more aware.

Regarding the loan being sold to MKRR, they have told us they now own the debt but we have had no official notification from Welcome.

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agreement Number 1

 

£10,000 Over 132 Months (eleven Years) At 26% Apr

 

That Gives

 

Monthly Repayment £211.07

Interest £17,861.09

Total Payable £27,861.09

 

insurance Crap

 

total Insurance Crap Cost £2362.30

 

They Have Prob Done This Over The Full 11 Years (very Naughty)

 

Monthly Repayment £49.86

Interest £4219.32

Total Payable £6581.62

 

now The Remaning Crap

 

Acceptance Fee £235

Mortage Indemnity Fee £1100

Total Charges £1335

 

So We Add The Loan Interest £17861.09 And £4219.32 Insurance Interst With Total Fees £1335 To Make A Total Charge For Credit Of

£23,415.41

 

To That We Add The £10,000 Loan And Insurance Of £2362.30

Total £12,362.30

 

So £23415.41 Plus 12362.30 Gives A total Payable £35,777.71

 

Devide Over 132 Months Gives A Monthly Repayment £271.04

 

You Are Paying £10 Less Per Month Than Required

Welcome Have It At £261.06

 

 

For The Insurance Crap, Do You Have A Document Called

 

 

Statement Of Price

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Ill Do The Second Agreement Later Tonight

 

Again

 

Any Statement Of Price For The Second Agreement As Well As The First

 

I MAY BE BLIND AS A BAT BUT I CANT SEE ON THE AGREEMENT NUMBER 1

 

TOTAL CHARGE FOR CREDIT

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Sorry away from computer sorting out 7 year olds cut knee!

 

I will trawl thru the paperwork but I dont remember seeing anything like that, in fact other than insurance being on the agreement I dont think we had anything else about it all.

 

And that goes for the 2nd loan as well.

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Checked thru the paperwork I have for loan 1 and definately no statement of price. I couldnt see total charge for credit either and that is definately the only document I have that covers the loan.

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