Not Sure what to do next with Welcome Finance

[dk1977]

I took out an unsecured loan from welcome on Jan 2008. It was for 36 months and my payment was for 182.50.

 

Interest rate was 58% APR (variable)

 

I understand the interest rate was high but my credit was not the greatest at the time. I have made 22 payments of 182.50 plus a payment of £20 and 50.86. So I have paid back in total 4085.86

 

They are telling me that I still owe £2612.96

 

Because I was not in work for a while as I lost my job I was not able to meet the payments anymore.

 

I received a few phone calls from the Welcome Finance Branch office but I never received a statement from them. I then received letters from their solicitors asking me to pay the debt.

 

I asked for a Subject Access request on the 18th of June and the solicitors sent me screen shots but no real account information E.I. the agreement.

 

I also asked for the CCA as the Solicitor TOLD me that to send it to them, but then they wrote back to me and told me that the CCA had to go directly to the Head Office of Welcome.

 

So I sent another letter requesting the information they were supposed to send me. I sent that letter on the 3rd of August. On the same day I sent another CCA to Welcome Finance.

 

I recieved a letter from Welcome on the 16th of August

 

saying

 

"Thank you for your letter received on 16 August 2010 making a subject access request.

 

Please find enclosed your agreement and statement of account held by Welcome Finanacial Services Ltd in relation to account number xxxxxxx

 

If you have any further queries, please do not hesitate to contact me at the above address.

 

Yours Sincerely,

 

Melanie Tideswell

Customer Complaint Department "

 

So within this letter they sent me a copy of "Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974"

 

It has my signature on it. I did sign it. There are no PPI issues as no boxes were filled out. I will post what they sent to me. Then they sent a Statement....Not the Actual Accounting...I want to know How they got to some of the figures they did...

 

such as .

 

On the agreement it says Direct Debit Cancel fee is £20.00

(why did they charge £25.00 on one of them)

 

also

what is a BR Suspense Transfer? and Why is there a company called Lewis Group on there as I have never dealt with Lewis Group.

 

Also there is a Fee Assessment which I was charged 8 times under £1.00 This was never in the agreement...Can they get a way with that? Does that throw off the whole APR as well when they did those charges?

 

Please help

 

I will post my docs.

 

Thank you

[dx100uk]

anything labelled fee like the cancel DD , letter. phone call. cat has died - we'll charge you too.. can ALL be reclaimed + the interest on those + 8% stat int

 

typical fleecing activities sadly

 

post up your agreement and the statements

 

remove all pers info inc barcodes account no's etc etc but leave all figures and dates. - we have spies here

goto one one of the many free online pdf converter websites

convert the image to pdf format.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

browse to your pdf file and upload it

hit close this windows at the bottom below upload it box

 

dx

[dk1977]

Ok Here it is I tried to make sure it was viewable. I don't have a scanner so I took photos. and used photoshop to take personal info off..

 

[dk1977]

I just realized it made the docs really small....I will try as advanced.. keeps compressing it...will try to convert to pdf

[dk1977]

Here it is...thanks for your help...

Welcome DK1977.pdf

[dk1977]

I'm thinking I should get a letter out to them about the charges...but are they hidden charges that were not in the agreement? What does this mean...I have already paid these people well over what I took out in the loan.

[beyondhope]

I'm thinking I should get a letter out to them about the charges...but are they hidden charges that were not in the agreement? What does this mean...I have already paid these people well over what I took out in the loan.

 

These arent hidden charges they are excessive and unlawful charges

[dk1977]

ok....so what does that mean? does it mean they can't enforce it if it went to court? Did they Void the contract by charging fees not stated in the original agreement? Are they in breach of the contract? really am looking for help on this one.

 

thanks

[beyondhope]

ok....so what does that mean? does it mean they can't enforce it if it went to court? Did they Void the contract by charging fees not stated in the original agreement? Are they in breach of the contract? really am looking for help on this one.

 

thanks

 

The charges are nothing to do with being unenforceable agreements they should not have been charged as it certainly doesnt cost them £25 to make a phone call etc

 

CCA request needs to go off to

Welcome Financial Services

Mere Way

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ

although if you already have a copy of your agreement thats abit of a pointless exercise.

You say your sar wasnt complete? who did you send this to?

[dk1977]

I sent the CCA request on the 3rd of August. The First SAR went to their solicitor, The Solicitor sent me an incomplete one so I asked for the missing information in the 2nd SAR to the Solicitor. At the same time sending the 2nd SAR to the solicitor I sent off the CCA to Welcome. I recieved the SAR information from Welcome Finance even though I sent the SAR to the Solicitor. The letter from Welcome said as per the SAR here is the agreement and statement.. So did they send me the letter and agreement and statement and it should have been the CCA from them? I am a little confused...

 

I sent the CCA to the head office in Ruddington recorded delivery.

[beyondhope]

I sent the CCA request on the 3rd of August. The First SAR went to their solicitor, The Solicitor sent me an incomplete one so I asked for the missing information in the 2nd SAR to the Solicitor. At the same time sending the 2nd SAR to the solicitor I sent off the CCA to Welcome. I recieved the SAR information from Welcome Finance even though I sent the SAR to the Solicitor. The letter from Welcome said as per the SAR here is the agreement and statement.. So did they send me the letter and agreement and statement and it should have been the CCA from them? I am a little confused...

 

I sent the CCA to the head office in Ruddington recorded delivery.

 

 

SAR should have gone to welcome in the first instance so makes no difference really that it came from them, as your agreement is enclosed in the sar I wouldnt be overly concerned about waiting for the outcome of the request as it isnt as though they 'cant find' the agreement as they have provided you with it under your sar request anyway. Statement and agreement is usually a CCA request an SAR is EVERYTHING they hold on you from agreement to computer notes. SAR will need to be complete by welcome not the solicitor as its the information welcome hold that you want I would imagine the solicitor has nothing bar a few computer notes.

 

What is it you want to get from these documents? what is it you are aiming for?

[dk1977]

well, I am just needing to get out from under this company. I took the loan out for 3500 and paid already over 4000 back. Is there anything that can be done to either pay a small sum to get them off my back. They say I owe another 2500 and I just think it is outrageous. What do you think they would accept to close this account? Or can I walk away somehow? I have had debts in the past where my debts have been written off and I never had any CCJ's... I am trying to hit this one head on and do things right.. I have a friend who delt with debts and he was able to walk away from his debts because He was using the whole Bill of Exchange Act of 1882 and having to have an Invoice and the actual proof that the debt exists and actual accounting. They would send him statments and becuase they were not the actual accounting they could not provide proof of the debt..eventually the creditors gave up becuase they could not provide him what his request was.

 

my point is...can I walk away or would it be best to just pay a small sum...and how much could that sum be?

[dx100uk]

the cca is correct so the debt is enforceable

the statements are correct for the sums and interest quoted.

 

you have the two charges you could reclaim and there are these spurious fee assessments that are actually charged as £1 a time too.

 

i think you might be getting a little confused with the type of debt you mate got out of, that was poss not a loan or did not have an enforceable cca attached to it.

 

in short, the ans to your woes is you accepted a loan at an extortionate interest rate,. you are now paying for it.

 

welcome like all other creditors will never accept a short settlement on a loan which is enforceable.

 

you could ask for an early settlement figure, that will typically some on the outstanding interest as it will not be running for so long.

 

but sadly welcome are like HFC in these instances and it typically turns out they quote a HIGHER sum to settle than what is outstanding.

 

i see no answer other than getting a loan elsewhere for a much lower interest to pay this off...or how about a relation?

 

dx

[dk1977]

ok, thanks for that. I don't have any other relation to help and my credit still isn't great enough for me to get a loan to pay it off. when it came to my friend it was with credit card companies and an unsecured loan he had.....the companies just got so confused they gave up...I'm sure it reflects on his credit but he seemed to be able to handle them well...

 

If it is with a solicitor did I read right on another thread that they can drop to about 50% of the remaining balance?

[dx100uk]

that would only have been because the debt was sold

yours has not ... yet.

 

i notice you have paid the lewis group a couple of small payments.is this true?

 

dx

[dk1977]

I never paid the lewis group anything....I didn't even know they were collecting the debt. I think it went from them to the solicitors..

 

I notice it is credited and then debited like 4 times...I think...

[beyondhope]

I never paid the lewis group anything....I didn't even know they were collecting the debt. I think it went from them to the solicitors..

 

I notice it is credited and then debited like 4 times...I think...

 

I agree with dx I cant see a way to 'wriggle out of it' so to speak and to be honest that isnt what we are here for everything does look ok with agreements and for the first time ever ive seen a statement without millions of charges on! I think you either need a way to find a lump sum and make them an offer or make a payment arrangement, HC and TLG are much more likely to accept payment proposals than WFS