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Welcome Finance - paid the loan figure, but they want extra sums due to old arrears - is the correct?


jules64
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Can someone please advise me where I stand with regards to my welcome finance loan. The loan was taken out on 21/09/05 payable over 60 months. total credit £5277.23, credit for insurances £150.00, acceptance fee £235.00, mortgage indemnity fee £580.50 & interest of £4403.66 (APR variable 35.2%) making a total of £10646.39. To date I have paid them £10754.20 but have arrears due to missed payment of £894.66 The loan is due to mature on 5/10/10 but because of the arrears the settlement figure on the account is £3410.65 I enquired about getting the interest frozen on the arrears when the final payment has been made but they told me I would have to pay off the arrears of £894.66 and then they could freeze my account and I would only owe them a balance of £1684.40 for which I could arrange a suitable payment plan. Can you please advise where I stand with this?

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welcome along to the greart world of un-welcome finance.

 

i would think you have been charges letter fees/arrears fess/ our cat died fees.

 

ALL of these are unlawful and reclaimable ++ intererst.

 

do you have a statement of acccount?

 

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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dx100uk,

 

I have attached a statement and the signed agreement, when I received the statement in May of this year I was told my arrears were £1073.24, as written and highlighted on the statement by their office, however, for whatever reason, they are now saying the arrears are £894.66. Please help!!!

 

Thanks

img049.pdf

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hehe

 

typical fleecing exercise by welcome.

 

you have been fleeced on the medicare [mis-sold - i bet]

 

you can reclaim that + int + 8% stat too.

 

box M+N i don't think thats lawful.......................

 

statements fees:

all fee assessments

telephone call fees

dd cancel fees

letter fees

add hoc fees

can all be reclaimed + int + 8% stat

 

 

now looking at the end of the statement

it looks like they refunded the medicare + fees [fee disbursment]

but did not give you back the interest they have charged you nor the 8 % stat int you are entitled too?

 

you'll have to get one of the welcome experts to go over it for you.

but i think you'll find they owe you.

 

 

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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http://www.taxassist.co.uk/loancalculator.php

 

as for the experts

you'll have to see who nibbles on this thread

 

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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Share on other sites

well first thing ive noticed is the agreement is dated after july 2005

 

after that date the insurance crap needed its own perscribed terms, welcome have neglected that

 

if welcome say there are arrears, how many months in total and did you ever catch up on the arrears

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ah my guiding light.......

 

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... 

Link to post
Share on other sites

well first thing ive noticed is the agreement is dated after july 2005

 

after that date the insurance crap needed its own perscribed terms, welcome have neglected that

 

if welcome say there are arrears, how many months in total and did you ever catch up on the arrears

 

postggj,

 

I have just checked the statement they sent me & I have actually only missed 3 payments, I think there are 5 late payments, 2 of these are shown on the statement as visa delta/electron payments which I made to them prior to the direct debit having been returned to. Also I contacted them with regards to the nov/dec '08 payments and they agreed to reduce the direct debit for these 2 months only. Unfortunately, to date, I have not caught up on the arrears

 

Thanks

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hi post...

 

sorry i've gone orange!

 

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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Share on other sites

The insurance crap as usual was missold

 

only three years cover on a five year agreement yet you are paying for it over five years

 

ill get that back for you at welcomes apr 26.1 %

 

that policy will never pay out anyway

 

look at the small print

 

ill put something together for you over the weekend

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