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Help! Welcome Finance Default Notice

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Hi everyone

 

I'm new to this but am in desperate need of help with Welcome Finance, I'll try to be as detailed as I can & I really appreciate any help given

 

I took out a loan with Welcome Finance back in May 2008 for £3,500 & the agreement was to pay back £259.92 a month for 36 months, first payment being made on the 1st June 2008

 

I hit financial difficulties shortly after this & set up a Debt Management Plan with Churchwood Financial, there was a delay in this being setting up so a payment wasn't made to Welcome Finance until 24th September 2008 but Churchwood Financial were able to get my monthly payment reduced to £76.71 a month

 

The only piece of correspondence I've received since my loan paperwork was a period statement, which shows the following information:

 

Date of first movement: 16th May 2008

Amount of Credit Provided: £5089.36

Annual Interest Rate: 0.00%

Minimum Duration of Agreement: 36 months

 

16th May 2008

Initial Disbursement £3500.00

Acceptance Fees Personal Loan £75.00

PPP - Unsecured Loan £1339.36

PERS Accident Plan - Unsecured £175

 

20th June 2008 - 20th November 2009

Total Capitalisation £4320.85

 

1st June 2008 - 24th August 2010

Total Payments £2100.96

 

Total amount provided + Total Capitalisation = £9410.21 - Total Payments = £7309.26

 

I decided to take myself out of my DMP as it wasn't particularly helping & am now in a position to increase my payments to settle the debt by the end of 2011 based on the information their statement provided, which I sent an email to Welcome advising this & I never received anything back in regards to this but instead receive a default notice!!!

 

I have them twice now as I refuse to speak over the phone as I prefer to have written documentation & yet still no response

 

What has confused me is the letter is dated 3rd September 2010 but wasn't received until the 11th September 2010, they have said I need to call the undersigned immediately but there is no signature & no name apart from Welcome Finance & last but not least their figures

 

They said I need to pay £703.05 within 14 days.....what on earth is this for though as this is the first piece of correspondence I've received since the statement in April

 

More worryingly though is their "Payments to be made" figures, which I've listed below:

 

Total Amount Outstanding £7239.25

Rebate of Acceptance Fee & Credit Charges* (£3.92)

Rebate of Insurance* (£42.23)

Collection Fees £0.00

Default Interest £0.00

Interest to Settlement £4451.26

Total Amount to be Paid £11644.36

 

*Rebate is calculated on the assumption that payment is made on the date shown and will be revised if payment in full is not made on that date

 

They are threatening other action to get their money back, which is fine but I don't agree to paying for extras

 

Are these figures right? I was happy to increase my payment back up to £250 a month then increase again towards the end of next year to settle the debt but at this rate it will never be finished

 

I apologise for the long thread but I just want to know how to deal with this, I got rid of my HFC loan in March & they ripped me off & now it looks like history is repeating itself

 

Thanks in advance

 

Kerry

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Welcome to unwelcome finance

 

i need you to scan and post the default notice onto your thread

 

delaeate personal info/agreement numbers etc

 

google photo bucket to post

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Hi. Thanks for replying but unfortunately I don't have access to a scanner, I can type out the default notice?

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All i need to know is

 

does it say pay ayz within 14 days or has a numerical date been inserted

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On their main letter it says:

 

You are hereby served under section 87 (1) of the Consumer Credit Act with the attached Default Notice. We intend to exercise our rights to enforce collection unless you clear the arrears within fourteen (14 days) or alternatively contact us with your proposals of settlement

 

Then on the default notice it says:

 

To remedy the breach you must pay us the total arrears of £703.05 within fourteen (14 days)

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If they terminate the agreement on the strength of that default notice all you will have to pay is the arrears up to the default notice

 

the rest of the balance will be unenforceable

 

but dont tell them that

 

it only works in court

 

SAYING 14 DAYS IS NOT GOOD ENOUGH

 

A NUMERICAL DATE TO RECTIFY THE DEFAULT NEEDS TO BE INSERTED

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On their main letter it says:

 

You are hereby served under section 87 (1) of the Consumer Credit Act with the attached Default Notice. We intend to exercise our rights to enforce collection unless you clear the arrears within fourteen (14 days) or alternatively contact us with your proposals of settlement

 

Then on the default notice it says:

 

To remedy the breach you must pay us the total arrears of £703.05 within fourteen (14 days)

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Oh really, now I didn't know that. Considering they have had 3 emails from me do I need to do anything else?

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Its down to you but if they terminate the agreement on that default notice

 

it will be to your advantage

 

i dont like welcome very much

 

 

an agreement has to be terminated in a certain way, any deviation invalidates it

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That's very, very good advice so I'll definately keep quiet

 

So what would normally happen now in regards to them contacting? Will it be passed to a DCA or do they serve me court papers? I get so confused

 

They really aren't a nice company, I thought HFC were bad enough as ended up paying them close to £20k over 7 years. Luckily that's finished & waiting to get my PPI back & even that company hasn't been great

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The norm is it gets passed to a dca called cl finance or lewis

 

welcomes parent company cattles own these companies

 

cattles is going under so who knows at the moment who will get the debt

 

i very much doubt court papers will be served, not at the moment and if they are it will be quite easy to defend

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Oh ok, I did think that would happen but got a little freaked out when they mentioned "court papers"

 

So once its passed to a DCA is it just the arrears they request payment?

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The dca will demand full payment

 

important

do not tell anyone about the crap default notice unless you receive court papers

 

that includes any dca

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Oh ok, I did think that would happen but got a little freaked out when they mentioned "court papers"

 

So once its passed to a DCA is it just the arrears they request payment & not this £11k figure?

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They will demand full payment

 

11k

 

but they wont get it

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Sorry about my double responses, my internet is playing up. How is the best way to deal with the DCA? Can I dispute the figures with them?

 

Ps sorry for all my questions

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Correct

 

the micky mouse insurance is there downfall

 

the crap default notice is the magic bullet

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Fabulous :-) I'll wait to hear from them or the DCA & see what the letter says & I'll get back on here as I always struggle with the right thing I need to put back in my responding letter

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Just send me a personal message when you update your thread

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Sorry about delay replying. I certainly will, thanks again for everything & I'll be in touch soon

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Just a quick update.........

 

Still no post or response to previous emails sent received from Welcome Finance but this last week receiving high volume of calls from 2 numbers

 

Did a Google search & 1 number is Welcome Finance Collections number & no voicemail left & the 2nd number is Lewis Group, voicemail left with a number to call but no company name or info on what the call is in relation to......think the 2 are connected

 

Email fired off to Lewis Group advising them to stop harassing me & contact to be made via email, if not will file a complaint for harassment & also for them to tell me what the calls are in relation to......

 

What this space for an update

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Well, well, well.........

 

I actually received an email back in response to the 5th one I've sent

 

It's from a lady called Claire Hearst from Cattles

 

All it said was "Hi, Please could you send more information, i.e agreement number or full address so can locate your account. Regards"

 

Let's see what they reply with & also, who are cattles?

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