Welcome Finance any dealings???

[soli2006]

Hi all. Has anyone had any thoughts about this 'interest posting' on my statements? Incidentally, no further respomse to my SAR to (un)Welcome & the 12 days for the CCA to DLC expired today. So, I'll just sit tight for another month then write to them to tell them they are being reported to the OFT! Oh joy.......

[surreylad]

Wow, most of the thread online at the same time - that must be a first!

[surreylad]

Smoothy

 

Welcome to the thread, As falcon says, your are very welcome and you are among people who will help and support you all the way.

 

Looking through your post, I have some questions.

 

1, Have they told you why you still owe them £800?

2, When the woman came to the door did they throw a charge on your account and did you run her over

3, Finally - how are you feeling now (now you know you can get support)?

[soli2006]

One thing that this thread has really done for me is to make me realise i'm not on my own in all of this. Up until i found this place, i felt that there was absolutely no hope of ever sorting things out. I dreaded the postman coming, panicked whenever rhe ohone rang & was generally pretty depressed about eveything to do with Welcome. OK, i know i probably have a long way still to go, but i feel confident now that i can at least get some sort of justice. Thanks guys.

[falcon185]

Hi Soli,

good to see you on here too, hope its all going ok for you, I'm keeping an eye on this thread most of the time but when work calls unfortunately I have to leave. Should anyone wish to ask me anything in realtion to our thread or any other matter, although I'm no professional I will try and reply, your more than welcome to send me a private message.

Welcome Freedom Fighters Rule!!! ;-)

[surreylad]

Hi all. Has anyone had any thoughts about this 'interest posting' on my statements? Incidentally, no further respomse to my S.A.R - (Subject Access Request) to (un)Welcome & the 12 days for the CCA to DLC expired today. So, I'll just sit tight for another month then write to them to tell them they are being reported to the OFT! Oh joy.......

 

Soli, When does your SAR run out?

 

Plus I may be wrong but i have the impression that you have to give something like 2-3 days extra on some things due to postage etc.

[falcon185]

Hi,

"interest posting" appears on my statements I received today too, I dont understand the meaning of it but I think it might be the monthly interest charges?? I will be ringing unWelcome monday to find out, I will let you know guys.;-)

[soli2006]

Surreylad - i posted my CCA to the DCA on 6th November - so the 12th day is 18th November: Today. As i undestand it, they now have another 30 days. My SAR was also posted/dated 6th (received & acknowledged by Welcome on 8th - but i'm 'counting' from 6th).

 

Falcon - the interest posting is a mystery. I was paying £186, then the interest posting was £126. On that basis i was only actually paying £60 a month (part of which was PPI). At that rate, a £3000 loan would take 50 months just to pay the loan amount, never mind anything else (and after the PPI is taken into account, probaly double that time). Doesn't make sense. Be interesting to see what they say.

[falcon185]

Hi Soli,

as soon as I find out I will post on here so we can ALL understand what it means. ( Probably just one of their ways of hiding other charges)

[breadline]

Hi,

"interest posting" appears on my statements I received today too, I dont understand the meaning of it but I think it might be the monthly interest charges?? I will be ringing unWelcome monday to find out, I will let you know guys.;-)

 

To full fill the criteria for the S.A.R - (Subject Access Request) you are to recieve a full breakdown of all naratives used by the company. If this has not been included the SAR is not complete, contact them and request it.

 

Its just a stalling trick by Welcome.

[breadline]

Surreylad - i posted my CCA to the DCA on 6th November - so the 12th day is 18th November: Today. As i undestand it, they now have another 30 days. My S.A.R - (Subject Access Request) was also posted/dated 6th (received & acknowledged by Welcome on 8th - but i'm 'counting' from 6th).

 

Falcon - the interest posting is a mystery. I was paying £186, then the interest posting was £126. On that basis i was only actually paying £60 a month (part of which was PPI). At that rate, a £3000 loan would take 50 months just to pay the loan amount, never mind anything else (and after the PPI is taken into account, probaly double that time). Doesn't make sense. Be interesting to see what they say.

 

Interest is added monthly and this amount is not surprising i have seen this first hand, how many months did you sign your loan can you add some details of your contract to the posts.

Have a view of smooth's post, the more of the details you all supply the better you may well have the exact contracts with exact terms and seeing the differences in the way the accounts are run would be interesting.

Also geographical would be interesting are they all the same or just a few?

[Smoothy]

Smoothy

 

1, Have they told you why you still owe them £800?

2, When the woman came to the door did they throw a charge on your account and did you run her over

3, Finally - how are you feeling now (now you know you can get support)?

 

Hi all!

1) I still owe them £800 due to reduced payments while i was waiting for the PPI to kick in.

2) Yes i did get charged for the visit. no I didn't run her over, im not as fast as I used to be!!

3) I feel like crap!!! (well you asked!!) I have an untreatable skin condition compounded by spinal arthritis. Support?...only support I get is from my wife and a walking stick!!!

 

 

Since my life turned around thanks to my condition, I have coped fairly well. I now send financial statements to creditors and if they dont like what I can afford then its their tough luck. But i will admit the finances are streatched beyond breaking point. But, I've never been good in asking for help and THE SYSTEM is so overloaded with people wanting handouts and sponging on benefits that I refuse to add myself to the list.

Im not a proud man, I have paid my dues for over 20 years and now its my turn to claim something back. I claim what I'm entitled to and no more. Benefit fraud is a crime you know!! Still back to (un)Welcome...

 

I bought the car from Yes, as the chances of me getting credit were slim. On my Original credit form ( having been caught out before, I keep all records!) Finance was by Direct Car Finance but a few days after the purchase, I got a letter saying my finance was with (un)Welcome.

Haing read this thread, I believe my first course of action is to issue a S.A.R and try to find out where this extra debt originated.

Is that right?

 

 

Smoothy

[nikkiandmidgets]

My branch seem a bit better than most - well for replying anyway, not for quality of data! I sent my SAR and CCA request into my local branch in Aberdeen on 20/10, got a letter back acknowledging it shortly after, then last week received data from them. They had forwarded the letter to their main office saying they could only find details of one loan agreement and asked the Newcastle(I think) office to deal with it as they didnt keep copies of loan agreement in local branch. Also had a copy of my original application from 1997, my bankers draft, a signed loan agreement, details of manual intervention since they took over from Macadam Finance, payment history since then, a copy of a letter I sent them for an early settlement figure and a copy of a signed slip for PPI for the sum of £517.50. Only thing is I had about 5 or 6 loans prior to this with Macadam (Part of Watson Loans group?), most were top-ups, the paperwork seems to correlate to 2 loans too. Did type all the info up in my Welcome thread but as my login had timed out I lost the info when I tried to submit it and havent had a chance to sit down and go through it all again and input the relevant info!

 

Need to know how to get my Macadam data - does anyone know if Welcome are liable? I am not sure what happened to Macadam, I just remember going into my local branch and being told they were now Macadam. Also I need to find out if its right that I can pay a loan off early and get NO rebate on PPI or interest. I paid them off when taking out top ups and also sometimes put lump sums in to reduce balance - seems like it was a WIN WIN situation by them whenever I did this. I remember they had two bits of info on the table in the room where you signjed, one saying how much insurance was on each loan and the relevant monthly repayments, and the other saying about early repayment. I have a hazy memory that if you didnt pay it ALL off in 6 months then no rebate would be given? Could this be right? Surely noone can justify them making this much interest on a loan if it was repaid early - and also, what about the insurance, or do they just argue that it was paid in advance and no discount applies? The insurance slip states that insureance was through Norwich Union with Macadam acting on their behalf. And the interest rates were astronomical, am sure the agreement stated two figures one was APR and other not sure - but one was over 50% and other around 25% mark. Cant believe what you sign when you need money and repayments seem affordable. I also cant believe these type of interest rates can be legal for a company that doesnt operate in dark alleyways!

 

Anyway once I get a chance to update my thread I will update this one to say its been done if anyone wants a nosey. Plus I will also list the addresses and contact names I received. Oh yeah I remember them mentioning that I had only had 1 £5 charge on the account on the letter between the branch and head office so maybe thats why they sent the info quickly!?!

[soli2006]

I haven't got a copy of my loan agreement. Long story as to why not, but i haven't. I never missed a payment until i lost my job - only to discover that the PPI didn't cover me (only my partner, my co-borrower). As he was self-employed, he wasnt covered either! But this 'interest posting' was charged from day-one, so the balance was only reducing by a miniscule amount. This isnt in answer to my SAR - they've sent the staement in answer to a previous letter i sent. My SAR went in on 6/11/06, and has been acknowledged. Out of interest, if they can't produce everything , what happens? I've been told that without the original signed agreement, the debt is unenforceable. Surely if they had everything, its in their interest to get it to me ASAP? Never understand why anybody would want to stall.

[Smoothy]

Out of interest, if they can't produce everything , what happens? I've been told that without the original signed agreement, the debt is unenforceable.

 

This point has been raised a few times and I know there is a discussion as to whether they have to produce the original signed copy or just a copy of terms and conditions. See this thread...http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/43666-debt-collection-agencies-consumer-7.html

 

The question...

If the creditor does not produce a signed copy of the original contract is it a breach of the consumer credit act, and therefore the contract is terminated? Has yet to be answered. It seems that this point is ambiguous and interpretation is in the eye of the reader!

Like many, I am waiting for the conclusion of this debate as it could be the turning point for many claims.

My opinion...?

Well if you stick to the points any non compliance renders the contract terminated. if the contract is terminated then no debt is due. Thats how I interpret it, its only my opinion and I could very well be wrong!!

 

Smoothy

[soli2006]

Thanks Smoothy. After reading through that lot, its a moot point. As you say, a definitive answer on that would be big news for a lot of people i'm sure. My own opinion is that if they don't have a contract, there is no contract. But what do i know? Its just an opinion, but seems logical to me.

[Smoothy]

I

know what you mean, but....when have you seen the word Logical and Legal in the same sentence!!!

 

Smoothy

[soli2006]

Very true. LOL.

[surreylad]

Smoothy,

 

Sorry to hear that you feel crap. Can't imagine how you cope. Regarding you questions, personaly I would send them a S.A.R. request. At least this will give you everything they have of file, or not in some cases. You mentioned before that you where told by a manager regarding the backdated payments etc and then he left and there was another manager which didn't know what you where talking about. Did you by any chance keep that persons name or follow it up with a letter etc?

 

Regarding the S.A.R. some people are doing it through their branch but others (and I) did it through the head office. Details of contact information are within one of my earlier posts within this thread. The S.A.R. letter is in the templates thread. Don't forget to attach a cheque or postal order for £10.00

 

Regards posting again some our using registered posting and others including me have used "proof of posting" which is free. You just take your letter into a post office counter and ask for a form which they stamp. I have never had a problem with it.

 

Good luck and remember that we will try and support you in any way we can while dealing with un-welcome.

[Smoothy]

Thanks for the encouragement Surreylad, I appreciate it.

I will sort S.A.R out tomorrow and send it to the head office. I used to know everyone in my local branch but it seems that they have had a move round and now I have no point of contact. So, head office it is.

It just annoys me that the agreement was suppose to be finished but now they want to drag it on and get more money out of me....

 

Ill let you know how I get on.

 

Smoothy

[ecobabe]

have a look at "other institutions" thread, "loan company can't supply agreement" last page and also on the debt forum, debt collection agencies & consumer credit act

[soli2006]

Thanks Ecobabe - I've had a read through the 'other insitutions' forum you mentioned & it was VERY enlightening. I would recommend evryone to do the same, if they haven't already.

[Smoothy]

Absolutely!!

Very enlightening....in fact.... Ive decided to start my own thread.

Based upon the abundance of information I have gleaned on this site, I feel that I could dramatically improve my financial position.

I will post a link when Ive started the thread and hope that I can look forward to all of your invaluable advice and constructive criticism.

 

Smoothy

 

Heres the link.

http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/47951-smoothly-does.html#post381929

[Grapes]

SAR details arrived from Welcome today, took less than a week! Now thats service, the only good thing about dealing with them so far!

I think I am going to need some help with this because its a right muddle.

Amazingly they actually have a line on the statement that says 'Penalty Fees', nothing like admitting its a penalty.

I have also worked out that I was paying £243 a month and the interest was £232.54! So I was actually paying £10, not much chance of that actually being paid off then!

When I have got it in some semblence of order, can I ask a few questions?

Have a Mortgage Indemnity fee as well? And a load of insurance I cant remember asking for!

[Smoothy]

Wow, that was quick....almost efficient!! For them anyway!

 

I acquired my credit report from Experian today and to my horror the outstanding amount on my car loan that was supposed to finish in October is £1805. How they got that figure Ill never know! Still...im starting with a CCA request then S.A.R so i should know what chargies have been levied and if I can fight against them.

 

Help is always available, you only need ask the question!

 

 

Smoothy