Secured Welcome Loan - now being chased by Lowell Group

[postggj]

Can you post up the agreement or the page you have concerns with, delete personal details but leave in the figures

 

Scan into your computer and upload

 

Goggle photo bucket to upload the agreement onto your thread

[BRIGADIER2JCS]

What concerns me is that this ''agreement'' has surfaced after Lowell have stated it is no longer available, are the figures anything like you recall they should be.

[StandingStill]

To be totally honest this all happened around the time of my divorce, I was in a bad place and have little memory of it.

 

But I cant believe I would have signed that, and I dont remember it! They have cleverly not included PPI!!

[BRIGADIER2JCS]

To be totally honest this all happened around the time of my divorce, I was in a bad place and have little memory of it.

 

But I cant believe I would have signed that, and I dont remember it! They have cleverly not included PPI!!

 

That is suspicious to, imo reject it on grounds of the signature and that you do not recognise the figures.

[postggj]

what is concerning me is no Micky mouse insurance

 

what gives it away is no mortgage indemnity fee

 

not having one set of fees i can accept, but missing out two sets of fees is unheard of

 

can you post up the bottom half of the agreement

[StandingStill]

It seems the Mortgage Indemnity Fee is "included in the advance"

[postggj]

Thats the t&c

 

its the second half of the agreement

 

the one with welcome finance signature on

[StandingStill]

Sorry, there isnt another page?

[postggj]

it seems the mortgage indemnity fee is "included in the advance"

 

Point it out to me i cant see it

 

Some one has made a serious error

 

THAT IS NOT THE AGREEMENT

 

THAT IS A PRE CONTRACT AGREEMENT GIVING YOU THE COOLING OFF PERIOD

[StandingStill]

Point 3.

[postggj]

Still can see it

 

letter please

[StandingStill]

The Mortgage Indemnity Fee shall be charged to you by being included in the total advance. In return for payment of this fee, we agree that, in the event that it is necessary for us to enforce the security, and the value of the secured property upon sales is insufficient to cover all sums then due by you we shall not pursue you for the shortfall.

[postggj]

That's the normal statement, the indemnity fee has its own box as it cannot be included in the amount of credit for the goods. You have no indemnity fee included in the agreement

 

what is your view on post 36

[StandingStill]

It cant be included in the total amount of credit? Well that seems wrong here then...

 

Re post 36: I really dont know. What I have posted is all I have received, what makes you say it isnt the actual agreement?

[BRIGADIER2JCS]

Working late here I a Welcome FS Loan agreement on file it is exactly like the one posted here, also others from a few years back are the same, either this is a clever recon or the genuine article very hard to judge.

[StandingStill]

Thanks Brig. I'm not sure at all myself.

 

The whole thing stinks. I was convinced everything was sorted with all this years ago after the repo.

[BRIGADIER2JCS]

I am very concerned about this miraculous appearance particularly after some other instances of similar types with other DCAs and Welcome accounts.

At the moment I'm not sure that it is valid!

[StandingStill]

Ok, im going to draft a letter. Key points:

 

**********

 

Thank you for you letter and copy "credit agreement"

 

Upon inspection I consider the account to still be in dispute.

 

I have no recollection of this account nor agreement

 

In addition I have concerns over the validity of the signature presented on the form.

 

**************

 

Anything else I should say? How should I end it?

[BRIGADIER2JCS]

You do not recognise the format or content of the alleged agreement, nor can you reconcile the figures therein.

Send RD for the attention of Ms Sara de Tute, Director of Legal & Compliance, Lowell Group, Enterprise House,

1 Apex View, Leeds LS 11 9BH.

[StandingStill]

Thanks to you both for your help. I will send this RD tomorrow. Lets see where this goes next!

[BRIGADIER2JCS]

Thanks to you both for your help. I will send this RD tomorrow. Lets see where this goes next!

 

Good Luck!!

[postggj]

The charge included in the amount of credit is a serious breach of regulations, it renders the agreement totally unenforceable

 

Case law supports this under Wilson V First County Trust

[StandingStill]

Thanks Squaddie, can you elaborate? I'm not sure what you mean?

[postggj]

When you get a loan, say £500

 

That will be called the AMOUNT OF CREDIT

 

Then you will have to pay back the original loan plus interest and any extras such as PPI

 

These extras have to be listed as separate entities on the finance agreement, they are then added up to form THE TOTAL AMOUNT OF CREDIT which includes the amount of credit

 

If the mortgage indemnity fee or PPI as an example was added to the amount of credit, the amount of credit would then be misstated and as a prescribed term in the consumer credit regs, invalidates the agreement

 

Yes car credit had the same problem, any deposit made was deducted from the cost of inurance products, not the amount of credit which would be the car, amount of credit misstated, bang goes the agreement

[StandingStill]

Ok, I see, that makes sense. I will have that up my sleeve I think.

 

Also, do you have any thoughts regarding the two different interest rates displayed? It says 19.6% and 19.1% in different boxes? Confusing?

 

I cant get any online calculator to match the calculated numbers on this page