Welcome, Finance ,Secured, Loan, charges ?

[hijinkx]

Hi -

 

I have just sent off a SAR to Welcome Finance to their Nottingham address with a £10 unsigned postal order. I did not take out ppi cover on any my loans I believe ( as I wished to keep the monthly payments down) but you never know if one pops up , that I failed to spot.

 

What I would like some advice on is what other charges should I be looking for within the data I get back that have been unfairly levied and can be reclaimed. Inevitably I expect there to be late payment charges and extra interest. Apart from a small personal loan outstanding all my earlier secured loans have been cleared. If I do have a legitimate claim will/can they use this refund to clear the small current debt

 

Any advice would be gratefully received.

[hijinkx]

Further to my last post has anyone got advice as to what other "wrongly applied" charges

can be reclaimed from Welcome, outside of insurance policies ?

 

Any help would be appreciated. Thank you.

[MrZ]

Just about all of them! Examples are phone calls, letters, conversion/default fees, and the list goes on. Have you got your statement of account yet?

[hijinkx]

Hi Mr Z. No still waiting for a reply , but would appreciate knowing what costs are recoverable if you have such experience. Many thanks.

[MrZ]

The list I made in my earlier post are the most common found. There are others however. Once you get your statement of account, you can not the various charges here in your thread and I or someone can let you know which are recoverable.

[hijinkx]

Hi - I will scrutinize the statements once in my possession and seek further guidance then. With many thanks.

[MrZ]

No worries. I will be happy to help where I can.

[Martynandemma]

can I ask, are they able to charge you a "finance charge" and then charge "capitalization" later. I only ask because in the original agreements I had with them part of the total was the finance charge which was next to the acceptance fee. There is no explanation in the T & C's as to what this is for I assume it is the total amount of interest as it comes to approx 31% of the total borrowed. "Capitalization" appears several times and I suspect they havecharged interest on interest but cant be sure.

[hijinkx]

Hi - I am still awaiting my SAR back , but from what I have read Capitalisation in Welcome speak is simply interest, which they add randomly. It is added prior to any repayment you make.

I guess if you had PPi or any other insurance policy the Capitalisation would be incorrect as they were charging you interst on the PPI etc. However better brains on here may know if

they concocted another means to extort extra funds out of " Capitalisation" which I too would be keen to hear about.

[MrZ]

can I ask, are they able to charge you a "finance charge" and then charge "capitalization" later. I only ask because in the original agreements I had with them part of the total was the finance charge which was next to the acceptance fee. There is no explanation in the T & C's as to what this is for I assume it is the total amount of interest as it comes to approx 31% of the total borrowed. "Capitalization" appears several times and I suspect they havecharged interest on interest but cant be sure.

 

 

In short, yes. The finance charge is the charge for credit. This is allowed. Capitalization is the what appears when interest is added. Your interest is compounded, which means you get interest applied to interest as long a there is an unpaid balance.

 

This is not to say that every application of interest is correct or fair though. You would need to scrutinize your statement and look for anything unfair that should be removed e.g. fees and charges AND the interest applied to those.

[hijinkx]

Hi Again - I have just had a number of statements sent to to me as part of my SAR from Welcome. I have a number of charges listed and I wonder which I can legitimately claim back. I did not take out any PPI or Accident cover on any of my loans.so will this affect my ability to reclaim?

I list the types of charges below -

Acceptance Fees Product 881, Conversion/Default fee, Mortgage Indemnity Fee Prod 882, Acceptance Fees 882, Unpaid DD/Cheque Fee.

Any help will be much appreciated. Thank you.

[hijinkx]

Hi - I have now been awarded a partial rebate on my excess loan charges . They have sent a Final offer letter and cheque even prior to me accepting their proposal !

They included a nominal goodwill payment but no statutory interest on these 8 plus year old charges. I have written back asking for the interest and not as yet banked

their cheque. I assume I am correct in claiming this interest ?

[bdr.fisher]

Ok. First step is to send them the SAR. Done.

 

When I get a reply, which I am assuming will include all my statements, I then go through and highlight any unfair charges (that'll take a while!)

 

 

• Once I have totted up all the charges, I am adding interest yes? At what rate?
  
• Then what? Is there a template letter to send to request these?
  

 

I was absolutely going to let it go - my account has been paid in full, they are gone from my life. but actually you know, I feel I would like some of these charges back.

 

Much appreciated if anyone has any advice