Welcome Finance anguish!!!!!!!!!

[mak803]

Thank anybody in advance for any advice or kind words of encouragement you may have for me :

 

To start off with

 

 

My Wife and I took out a Loan from WF in 2007 for £19,000,

all was well initially as a monthly payment of £300 PM was taken from my wife’s Bank Account

and I supplemented her account with £150 PM to pay my half.

 

As months rolled away unbeknown to myself she fell into some financial hardship which she didn’t tell me about

through embarrassment or some other crazy notion and decided to stop paying the WF Direct Debit.

All the while taking my half of the money and also letting the arrears mount up on the WF loan.

 

Months later I was contacted by WF and the story was laid out, I was away overseas during this time as I am serving in the British Army and still am.

 

At this point I took the decision to change the bank account that it was taken from to my own

and up the payments to £330 in order to drive some of the arrears that had built up down.

 

Time went by and I continued to pay the DD’s on time and in full

before I was again contacted by WF stating that if I were to up the amount again the arrears would noticeably reduce.

 

I contacted them today as I am on leave and the issues has been at the forefront of my mind for some time

and is starting to in my opinion effect my mental wellbeing as I am constantly worried,

and quite depressed about the whole issue (may not be the best choice of words as this as it stands has a very good chance of financially ruining my family)

 

They stated that to date I have paid approx.:

 

£31,000.00 back to them.

 

The balance still stands at £13,796.00.

 

If I continue to pay back the amount that I am doing which is more than the original agreement, I will of payed approx. £60,000.00.

 

Obviously the best thing for me to do would be to borrow from family or a very low interest bank

but I’m afraid my family does not have any such resources and my credit rating thanks to my wife missing payments

on the above and numerous other things (some of which I’m still discovering, but I am sorting them out )

means nobody will come within 100ft of me financially.

 

Declaring myself bankrupt is not an option either as my job states that I would be un able to perform at my level of which I have been doing for 14 years

without security clearance, which involves vetting including financially.

I am aware that a rock and a hard place springs to mind and my options seem if any are not ideal or unworkable for the most part.

 

I suppose I’m just after some advice on whether there is another option available to me, which I am unaware of, or some advice on dealing with Welcome Finance.

 

Please help.

 

Further to this I have just sent off a SAR to WF so I can get into the nuck's and cranny's of all this, is there any advice on what I should be looking for when the information turns up.

 

I will be posting under a different name for obvious reasons stated above but really appreciate it.

[Guest]

do have a read of the welcome threads re unwelcome, lots of info there.

help will be on its way

welcome (excuse the pun ) to cag btw.

[havinastella]

Do you have the original agreement? Have you PPI on this loan?

[mak803]

No i don't but in addition to sending of the SAR, I have also asked swell for the CCA as i know this will come first and I can start to action things as soon as possible, I will hopefully have it in a couple of weeks,

 

What should I be looking for on the copy of the agreement.

 

I have already had the PPI taken off the loan aswell btw.

 

Thanks havinastella

Edited April 10, 2015 by mak803
missed info out

[Guest]

 

I have already had the PPI taken off the loan aswell btw.

 

 

that might complicate things re any enforceability?

[dx100uk]

how and when did you get the ppi 'taken off?/

 

 

I bet you didn't get all the interest on it back.

 

 

the sar will be littered with penalty charges I bet.

which is why you've never got anywhere near finishing the loan.

 

 

what was its term originally for [months at £XXX]

dx

[mak803]

I believe it was for 40 months originaly at £300 (I will know for sure when the SAR info returns

, but my wife as already stated fell into some strife and went about not paying it without telling me,

after a while she went to see the local branch advisor when I was overseas as I recall and changed it to £150 for a period

before I was then included in the loop and took over paying the loan back

 

 

, originally at £330 a month before hiking it up to £380 a month which is where I'm at now,

 

As for the PPI back, I told my wife to look into getting it back whilst I was deployed in Afghan, on my return she told me that she managed to regain all the PPI back and that it had been taken off the amount of the loan.

 

Surely the SAR will show these proceedings, you would imagine.

 

I also believe that the account will be littered with charges and interest that shouldn't be their - thats the reason for sending off for it, so I will hopefully be able to take them for some money or at the least get some taken off my current debt with them.

 

I have also asked for a CCA in the meantime, what should I be looking for ? I'm massively in the dark when it comes to whats legal or not, I'm franticly reading all threads regarding WF, They seem to be nothing more than Legalised criminals and thats putting it nicely, I have already paid an absolute fortune to these monsters, thats money I should be sinking into things like my daughters future and savings schemes,

 

The reality is me and my wife have been stupid to get involved with these people - and as such FEEL likely that we will be paying the price way into our old age?

 

Thanks DX

[dx100uk]

with welcome there is never a straight answer

 

 

I would 100% bet theres been a rewrite that you nor your wife know anything about

nor did you ever sign.

 

 

scan up the stuff when you get it to a multi page word doc them post that as a PDF.

 

 

dx

[mak803]

Do i just post that document on this thread, I'm imagining its going to be massive ????

[havinastella]

Just wait for the SAR and CCA. I think we could enjoy this one

[mak803]

OK, Thanks for the help so far, as soon as it comes I will post on this thread.

 

cheers guy's

[mak803]

had a letter in the post today,

 

I sent off for both my CCA and a SAR (both included postal orders for the correct amount) which were delivered via Royal Mail special delivery on the 14 April15.

 

The letter today stated only one reference number (comp number) and that they appreciated the letter asking for the reports but I must send either a postal order or cheque to them.

 

Obviously a fast one or they have some very questionable people with unbelievably low IQ's working in the customer relations dept.

 

Unfortunately they are closed for the day now, but what should I state when I phone tomorrow as the clock is ticking

in regards to the 12 and 40 day timelines they have and I'm dam sure not sending them anymore postal orders.

 

I have the Royal Mail delivery reports.

 

Any advice on my aproach to this ???

 

I also realise that the CCA should be included in the SAR but at the cost of an extra £1 I thought it prudent to get the ball rolling and have time to initially study the CCA before the rest of the stuff arrives in the later 32 days.

 

Cheers all

[Guest]

I also realise that the CCA should be included in the SAR but at the cost of an extra £1

 

the formal £1 cca request under the con credit act is separate to a sar.

[renegadeimp]

You dont phone them. If you made a clear CCA request and they havent complined within 12+2 days, you dont make payments. You dont tell them you arent paying. Welcome know very well what they are doing. Its why they were stopped from issuing any more loans.

[mak803]

Will this not just up the interest in my arrears though. At the end of the day I need my CCA and SAR and the sooner the better.

 

We all recognise the fact these people are the mist unscrupulous people to rome earth, but my opinion isn't going to stop them adding a few thousand more pounds on if I stop paying.

[renegadeimp]

They cannot do ANYTHING if they are in default of a CCA request. besides, youll be surprised when you see the SAR. WCF are well known for adding on bogus charges and interest, then piling interest on top of all that, then adding more charges, then more interest. You might be in line for a nice little reclaim depending on the contents of the sar.

[mak803]

I'm hoping so, not sure if you have read the start of the thread but these guys have just been bleeding me dryer than ritz cracker in a sandbox.

 

I'm just worried about the fact that they say they have received the requests but not the payment ( they definitely have ) this seems like a legal way of muddying the waters in their favour.

 

I'm a military man and have been for longer than I care to remember, this underhanded slimy way I'm being treated by them just isn't the way I'm used to doing business and I'm afraid to say I'm a bit of a recruit at it.

[renegadeimp]

from your info it looks like youve been taken for a ride by welcome. Time to take back control.

[mak803]

Agreed!

 

But what's the next step once they've defaulted on the CCA request and I stop paying the bills?

[renegadeimp]

You then use the SAR and your statements and start reclaiming everything you can. If welcome still own the debt, any reclaim would go to pay off what you owe first, but iirc you can charge them compound interest which will add up.

[mak803]

Sorry I might not of explained properly:

 

I have already requested both CCA and a SAR in two separate requests.

 

They are stating that they have received them but not the payment.

 

A postal order for £10 was placed in the SAR request and sent special delivery.

 

A postal order for £1 was put in the CCA request and sent special delivery as well.

 

So it stands to reason they will not send me either of them ?

Edited April 22, 2015 by mak803

[Guest]

Maybe them trying to frustrate things

did you make the payments out to them on the po,s, or leave it blank

[mak803]

Think your right Ford

 

 

however I called their customer relations dept stating the facts and

they very quickly said they have now received the postal orders

and that my SAR and CCA will be delivered in the in 40 and 12 days respectively.

 

 

I obviously stated that 5 of these days have already past and I will be e levying them within the timescales from when you signed for them

which I have an electronic signature for.

 

 

Went down like a bag of bricks for them but said they would comply.

 

I know it's only the start but feels like a little win !

[Guest]

goodo. yes, time has already elapsed. tick tock, see if they can come up with anything in time.

[mak803]

my CCA has arrived along with a statement covering the entire loan period.

 

First of all I see discrepancy with one of my signatures on the CCA, sure enough the top signature on the agreement looks correct, however the one directly bellow looks similar but there is aspects of it that just don't ring true and never have.

 

The PPI as already mentioned has been claimed back and deducted from the loan, but I'm not sure if i was paying any interest on the PPI in the early days and if that has also been deducted.

 

anyone that looks at the link will also notice that in the early years of the loan there is a hell of a lot of fees on the statement,

but you might also notice that it states on the CCA that they will charge for letters,

phone calls and visits (Where do I stand on getting them back or deducted from the balance)?

 

The big one on their though is the CAPITALIZATION which I just can not get my head around.

 

I have uploaded some screen shots as I don't have a printer,

If this isn't any good or isn't the way any of you helpful people like to do business then I apologise and will try to borrow one.

 

My SAR is still on request and they have promised I will have it in the correct timeframe.

 

thanks for the help so far !!!!

 

Lets see what you make of this ?

 

PS. Apologies if the pictures aren't great, never really done this before but I hope there ok

 

OK, as requested, hopefully better for you guy's !!