Welcome says My £12k CCA Regulated secured Loan will now become a mortgage!

[AndyOrch]

If this was previously uploaded before the Forum hack..you will not be able to upload it again......prepare and create a new upload.

 

Regards

Andy

[Peterbard]

Ok thanks for your comments dodgeball.

 

So as this agreement was pre 2007 and does the presentation of figures look correct then ?

 

If the incorrect figures are one of the prescribed terms (itotal credit payment intervals) then the agreement can be challenged regarding absolute unenforceability.

If the items are in the incorrect group, ie total credit for ttc then the total credit will be incorrect as per wilson v ft.

[Baz1994]

If this was previously uploaded before the Forum hack..you will not be able to upload it again......prepare and create a new upload.

 

Regards

Andy

 

Thanks andy that explains it - thought I was going mad.

 

I will try and put up a new one.

 

Cheers

 

no attachment baz

 

try this dx

 

T & C's already provided and that was what was on back of agreement that I eventually received.

 

I have never received any agreement details dated by Welcome or with an agreement number.

 

Also it was a joint loan - two customer numbers but one loan account number. Is this correct ?

 

PPI only for me and not OH.

 

Underwriters have no knowledge or record of any policy using the Uwr reference provided by Welcome ?

[Peterbard]

A belated thanks dx.

 

Well that is all I have after my SAR. I previously asked for any other details but Welcome confirmed that was it.

 

I suppose I am just clutching at straws but when Welcome recently mentioned that they were closing their branches, I just wondered why they were now offering a reduced full & final settlement figure.

 

Therefore do I negotiate a settlement figure or do I continue with my dispute and formal complaint ?

 

I did ask if the loan would be sold on but the person I spoke to did not seem to know.

 

Anyway the account is still in dispute with Welcome on various issues and have complaints still with the Ombudsman.

 

I am still paying monthly agreement amount and will look at my SAR details to see if I can find anything else in the meantime.

 

Should I ask Welcome for confirmation on their procedure when they eventually close their branches and if account sold on ?

 

Cheers

 

Hi here is the calculator i use for apr checking, it is really a settlement calculator but if you put the full term in amount paed and full amount run it wil give you an accurate APR use the total credit on the agrement for loan amount.

 

http://www.financecalcs.co.uk/Calcs/Settlement.php

 

I also have a excel calc for APR but you need a full feature excel with go seek on it, it gives monthly breakdown, it is also available on line if you want i will find you the link.

[Baz1994]

Thanks again Dodgeball, I will have a look.

 

Anything further regarding my posted agreement figures - are they correctly presented ?

 

Is there anything missing that should be advised regarding figures i.e. fees, charges, interest / repayment total etc ?

[Peterbard]

Yes sorry i have been all over the place recently i need the front of the agreement i will have a look at the thread.

[Baz1994]

Hi Dodgeball no worries and thank-you for your time.

 

Agreement reposted # 122

 

Cheers

[Peterbard]

Total credit £14142.43

Total paid £14566.60

APR 20.1%

That seems OK what are the other issues please ?

[Baz1994]

Thanks Dodgeball,

 

Was that using that calculator link you previously advised ?

 

Other issues are regarding agreement details, lack of figures iro total interest to pay etc (post # 124) as I have seen other agreements that are very different to mine.

[Peterbard]

Thanks Dodgeball,

 

Was that using that calculator link you previously advised ?

 

Other issues are regarding agreement details, lack of figures iro total interest to pay etc (post # 124) as I have seen other agreements that are very different to mine.

 

Yes double checked it with the spread sheet, the way the agreement is laid out is confusing but unfortunately the figures are compliant, as long as the insurance was indeed optional.

[Baz1994]

Cheers again Dodgeball but insurance was automatically added but that's another story lol.

 

So just a quick question re calculator (as I have another loan to check) what figure did you enter for loan amount, the overall total including fees, insurance etc

 

Thank-you for your time

[Peterbard]

The figure should be labelled as Total credit on the agrement, or perhaps credit.

 

Fess or anything which you had to purchase to get the loan dont get included in the credit.,

 

The agreed to purchase items like insurance should be included in the credit.

[Andydarlo]

In 2011,

Welcome Finance was insolvent and entered into a Scheme of Arrangement,

a legal agreement prioritising the repayment of selected creditors over many other business functions.

 

 

Essentially at this point Welcome stopped issuing new loans and turned into a collection-only outfit.

It would appear that the only way they could make money was not to lend it out.

They had to do this becuase their parent company, Cattles PLC, also did this.

 

 

Over time, as their loan book shrinks, the staff they need would reduce too,

so I guess they are getting smaller all the time, closing branches as they go.

 

Cattle PLC did rebrand Progressive to Welcome Financial Services Ltd.

Cattles also owned The Lewis Group at the time.

 

 

WFSL itself traded as both Welcome Finance and Shopacheck (made money, kept trading after 2011).

 

 

For reference, here is a list of the various companies that have operated under the Cattles PLC umbrella:

 

1. C L FINANCE LIMITED (company number 01108021).

2. CATTLES HOLDINGS LIMITED (company number 05976786).

3. COMPASS CREDIT LIMITED (company number 00235117).

4. DIAL4ALOAN LIMITED (company number 03958533).

5. EWBANKS MAIL ORDER LIMITED (company number 00457490).

6. LEWIS GROUP (HOLDINGS) LIMITED (company number SC154199).

7. MONEYTOPIA BANK LIMITED (company number 00215285).

8. MONEYTOPIA LIMITED (company number 00652955).

9. PROGRESSIVE FINANCIAL SERVICES LIMITED (company number 01682540).

10. RECORDPOINT LIMITED (company number 02906681).

11. SHOPACHECK LIMITED (company number 00274611).

12. STATUSCLAIM LIMITED (company number 02903444).

13. SUPREMEACCESS LIMITED (company number 02913219).

14. THE LEWIS GROUP LIMITED (company number SC127043).

15. U.K. DEBT DEFAULTERS REGISTER LTD (company number SC170934).

16. WELCOME INSURANCE SERVICES LIMITED (company number 02230654).

17. WELCOME RETAIL SERVICES LIMITED (company number 00226015).

18. WESTERNISSUE LIMITED (company number 02930977).

[Baz1994]

Thanks Andydarlo

 

So Dial4ALoan Ltd brokering loans to Progressive Financial trading as Welcome Finance

[Baz1994]

Thanks for your time Dodgeball and will give it a go with another loan.

 

I believe there is another loan calculator somewhere in which also gives you a full breakdown monthly loan / interest amounts. Trust someone can kindly provide a link.

 

Now if loan is sold on, would all terms & conditions remain the same including charges and fee amounts ? Or would these be treated differently and therefore able to be increased ?

 

Cheers

[Peterbard]

Is this the one I mentioned earlier, it is good but you need to set it up on your excel , as said you also need go seek. It is an excellent program though an also calculates APR when there are irregular or missing payments.

[Peterbard]

Thanks for your time Dodgeball and will give it a go with another loan.

 

I believe there is another loan calculator somewhere in which also gives you a full breakdown monthly loan / interest amounts. Trust someone can kindly provide a link.

 

Now if loan is sold on, would all terms & conditions remain the same including charges and fee amounts ? Or would these be treated differently and therefore able to be increased ?

 

Cheers

 

Depends on the contract, some say that the charges will remain whilst there is an outstanding balance on the account, most DCAs do not rely on this , as it can be challenged as the contract and therefore its terms have been terminated by that point. Most just rely on section 69 interest if they should choose to enforc

[Baz1994]

Is this the one I mentioned earlier, it is good but you need to set it up on your excel , as said you also need go seek. It is an excellent program though an also calculates APR when there are irregular or missing payments.

 

Yes thanks Dodgeball but I remember someone posting a more advanced spreadsheet calculator in which explains how individual interest is calculated before loan starts decreasing.

 

I will have to do some searching again.

 

Depends on the contract, some say that the charges will remain whilst there is an outstanding balance on the account, most DCAs do not rely on this , as it can be challenged as the contract and therefore its terms have been terminated by that point. Most just rely on section 69 interest if they should choose to enforc

 

Cheers Dodgeball

 

I have looked through T & C's and cannot find anything in relation to selling on but I think you have already commented about this previously.

 

Also I have the issue with loan interest frozen and what will happen if and when account is sold / transferred to another entity.

[Peterbard]

It is very unlikely that they will str attempt to restart the contractual interest, i have never heard of this before.

[Baz1994]

Ok Dodgeball, I will wait and see what happens but was advised that Welcome are closing their collection branches at the end of the month.

 

They have not contacted me to advise further or even replied to my previous written correspondences regarding their recent f & f offers and arrears dispute.

[Baz1994]

I have today received a letter from Welcome (Nottingham address)

advising that as from 21st March 2016 my secured loan will become a mortgage

with the implementation of the Mortgage Credit Directive (MCD).

 

Does this apply to 3rd charges on the mortgage ?

 

As my previous agreement was CCA Regulated, will a new agreement be submitted with relevant T & C's ?

 

I also have various ongoing account disputes

(lack of statements / Notice Sums of Arrears etc under the CCA 1974 agreement

in which Welcome have still not responded to and others with the Ombudsman.

 

Will these still have to be honoured under the previous agreement ?

 

Are Welcome Financial Services Ltd still trading as Welcome Finance (Reg No.133540) ?

 

Thanks for any input.

 

Cheers

[Baz1994]

Well I was going to start a new thread but as it is in relation to my SAR / Account complaint, I will continue this thread.

 

Today I received the attached response from yet another FOS adjudicator

 

My original complaint was for witholding information in which was eventually received after numerous requests.

 

Lack of statements, NSOA letters and when statements sent incorrect amounts showing due to IT hitch in Welcomes systems. Therefore figures including added interest incorrect.

 

I know that I was not part of the scheme as my loan was pre 2005 (Nov 2003) but was GISC regulated as had this confirmed by FOS / Welcome, so I find the latest comments irrelevant and feel that my complaint has not been investigated properly.

 

It has taken FOS nearly three years to come to this decision and they have stated that I have until 26 March 2016 to respond regarding referral to the Ombudsman.

 

If I am missing something or mis-understanding comments please can someone kindly advise.

 

Just really want to know if I have misunderstood anything regarding our November 2003 loan in which was regulated by GISC.

 

I know that WFS are not lending but did they not set aside a trust fund for policies / complaints pre 2005 ?

 

Thanks for looking

img529.pdf

[Baz1994]

Can someone kindly confirm what figure should be advised in the Amount of Credit Provided

at the top of CCA 1974 regulated annual statements ?

 

They also state AIR% and not APR% - Is that correct ?

 

I have reviewed some recent statements and I have come across 3 different figures,

one the Creditor advised was due to a IT hitch ?

 

My figures are :-

 

Amount of Loan / cash advanced £12,000

Total Cash Price / PPI £2,142.43

 

Amount of Credit £14,142.43

Acceptance Fee £235.00

MIF £1,320.00

 

Total Amount of Loan £15,697.43

 

And would also the above be a breach of prescribed terms ?

 

Thanks

[martin2006]

Redact and scan it up pls if you can baz

[Baz1994]

Redact and scan it up pls if you can baz

 

Thanks martin2006

 

I have attached two edited statements and agreement with figures.

 

Cheers for looking