Itsme VS Welcome Finance

[maybelline]

Hi Guys, I hope we can sort this lot out, so many dodgy deals from Welcome!

 

my interest rates were sky high also and varied by as much as 20% apr when the loan was rewritten, their kind offer when I got into difficulty, just borrow more to pay off the arrears and take forever to pay it, result it never goes down,

 

i have checked my credti file and found that they have updated to say my payments are all up to date AND have a default to say I have defaulted on the total amount??

 

P.S. when I asked Trading Standards about extortionate credit, they stated that it would have to be 80% to be considered extortionate.

[itsmeandonlyme]

Hello Dave...Pam..Angela...Maybelline,hope u are fine:))happy Easter:)))

 

Angela the spreadsheet for you is ready:))))

 

I can email it to you

 

 

Regards,

 

 

Maria

[InKogneeToh]

Hi guys

 

Looking again at my agreement which is *similar* in all respects to maria's and angela's, I dont know why the cleared the debt!

 

my interest rate is "variable in accordance with clause 1b overleaf"

so this puts it in the same categorie as maria's and angela's

 

The Only other reason I could suspect that they cleared it is that it was signed at home (and shouldnt have been)

 

I will check into it again.

 

ps why is my apr only14.2% and the other two are 45+..........anything to do with upfront charges ppi etc ?

 

rgds

 

Dave

 

 

Hi

 

As far as I can remember, you're agreement (and Maria's) did not have the Amount of Credit shown where it should have been. This error alone makes both these agreements totally unenforceable because this is a 'prescribed term' and MUST be on the agreement, otherwise the court is barred from making an enforcement order.

 

Angela's does have this on it, plus all the other applicable 'prescribed terms' so is not automatically unenforceable.

It may however have other term/notices missing which may affect enforceability.

 

Regards, Pam

[itsmeandonlyme]

Thank you, Pam...For helping us out....You such a genuine star:)sending you a big frendly kiss..

 

Ang, i have sent you the spready...But i haven't included acceptancy fee...u can add it up by yourself....if you want....Hope everything is nice and clear for you..if not...only ask....)))

 

 

Maybelline, how r u? long time no see.....

 

 

Kind regars,

 

 

Maria

[InKogneeToh]

Maria

 

I have PM'd you - can you reply asap.

 

Regards, Pam

[ab2mlf]

Hi all Archie here been setting up for court with welcome not only with PPI but with Charges to been doing some research & came across a piece of info i found The OFT HAVE NOW DEEMED that all companies not just banks that charge high interest rates have to pay them back as from 6th April by law so i hope this info is helpfull in your quest now welcome cant say they are covered because there not

[InKogneeToh]

Hi all Archie here been setting up for court with welcome not only with PPI but with Charges to been doing some research & came across a piece of info i found The OFT HAVE NOW DEEMED that all companies not just banks that charge high interest rates have to pay them back as from 6th April by law so i hope this info is helpfull in your quest now welcome cant say they are covered because there not

 

Hi

 

Can you put in a link to this information or give the web page address or say what the source is? I'd be interested to read this.

 

Regards, Pam

[davefirewalker]

I have seen a mention of this somewhere on my research's, but discounted it as I didnt think it applies in this case. I'll try to find it again.

 

the only reference I can see at the moment is a draft from 2003

 

http://www.oft.gov.uk/shared_oft/press_release_attachments/extcredit.pdf

 

I'll keep looking unless the previous poster can find it

 

Dave

[tracyab1972]

Hi all

 

I have posted a thread yesterday titled "please let me pick your brains". Can I please ask, especially you, itsme, how much interest you claim back? I have paid exactly £1382.73 in PPI that I did not request but was told I need this. Do you know how much I would add on top of this amount?

 

Thanks

 

Tracy

[itsmeandonlyme]

Hello Tracy,

 

when was your first payment? what Is your APR?how many monthly payments in total and how much do you pay per month?? what is the loan amount? When i get your reply i will send you your spreadsheet.....

 

 

Kind regards,

 

 

Maria

[tracyab1972]

Hi Maria and many, many thanks for your help.

 

I had car finance with Welcome (I got the car from a garage of my choice and not a "Welcome Showroom"). A car salesman from Bramwell and Laidlaw (Ford) sold me the car but got the finance from Welcome.

 

I have my original agreement and there is a section which heads, AGREEMENT FOR OPTIONAL INSURANCE this states the following:

 

My agreement which I still have states the following:

 

AGREEMENT FOR GOODS

Amount of Credit: £5053.25

Acceptance Fee: £150.00

Finance Charge: £2497.39

Total Charge: £7700.64

APR 24.9%

Amount of Montly Payments £160.43

Then there is another section on the agreement:

 

AGREEMENT FOR OPTIONAL INSURANCE

 

Payment Protection Insurance £1302.56

Shortfall Insurance £ 245.00 (I think this maybe GAP insurance)

Total Premiums £1547.56

Finance Charge £ 743.00(I have no idea what this is)

Total Amount Payable £2290.56

The APR is 22.8%

Payable by 48 monthly payment of £47.72

The amount I have been paying them £208.15 since the 1 Septmeber 2004 until January 2007

 

I voluntary terminated my agreement in February 2007 and they have wrote to me stating that I owe them a further £596.34 for insurance.

 

The letter has a breakdown of what I have paid and what I am due. I says that in insurance, I have Paid £1382.73, they have rebated £311.49 for cancellation of payment protection (I didn't ask them to cancel PPI)

 

Sorry this post is really long winded but any help is appreciated.

 

Many thanks again

 

Tracy

[davefirewalker]

If the PPI was missold and you didnt request it then you can claim it ALL back.... but it somewhat depends on how you were sold it.

 

you say it was made a condition of the loan ?

 

can you prove it ? (very important)

 

If you can't prove it you can still fight it but it can be an uphill struggle.

But I would start with a complaint to the OFT they are looking into missold PPI's at the moment.

 

Also there seems to be a lot of other charges and insurances to make up the whole?? seems strange!

 

Maria, hope you had a relaxing easter, how are you getting on?

 

Dave

[tracyab1972]

Sorry to sound a bit stupid here, but how can you prove it was missold? If people were told at the time of signing the agreement that this was a condition, I'm not sure that they could prove that this was said to them. Unless they were taping the conversation in some way

[davefirewalker]

Hi tracy

 

you could have had a friend / spouse / relative present at the time.

if not then you may find it dificult, but NOT impossible to reclaim

 

try this link

 

Reclaim your PPI premiums | This is Money

 

it seems as though the OFT and the FSA are starting to get teeth.

 

rgds

 

Dave

[tracyab1972]

Hi Dave

 

Thanks for the link, I will read this in a mo.

 

The premiums I have paid in total for the insurance is 1382.73, so im going to subtract the £743.00 Finance Charge and reclaim the rest. I am also going to try and get the GAP or Shortfall insurance back also as I believe this was also missold. Do you have any idea as to how much interest I add on??

[davefirewalker]

Reclaim all of it

 

they charged you 2290.56 I would reclaim every penny I had spent.

 

If you ended it early claim up to that point. basically claim back what you paid in and then maybe 8% s69 on top of that, for denying you the use of that money in the interim. (worth a try )

 

Dave

[tracyab1972]

Your a star, thank you

[itsmeandonlyme]

He is, isn't him?))))))

Hi Tracey, i am at work at the mo...will try to do your spready tonight...If not than Thus eve for sure....

 

Dave, Pam helped me with N244...can't put it here as yet..but can email you if you want...Will post it to court today and will stop payment as well...I am so lucky to have both of you.....

 

it's very hard to not have an evidence for mis-sold( Dave is right)..but nobody said it was easy.............

 

 

 

kind regards,

 

 

Maria

[tracyab1972]

Maria, thank you for all your help, and yes it isn't easy but I have loads of determination!

[itsmeandonlyme]

Pam, I have posted the N244

 

Can you please check : http://www.consumeractiongroup.co.uk/forum/general-debt/37780-welcome-finance-any-dealings-39.html

 

 

DNA and guys..posted some info about WF..i think it might be usefull......

 

Kind regards,

 

 

Maria

[itsmeandonlyme]

Pam,

I have PM'd you.......can you please reply asap. )))

 

Regards,

 

 

Maria

[carinas]

hi its me, i never recieved a copy of your defence to read through, did you forget me! just to let you know i'm off on my hols tomorrow, Welcome have to file their defence by 2 days after i'm back, yes i'm still waiting. seems strange seeing as you recieved yours so quickly! have decided that maybe they are still searching for my agreement they have already admitted to losing... lol! speak to you in 2 weeks. xx

[itsmeandonlyme]

Hello Carinas,

 

so sorry ..was so busy with N244...just opened my mail...they sent me their AQ...God, so quick..looks like i will go to the court....never mind..have to be ready than.......I will send you the copy..nothing special...pointing at some of mine mistakes....Pam kindly helped me with N244...I spoke to court today...re: how the court operates when they received N244...they advised it can take up to 2 weeks for judge to get on with N224 they advised me to put an urgent note...meanwhile i have to fill my AQ- going to do it this weekend....

Mr Orrill is very quick...and i do not want to keep him waiting:)))))

 

 

Forgot to mention: they want a fast track.............

 

Pam, where are you?????

 

Kind regards,

 

 

Maria

[overflow]

hi itsme

just want to pick your brains a little bit, hope you dont mind.

My daughter has a car with Welcome and she is thinking of trying to claim her PPI back as she thinks she toowas mis-sold it.

i've been looking at her agreement and noticed in the T/C a clause that states

"Ownership of the Goods and your option at the end of the Contract

 

At the end of this agreement, provided you have paid all monies owing underthis Agreement and the Agreement has not been terminated,you may buy the goods. You may exercise your option to buy the goods by paying the Option Fee together and in addition to your final monthly payment.

 

If you do not exercise your option to buy the Goods, you must return them in good condition no later than the day your final Payment is due."

 

Can you shed any light on this for me . Am I missing something here , it sounds to me that after paying the 4 yrs on the car that it never really is yours to keep unless you pay this " FEE"

 

can anyone enlighten me please I dont know if I am reading this right or am I just thick

[davefirewalker]

Hi these sort of loans seem to be common unfortunately. they can be called lots of things. deferred payment, balloon loans, lease hire etc.

 

what sort of loan was it ?

 

Was it explained to you fully at the begining ?

 

is the agreement valid ?

 

how much is the option to buy ?

 

can you post the agreement?

 

Dave