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I have had two loans with Welcome Finance one for a car and one for personal use. On my car loan I took out short fall insurance in case I had my car stolen and was paying for something I did not have.

My car was stolen and short fall paid out but Welocme Finance did not tell me until 18 months later. I complained that if they had informed me my insurance company would have paid and I would have another vehicle.

They combined both accounts and told me they would knock £1500 off the account.

I have now recieved a statement (which they dont send very often and when asked seem to forget to send them) that tells me the amount loaned on 10th May 2005 was £6101.66 the amount now oustanding is £4232.34

On the statement it gives my payments per month of £140.09 and then under that is something called interest posting. For instance on 19th August 05 I paid £140.09 making my balance £5860.37 then the interest posting dated 4th September 05 is £71.16 making my balance £5931.53

Are they allowed to do this? Is it legal and is there a way I can reclaim the amounts they are extorting from me?

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Guest ian cognito

sorry but i don't quite understand what you're saying here, who did the insurance pay out to and what happened to the money for the 18 months you didn't know about it, did they not knock it off your loan immediately if they received it, did your own car insurance not pay out for the stolen car also?

 

You need to check your agreement, it looks like they are adding the interest on the loan on a monthly basis, if this is the case, and they had the insurance money that was paid out without paying it off your loan immediately, they will owe you a chunk of interest.

 

Can you provide a bit more detail please.

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The short fall insurance paid Welcome Finance for the loss of the car. Welcome did not inform me at the time and when they did it seemed it was by accident, as the manager asked me if I had made a payment of £900 and odd pounds on the account. When I replied no he put the telephone down and I had to phone them back and kept asking for a statement off them. Eventually the statement arrived and I asked where the money had come from, they said they had no idea and assumed it was from the short fall insurance.

My own insurance company refused to pay out due to the lack of communication between Welcome and myself and AXA insurance.

As I said it was 18 months later when Welcome made the payment known to myself and it was a complicated situation with the insurance.

Welcome combined two loans together and lowered the payment and told me they had knocked off £1500.

Looking at the statement I think they have taken me for a ride and the interest they are applying each month seems unfair and a way they are using of getting their £1500 back.

I know it complicated and difficult to put into words.

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With regards to the matter with welcome finance I phoned them and they told me they dont do interest free loans. I told them I knew that but to add interest on a monthly basis seemed unfair.

I have told them I will put my complaint in writing to them and when I recive a reply will write to the fiancial ombudsman as I really do think they are taking me for a ride.

OK It may be my fault for dealing with them but I have heard so many bad things regarding their services. Also I have had a run in with them with regards to a car as I stated in my first posting.

I'll let you know how I get on.

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  • 2 months later...

I received my statements from welcome and all the fees according to the statements where refunded or as they say reversed. I decided not to press any further so basically if they have fiddled me they have got off scott free. I will be keeping an eye on the progress of my account though and I wont let them off with a thing if I think its dodgey. I will never get a loan off them again thats for sure.

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  • 3 years later...

With regard to Welcome's PPI offers, I think any offer at the moment is a step forward. If you dont really agree with the amount offered I am sure there is scope for arguing the amount and actually taking court action and maybe end up with more than the offer.

However, will it cost more in court action?

I am happy with the offer they made me, they did however, tell me that they could not include three policies they could not include as they where past the time limit. Fingers crossed when someone eventually takes them to court they may reconsider.

One thing is for sure I will never ask Welcome for a loan ever again. I would rather ask my bank at least their customer focus is better than Welcome's, and their politness too.

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I am happy with the offer they made me, they did however, tell me that they could not include three policies they could not include as they where past the time limit. Fingers crossed when someone eventually takes them to court they may reconsider.

One thing is for sure I will never ask Welcome for a loan ever again. I would rather ask my bank at least their customer focus is better than Welcome's, and their politness too.

 

load of rubbish!!!

 

there is no time limit for reclaiming PPI!!

 

statute of limitations act sec 32c

 

go get 'em again

 

dx

siteteam

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for that I didn't know there was no time limit.

I got involved with welcome accidentally, I brought a car and they financed it, the car was written-off in an accident and they re-financed a replacement. The replacement car was stolen and they didn't tell me that the shortfall (GAP) had paid out until 18 months later (they didn't mean to tell me then either). The insurance company refused to pay up at the time, so I was paying for a car I didn't have. So I refused to pay any more money to them. I refused to reply to any of their letters. They didn't threaten me with debt collectors or anything as they knew they where in the wrong. Evetually they contacted me and we came to an agreement which at the time meant I would have wrote off £1500.00 on their loan. I reckon I have paid that though in interest, they applied the PPI without me knowing (the crafty b******ds). After I took out a bank loan to pay them off thats when I discovered the PPI, and thats when I complained. At the time they would not entertain my complaint.

My advice to anyone regarding Welcome - STAY WELL CLEAR.

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urm.....

 

the nice side of me is thinking you might have a claim here against then.

 

dunno....

 

forced to take out a bank loan to pay off unknown PPI on a refinanced A/C when they got the claim money too.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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load of rubbish!!!

 

there is no time limit for reclaiming PPI!!

 

statute of limitations act sec 32c

 

go get 'em again

 

dx

siteteam

 

Wrong,

 

There is a time bar which cannot be lifted , and it depends on the facts of each case as to whether the case is stat barred or not

 

Limitation runs from the point that the fraud or concealment becomes evident to the party, however, that is of course subject to your ability to raise such arguments on concealment,

 

There is no one size fits all answer on this point, so people should be aware of this

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but not in this case as the OP was obviously not aware he had it.

 

next.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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yes ok i'll put my broom away then.

 

not all PPI can be reclaimed forever........

 

it might just be that you were aware you had been wronged on PPI and didn't bother claiming.

 

next......

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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This is what section 32c states:-

 

32 Postponement of limitation period in case of fraud, concealment or

mistake

(1) Subject to subsections (3) and (4A) below, where in the case of any

action for which a period of limitation is prescribed by this Act,

either--

(a) the action is based upon the fraud of the defendant; or

(b) any fact relevant to the plaintiff's right of action has

been deliberately concealed from him by the defendant;

or

© the action is for relief from the consequences of a

mistake;

the period of limitation shall not begin to run until the plaintiff has

discovered the fraud, concealment or mistake (as the case may be)

or could with reasonable diligence have discovered it.

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This is what section 32c states:-

 

32 Postponement of limitation period in case of fraud, concealment or

mistake

(1) Subject to subsections (3) and (4A) below, where in the case of any

action for which a period of limitation is prescribed by this Act,

either--

(a) the action is based upon the fraud of the defendant; or

(b) any fact relevant to the plaintiff's right of action has

been deliberately concealed from him by the defendant;

or

© the action is for relief from the consequences of a

mistake;

the period of limitation shall not begin to run until the plaintiff has

discovered the fraud, concealment or mistake (as the case may be)

or could with reasonable diligence have discovered it.

 

 

Correct, and this is why i made the comment i did, as to simply say limitation never applies is grossly missleading.

 

Law is about applying the law to the individual facts of the case, not applying a one size fits all approach

 

I have close to £10k worth of costs orders against clients whom followed inaccurate advice on these forums and hence why i am trying to point out these issues, so that people are clear in what they are doing

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well ok pt i see your point

but i did put refer to section 32c also maybe should of said see: section 32c.

 

all done now.

 

dx

siteteam

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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