Welcome Finance CCA

[120805]

Hey everyone,

 

My husband sent a letter to welcome the other week just informing them that they had not complied with his request for his CCA as the CCA provided did not meet the criteria set out. also highlighted by Dave a few posts back (thanks for that, great help!). Well we got a response from welcome. It basically contained everything that he had signed when he took out the loan. it has:

 

the loan agreement.

the PPI form (filled in by the creditor, he only signed it not understanding fully what it was or when he would have used it, and was never made aware that the healthcare was ever selected or of any costs involved, his own fault really should do more reading before signing things.)

the application form.

their investigation form into my husbands credit score.

their direct debit instruction.

and lastly the DD mandate to our bank.

 

we kind of fell on a loose end with this now, eben though they have proven to have more data than we first thought is the agreement still failing, my husbands agreement looks exactly the same as the one posted earlier in this thread, just about £40 more.

 

another question that we have is more o a general one, just looking for a bit of help really. does your APR increase your amount owing by the percentage each year, i,e his loan was for £2112.53 and his APR was 57.30% after 1 year would his debt now be £3323.01, and his monthly interest was 3.5%. what we really want to know is do you add the 3.5% each month and then the APR at the end of the year? If this is right then there would be no chance in hell of this being paid off in the est. ETA of 24 months. after 1 year at the 3.5% interest and making payments of £131.54 the debt would be £1382.77 before APR if we understand correctly, after APR it would be £2175.10, paying £131.54 a month brings it down to £1471.04 again taking 3.5% interest into account. so after 24 months paying £131.54 with monthly interest of 3.5% and an APR of 57.3%, the debt would now be more than when it began, sitting at £2313.95????? are we right or totally mis-understanding how this is worked out? sorry for the long winded approach, just couldn't spit it out quick enough.

 

Any help or guidance s very appreciated, thanks to everyone for the support so far.

[LAN01]

Hi 120805

 

I don't understand the APR either but what I did notice was that the interest added each month was different. If they have sent you a statement check your interest charges.

 

The first month I was charged £104.29 interest, now I know my math isn't my best subject, but my calculations it should have been around about £68 - £72 depending on whether they add it before or after the first payment was received. Each month after that they have charge betweeen £1 - £2.50 higher than the 3.5% quoted on the agreement. At no time did I ever receive a letter saying the interest rate was going up, so how did they get these figures?

[davefirewalker]

APR is VERY complicated.......and is to do with compound interest

that is interest on interest....etc

 

basically the 3.5% / month is compounded on the balance. the APR is the net result over a year for comparison. the APR is not added as well.

 

if you miss a payment or two the interest added will increase very quickly.

 

try filling in the form at Financial Agreement Solutions

 

DONT pay...just use the form to check. it will tell you if everything is ok including apr.

 

Just because they can supply the agreement doesnt mean it is ok.

 

If you signed for the PPI under duress, or it wasnt explained properly...make a claim

 

you have to check your agreements very carefully including all the statements ON the document.

 

post it on here And I'll have a look...not promising anything, and I could be wrong in my assumptions. but welcome are in a lot of trouble recently because of really crap agreements.

 

Dave

[lindsay22]

i have sent welcome a letter saying the cca they sent is unenforcable.

 

1. no t&c

2. no date where the customer signiture is

3. wrong address

4. total amount to repay box left blank

 

i am i right in saying it is unenforcable? cannot scan the agreement as having problems with my computer

[davefirewalker]

Hi lins

 

check the details again with post 22

 

wrong address....hmmm maybe not

 

no t&c....they have not complied with the cca request, if they still cant supply them then yes the doc IS improperly executed

 

but if what you say is true then the sig date and NO total amount to pay would render this at least improperly executed, and MAYBE unenforceable

 

lets see what their reply is first.... I got off with mine

 

Dave

[120805]

Hi Davefirewalker,

 

Ive got one of those all-in-one printer, fax n scan machines and am struggling to adjust the size of my agreements and post them on here. Am not giving up yet though - I will try again tomorrow

[120805]

LAN01,

 

Have you got any ideas on what to write in a letter to them? Am beat with this one!!

[LAN01]

Hi 120805

 

Not sure yet, still digesting all of what Dave has said. I would realy like to walk away from this one as I am sure you do as well. I am lucky in one sense that a DCA is dealing with it and not Welcome. They were very nasty and threatening at the time, even said they would get me arrested for fraud They knew I was off work on long term sickness, they even hounded my mother a couple of times and she didn't even have anything to do with it!! I changed my telephone number so that they couldn't contact me anymore by phone and that was when it went quiet until just recently when Ruthbridge got in touch. Ruthbridge haven't responded to my CCA request so I have written to them telling them to p*** off, but Hillesden have produced the above agreement with a print out of payments etc and have placed a default on my cr file which I want removed.

 

So Dave if you have any advice for us on how to respond to this we would both be grateful

 

Lan

[bathgatebuyer]

120805 - in terms of the PPI component of the agreement, it looks as if you should be looking to take action on this - I've only just started on the PPI section of these boards and it's been a real eye-opener!

[Jess68]

Is Welcome Finance same as Welcome Car Finance? My sister has had dealings with them... she got in a mess and they rang her stating she had to pay so much by the next day or they were coming and taking her car back. She got in a real mess and came close to a breakdown. Would love some payback.

[davefirewalker]

Hi guys...

 

if your agreements are similar you could both use the same tactics.

 

send a letter something like......

 

Dear Sirs

With regard to my alleged debt to your company, it has come to my notice that the documents sent to me after my request to view the original signed executed agreement do not seem to comply with terms laid down by the CCA 1974.

 

In that

The heading is wrong

The total amount of loan is missing

several prescribed terms are missing.

 

further you have not fully complied with my CCA request in that various relevant items are missing.

 

I believe that this agreement may be improperly executed, and may also be unenforceable.

 

I would "welcome" your reply by return (i just put that in for fun )

 

yours etc

 

Pad it out a bit or edit it and fire it of....what have you got to lose?

 

they are already out of time to supply all the relevant info for a cca request so cant collect on the debt until they do.

 

the bits that was missing is obviously the T&C...but dont tell them that

 

Dave

[120805]

Thankyou for that Dave its certainly a great starting point. Will type up letter over weekend and get it posted (recorded delivery).

 

Cant help but wonder what their response will be as they are so arrogant, that I dont think that they will admit defeat too easily. But I will continue the fight never the less

[120805]

Hi Jess68,

 

I have an unsecured personal loan with welcome. There is alot of threads on the site though with people who have car finance with them. As far as I am aware though you can still cca a car finance company and that would certainly put your account into dispute which would stop any further action being taken. And would therefor give your sister a bit longer to find the money needed.

 

Good Luck

[Jess68]

Thanks hun, will have a chat to her

[LAN01]

Hi 120805

 

Guess what?

 

I got a letter this morning from Direct Legal and Collections telling me I may be eligible for a "LIMITED EDITION" settlement discount!!

 

I wonder what Ruthbridge would make of this? I wonder what Welcome Finance would make of this considering Hillesden say they are acting on behalf of their clients Welcome!

[davefirewalker]

Hi 120805

 

Guess what?

 

I got a letter this morning from Direct Legal and Collections telling me I may be eligible for a "LIMITED EDITION" settlement discount!!

 

I wonder what Ruthbridge would make of this? I wonder what Welcome Finance would make of this considering Hillesden say they are acting on behalf of their clients Welcome!

 

 

 

 

they are on the ropes and they know it.......

 

Dave

[LAN01]

I am sooooo loving this!!

[davefirewalker]

yes, it feels rather nice to know you have the upper hand and its them that are struggling.

 

if nothing else it takes the pressure off so you can live a normal life.

 

Dave

[LAN01]

Hi Dave

 

It feels great, for the first time in 6 years I actually look forward to getting post in the mornings!!!

 

Lan

[120805]

Cant help but wonder why they are offering these settlements? My husband also got offered one several weeks ago. There must be something up with the agreements hence why they are trying to close accounts with settlements, at least this will guarantee them of some money.

 

What you gonna do?

[LAN01]

I am going to wait and see what they do. But it looks as though Hillesden may have bought the debt from Welcome.

 

Have you sent your letter off yet?

 

Lan

[120805]

Still not sent off letter. Am trying to read up a bit more on agreements so as that I feel more confident in what am saying. Suppose I better get cracking with it realy as the month expires for them this Saturday and we would like the default removed asap so we can get a mortgage.

 

Have you sent yours off?

[120805]

Article Display

 

This makes for a very interesting read. Basically someone got there loan wiped by a Judge coz the creditor included the document fee in with the loan amount. Basically making it improperly executed.

 

Welcome certainly did this with my husbands loan.

[LAN01]

Very interesting as they included the fee in the loan amount on mine too. No I haven't sent the letter off yet, same situation as you are at the the moment. I want to make sure that I understand everything fully before putting pen to paper. But it is certainly looking more like we are in a good position to get them written off and to get the defaults removed. Hillesden placed a default on my file and this is the only record of this loan on there, Welcome are listed on my file at all and since I haven't recevied any default notices I am really going to go to town with them for that. I'll keep you updated on things in the meantime.

[120805]

Got a letter written will send it recorded tomorrow.