Welcome Finance - This company needs to be banned.

[082stewie]

After 18 months I am still waiting for my Annual Statement from Welcome.

 

When I spoke with the local branch on Saturday, he didn't know what I was talking about!!, then went on to say I would be sent the statement from Head office.

Friday today and nothing from Welcome!!!

On a Saturday they want nothing more than NOT to be in the office, so I guess your request was never put through to head office. When I requested mine it was done within about a day. So question it, make sure everything is in writting Sunnie. You dont want to fall into the he said/she said scene with them.

 

If you dont have your statement you can always put the account on "hold" until you get your annual statement that you are entitled to. This also should display how much capilisation you have paid and what rate of interest they are putting onto your account....

 

Very interesting because my rate of interest as per statement is NOT the same as my agreement

 

Told you I had loads on these guys

 

Stewie8-)

[andie_303]

Stewie - you on Lloyds TSB 2 - I've got 3 things in with them at the moment - they're gonna hate me!

[082stewie]

Stewie - you on Lloyds TSB 2 - I've got 3 things in with them at the moment - they're gonna hate me!

There is only one thing I dislike more than Welcome finance, and thats Lloyds Tsb!! Well they are on a par at the moment I think.

 

I had to go high up the chain to get everything frozen with them.

 

They made me an offer of £220 to settle a 7K claim

 

But ill wait my turn its fine!

 

Stewie

[andie_303]

There is only one thing I dislike more than Welcome finance, and thats Lloyds Tsb!! Well they are on a par at the moment I think.

 

I had to go high up the chain to get everything frozen with them.

 

They made me an offer of £220 to settle a 7K claim

 

But ill wait my turn its fine!

 

Stewie

 

I've got PPI - Restructure of loan agreements and charges.

 

They say they can stay charges even under hardship - me thinks not MCOL filed

 

they have promised me a full conclusion on the PPI and loan restructuring by friday next week otherwise that's going the same way.

 

What's betting they shut my account down soon

[mojo8]

Sorry, there were folk talking about a change that meant companies were supposed to start sending annual statements on your loans etc and if they did not then they could not apply interest (i think) for that period?

 

Don't know anything about this but could be unbelievably useful against rbs right now!

 

Lovin the erin brocovich idea lol

 

Just going through the OFT website and came across this referemce post contract statements, it may help

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft1002.pdf

[Sunnie2812]

On a Saturday they want nothing more than NOT to be in the office, so I guess your request was never put through to head office. When I requested mine it was done within about a day. So question it, make sure everything is in writting Sunnie. You dont want to fall into the he said/she said scene with them.

 

If you dont have your statement you can always put the account on "hold" until you get your annual statement that you are entitled to. This also should display how much capilisation you have paid and what rate of interest they are putting onto your account....

 

Very interesting because my rate of interest as per statement is NOT the same as my agreement

 

Told you I had loads on these guys

 

Stewie8-)

 

Thank you..

 

Letter is going to Head Office today, I seem to have several issues with them at the moment.!!

 

I don't even have the Log Book for the car.!! but thats another matter.

 

Will not give up with them though.!!!

[mojo8]

Statements to be provided in relation to fixed-sum credit agreements

After section 77 of the 1974 Act insert—

“77A Statements to be provided in relation to fixed-sum credit agreements

 

(1) The creditor under a regulated agreement for fixed-sum credit—

(a) shall, within the period of one year beginning with the day after the day on which the agreement is made, give the debtor a statement under this section; and

(b) after the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.

(2) Regulations may make provision about the form and content of statements under this section.

(3) The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section.

(4) The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied—

(a) that there is no sum payable under the agreement by the debtor; and

(b) that there is no sum which will or may become so payable.

(5) Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor—

(a) a statement under this section within the period mentioned in subsection (1)(a); or

(b) such a statement within the period of one year beginning with the day after the day on which such a statement was last given to him.

(6) Where this subsection applies in relation to a failure to give a statement under this section to the debtor—

(a) the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b) the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

© the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i) would have become payable during the period of non-compliance; or

(ii) would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

(7) In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which—

(a) begins immediately after the end of the period mentioned in paragraph (a) or (as the case may be) paragraph (b) of subsection (5); and

(b) ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier.

[082stewie]

2.10 The 1983 regulations specify the information to be included in periodic statements for running-account credit.

In particular:

The rate of interest, or information enabling the debtor to check the interest calculation, or a statement that the rate will be provided on request together with an explanation of the manner in which interest has been calculated.

Got to just love this comment!!!

[mojo8]

Statements to be provided in relation to fixed-sum credit agreements

After section 77 of the 1974 Act insert—

“77A Statements to be provided in relation to fixed-sum credit agreements

 

(1) The creditor under a regulated agreement for fixed-sum credit—

(a) shall, within the period of one year beginning with the day after the day on which the agreement is made, give the debtor a statement under this section; and

(b) after the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.

(2) Regulations may make provision about the form and content of statements under this section.

(3) The debtor shall have no liability to pay any sum in connection with the preparation or the giving to him of a statement under this section.

(4) The creditor is not required to give the debtor any statement under this section once the following conditions are satisfied—

(a) that there is no sum payable under the agreement by the debtor; and

(b) that there is no sum which will or may become so payable.

(5) Subsection (6) applies if at a time before the conditions mentioned in subsection (4) are satisfied the creditor fails to give the debtor—

(a) a statement under this section within the period mentioned in subsection (1)(a); or

(b) such a statement within the period of one year beginning with the day after the day on which such a statement was last given to him.

(6) Where this subsection applies in relation to a failure to give a statement under this section to the debtor—

(a) the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b) the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

© the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i) would have become payable during the period of non-compliance; or

(ii) would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

(7) In this section ‘the period of non-compliance’ means, in relation to a failure to give a statement under this section to the debtor, the period which—

(a) begins immediately after the end of the period mentioned in paragraph (a) or (as the case may be) paragraph (b) of subsection (5); and

(b) ends at the end of the day on which the statement is given to the debtor or on which the conditions mentioned in subsection (4) are satisfied, whichever is earlier.

 

The red section is quite interesting

[Forsure]

Stewie

 

Can I ask a quick question ? If a lender ' refunds ' you your PPI premium, but credits it to your account, rather than to you, can they do this ? Or am I within my rights to insist it is refunded to me ?

 

Thanks x

[andie_303]

Stewie

 

Can I ask a quick question ? If a lender ' refunds ' you your PPI premium, but credits it to your account, rather than to you, can they do this ? Or am I within my rights to insist it is refunded to me ?

 

Thanks x

 

yes it can be credited to the loan but here's what you need to watch. welcome will try and take it off the back end of your loan that means your payments stay the same and as their insurance is front loaded you will still be paying the interest on a non existent policy you will have to battle them to restructure it.

[082stewie]

yes it can be credited to the loan but here's what you need to watch. welcome will try and take it off the back end of your loan that means your payments stay the same and as their insurance is front loaded you will still be paying the interest on a non existent policy you will have to battle them to restructure it.

 

Sorry for the delay, Andie is 100% correct. You will pay interest and fees on something you no longer have.

 

Welcome will load the rebate to the back end of the loan but continue to charge you the same premium. You should ask them to do a re-write as if you had NOT taken out the PPI at all. Welcome tend to give you a rebate and end the loan a few months early instead of re-calculating the entire loan.

 

But if you have any issues with this send it directly to the FOS for review. They will go in your favour.

 

 

Stewie:evil:

Edited April 3, 2009 by 082stewie
some of this didnt make sense!

[Forsure]

I dotn think anyone can quite comprehend hjow much I hate Welcome Finance !! aaaaahhhhhhhh

 

My only regret in life is that I took the damn loan in the first place !!!!!!!!!!!!!!1

[082stewie]

I dotn think anyone can quite comprehend hjow much I hate Welcome Finance !! aaaaahhhhhhhh

 

My only regret in life is that I took the damn loan in the first place !!!!!!!!!!!!!!1

 

Ohhh yes we can!!! You are in very good company as far as welcome are concerned.

 

Acctually I was pretty angry with a woman from Barclays earlier. I mean REAL angry to the point where I slammed the phone down on her. With Welcome I just know they are idiots.

[Lapchien66]

Should a request for a statement go to my local branch or to a different address? Is there a template or formal method for requesting one?

[liz59]

Hello everyone, 1st post but have been reading the forum for a while

 

I requested a CCA from Welcome 14days ago tomorrow but nothing is through yet. What do I do next send a follow up letter, or send account in dispute letter? also if I send a/c in dispute do I keep paying or stop payments.

 

Thanks for any help

[Sarellie8]

Hi All

 

Well I'm another one you can add to the list who is having problems with Welcome. I took out a loan in April 2005 and it was insisted that I have the PPI and also a Lifecare insurance policy. I am now on the understanding that this was mis-sold after reading some of this thread. This totalled £1085.02. My APR at the start of the load was 36.3%.

 

So, today I made a phonecall to request a statement first, which would cost me £10.00!! I have never received an annual statement from them - is this the norm?? In the end I asked to speak to a manager at the head office, who was quite helpful, agreed that I had been mis-sold the policy and that I had to write a letter to the compliance team. He is also getting a copy of my statement to me in the next 4 - 5 days.

 

Then I asked about the number of charges that I get every month. I had my account re-written last year and am now on 1% but it seems they are making up the difference with the charges. I pay on the last day of every month by my debit card and always end up getting one or two phone calls to request the payment about 3 days before and then get a follow up letter charging me £10 for the calls and £20.00 for the letter to tell me I am getting charged. This is ongoing every month.

 

I now owe over £6300.00 and it seems to go up every month not down.

 

It seems that there are some very knowledgeable people on this site and I was wondering if someone could please advise me on exactly what I should put in the letter. I have been advised to make no further payments until this is sorted.

 

Also, I see some people have actually had their account written off, how did you manage that??

 

Sorry to go on a bit just wanted you to know the facts.

 

Thank you in advance.

 

Sarellie8

Edited April 3, 2009 by Sarellie8
Adding APR

[Us versus Debt]

had a message from Welcome Assets. btw not defaulted at all but arranging for lower payments. just got back items from sar

[Sarellie8]

Sounds a thick question sorry but what is a Subject Access Request??

[terminator666]

Hi All

 

Well I'm another one you can add to the list who is having problems with Welcome. I took out a loan in April 2005 and it was insisted that I have the PPI and also a Lifecare insurance policy. I am now on the understanding that this was mis-sold after reading some of this thread. This totalled £1085.02. My APR at the start of the load was 36.3%.

 

So, today I made a phonecall to request a statement first, which would cost me £10.00!! I have never received an annual statement from them - is this the norm?? In the end I asked to speak to a manager at the head office, who was quite helpful, agreed that I had been mis-sold the policy and that I had to write a letter to the compliance team. He is also getting a copy of my statement to me in the next 4 - 5 days.

 

Then I asked about the number of charges that I get every month. I had my account re-written last year and am now on 1% but it seems they are making up the difference with the charges. I pay on the last day of every month by my debit card and always end up getting one or two phone calls to request the payment about 3 days before and then get a follow up letter charging me £10 for the calls and £20.00 for the letter to tell me I am getting charged. This is ongoing every month.

 

I now owe over £6300.00 and it seems to go up every month not down.

 

It seems that there are some very knowledgeable people on this site and I was wondering if someone could please advise me on exactly what I should put in the letter. I have been advised to make no further payments until this is sorted.

 

Also, I see some people have actually had their account written off, how did you manage that??

 

Sorry to go on a bit just wanted you to know the facts.

 

Thank you in advance.

 

Sarellie8

 

Interesting reading your plight with this company- I had similar problems with them. I give you one piece of advice- Ask them for a copy of the original signed contract ( doesent matter if you already have it) Do not make any more payments till they can come up with this. Also only accept it fully signed and not an unsigned copy.

[andie_303]

Hello everyone, 1st post but have been reading the forum for a while

 

I requested a CCA from Welcome 14days ago tomorrow but nothing is through yet. What do I do next send a follow up letter, or send account in dispute letter? also if I send a/c in dispute do I keep paying or stop payments.

 

Thanks for any help

 

you send ther acc in dispute letter and stop payments - did you send it recorded delivery?

[andie_303]

Hi All

 

Well I'm another one you can add to the list who is having problems with Welcome. I took out a loan in April 2005 and it was insisted that I have the PPI and also a Lifecare insurance policy. I am now on the understanding that this was mis-sold after reading some of this thread. This totalled £1085.02. My APR at the start of the load was 36.3%.

 

So, today I made a phonecall to request a statement first, which would cost me £10.00!! I have never received an annual statement from them - is this the norm?? In the end I asked to speak to a manager at the head office, who was quite helpful, agreed that I had been mis-sold the policy and that I had to write a letter to the compliance team. He is also getting a copy of my statement to me in the next 4 - 5 days.

 

Then I asked about the number of charges that I get every month. I had my account re-written last year and am now on 1% but it seems they are making up the difference with the charges. I pay on the last day of every month by my debit card and always end up getting one or two phone calls to request the payment about 3 days before and then get a follow up letter charging me £10 for the calls and £20.00 for the letter to tell me I am getting charged. This is ongoing every month.

 

I now owe over £6300.00 and it seems to go up every month not down.

 

It seems that there are some very knowledgeable people on this site and I was wondering if someone could please advise me on exactly what I should put in the letter. I have been advised to make no further payments until this is sorted.

 

Also, I see some people have actually had their account written off, how did you manage that??

 

Sorry to go on a bit just wanted you to know the facts.

 

Thank you in advance.

 

Sarellie8

 

Holy Crap you got a manager of Welcome to tell you your PPI was mis-sold? That is gold dust I sure hope they recorded that call.

What you need to do pronto is get a SAR sent ( I will post a template shortly) it covers lots of things you want which is good as they won't quite know what you're looking for but you NEED a copy of that converstaion - you get the - you get your money back!

Reclaiming PPI from Welcome is a long battle so if we can cut yours short that'll be a real bonus.

 

Statement £10 when you've never had one don't think so - shake them up with an account in dispute letter as they have not provided you with an annual statement which breaches FSA guidelines and you are now entitley to dispute the account as unenforceable until it arrives - believe me the £10 will evaporate then and they will send you one.

 

You also need to challenge those charges - we all know they are bulls**t and remember the stay for charges only applys to banks not these financial cowboys - send them a refund me now letter when they refuse (which they probably will) get a final response and straight to OFT or court.

 

Hope this helps

[Sarellie8]

Thanks Andie. Have drafted a sort of letter to them, but will now wait for your template. Thank you so much for your advise and I will keep you posted as to how I get on.

 

Thanks again.

[andie_303]

Data Protection Act disclosure request

 

Dear Sir/Madam,

 

Reference (this is account number or your own name)

 

Formal Request under the Data Protection Act 1984 and 1998, and including the Right of Subject Access

 

I understand that you currently hold details of my personal and financial information within your internal record systems with regards to my personal loan.

Account Numbers inclusive but not limited to:

ACCOUNT Nos:

xxxxxxxxxxxxxx

 

Please supply me with complete details of all data held by yourselves, in regards to myself within your organisation, including, but not limited to:

 

1. Full copies of all contracts that you believe exist or have existed between myself and your organisation, including true copies of any documents you hold in support of the same.

2. A complete list of all transactions or statements relating to ALL accounts with your organisation.

3. Copies of all documents which include any of my personal information including copies of any contracts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

4. Full copies or transcripts of any computer logs or database records kept in relation to me or in relation to my personal and/or financial information.

5. Full copies of any and all correspondence in postal, email or any other format that you have entered into with any individual, organisation or third party which contains my personal and/or financial information, or which pertains to me.

6. Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data

7. Full hard copy print outs of any of my personal and/or financial information held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

8. A copy of all telephone recordings made and recieved between myself and your organisation.

9. Full disclosure of all commissions or payments made or received by Welcome Finance LTD from/to any insurance provider.

 

 

I enclose the statutory maximum fee of £10.00 to access ALL data held by Welcome Finance about myself.

 

You should be fully aware of your statutory obligations under the Data Protection Act and that any failure to comply with this request could result in an investigation by the Information Commissioners Office. You have 40 days in which to comply.

If you are unable to deal with this request, you should immediately forward it to the person within your organisation responsible for Data Protection.

 

I look forward to hearing from you in the first instance by acknowledgement of this letter, and a full response with the above designated time scale.

 

Yours faithfully,

 

 

 

[Your Name]

 

 

OK this is your SAR you need to send this with a £10 postal order make sure you write on the back to be used for the purposes of SAR only not to be paid as credit to my account.

 

Make sure you don't sign any documents that go to Welcome just print your name

[Sarellie8]

Thanks again Andie. Just can't wait to get this sorted now.

 

Will keep you informed.

 

Sarellie8