Welcome Finance - This company needs to be banned.

[andie_303]

I get what you are saying Andie, but there are insurance brokers who obviously earn a living via commision. I believe the point is that these products whether they be a loan or insurance can not have the commision hidden. In my case over £800 passed hands in commissions and i was never told. So was the broker acting in my best interest or his?

 

And who picks up the bill? is this added to the interest payment... making my finance more expensive?

 

When i purchased my house i used a broker and was told how much he would earn out of the deal. When i purchased my car i was told nothing.

 

And I get this point too - though I think mine has not been explained very well.

 

I believe on insurance products commisions have to be declared etc - but in relation to the link above my point was if this £59 was earned by the sales person from HER company i.e. Carcraft for selling the CAR I believe that under the Hurtsanger case this would be "assumed commision" i.e. you could reasonably assume the salesperson was to recieve commision for the selling of the vehicle even if it was not disclosed - we all know car sales people work on commision.

 

If the £59 was for insurance and paid by Welcome then this is where its a BIG no no.

 

That was my point - hopefully better explained this time.

[dadofholly]

And I get this point too - though I think mine has not been explained very well.

 

I believe on insurance products commisions have to be declared etc - but in relation to the link above my point was if this £59 was earned by the sales person from HER company i.e. Carcraft for selling the CAR I believe that under the Hurtsanger case this would be "assumed commision" i.e. you could reasonably assume the salesperson was to recieve commision for the selling of the vehicle even if it was not disclosed - we all know car sales people work on commision.

 

If the £59 was for insurance and paid by Welcome then this is where its a BIG no no.

 

That was my point - hopefully better explained this time.

 

Totally agree with your comments on employee commssions and believe you would be right as regards the hurstanger case... I think alice's case will be dependant on who paid the commission and who to.

[Voda]

Thanks Stewie and Guys,

 

Thought my dream would lighten up the mood on here ..... :grin:

 

 

Nitey nite.

 

Sweet dreams ....

 

I dont think Welcome could excite anyone, just anger! But that was the best post I have read on this forum in a LONG while!!

 

As far as the tennis is concerned...WOW see Murray's girl, NOW thats something that would excite any male!

 

Seeya!

Stewie

 

PS: Coming for 8 weeks since I have heard anything from Welcome or the legal team.

[traz39]

Cattles PLC - Completion of forensic review

[EBOY]

Thanks Traz as Post said it's all begining to come out. Awaiting the next bit of news and scanning the papers tomorrow to find the real juicy bits.

[Dipply75]

Hi POst, Andie

 

Could you have a quick look at this thread, cagger has court again with WF in 2 weeks

 

http://www.consumeractiongroup.co.uk/forum/dealing-debt-scotland/180427-rrfcfan-court-wf-all-4.html

 

Thanks!

[Dipply75]

Cattles PLC - Completion of forensic review

 

Hmmmm, very short vague statement glossing over some very big things. All the suspended directors sacked....David Postings leaves with immediate effect ( hmmm, is that sacked for involvement or just going back to Cattles quitely for being naughty?) Hazarding guesses here lol

 

And, most important....a number of other employees facing action. Are we not entitled to know if these disciplinaries are for the very things we have complaints logged about? As this would prove our cases immediately.

 

Even if we cannot be told publicly, the FOS/FSA should be. And now the OFT cannot ignore the situation...half a boardroom sacked in one go (what level of wrongdoing does that take?!), various employees facing disciplinaries, they still gonna claim no dodgy dealings?

 

[andie_303]

see there is no mention of Mr Postings not getting a handsome pay off - and you can bet that consultancy for 6 weeks is coming at a handsome cost too!

[Dipply75]

see there is no mention of Mr Postings not getting a handsome pay off - and you can bet that consultancy for 6 weeks is coming at a handsome cost too!

 

you are right, another glaring omission!

[andie_303]

glaring ommisions are what I look for in Welcome statements - what is there is not important - what ISN'T there is more telling

[felixflyer]

So when can we expect to hear if the banks are rolling over the debt?

[andie_303]

you would have heard by now if they weren't.

[EBOY]

If the banks announce that they will not relend to cattles it would most likely for Cattles into administration therefore meaning it would be a nightmare for the banks to try and collect the outstanding money from welcomes customers. So they have to keep the pretence going to get any money back. Just my thoughts. Anyway I am still waiting on them to come back to the Fos. Was told weeks ago it would be sorted by the end of the month. Guess they didn't actually specific which month thou.

[mojo8]

the broker has a duty of utmost good faith to get the best deal for you not the best commission deal for him or her

 

 

i know for a fact that when finance is set up for a vehicle, the commision for the business is the first priority and all commision is earned from the sale of any insurance product... the business first of all gets its commission and then the salesman..

[dadofholly]

Hi Andie did you get my PM ?

[andie_303]

yes dad of holly I did - they've looked and put me in touch with someone that can help us - in the publicity stakes - The person we need is back at the end of this week so I will get in touch with you then if thats ok

[dadofholly]

yes dad of holly I did - they've looked and put me in touch with someone that can help us - in the publicity stakes - The person we need is back at the end of this week so I will get in touch with you then if thats ok

 

no problem.

 

As regards possible action will anybody be able to give me some advice on next steps? I have been putting a bit of study into it myself and am virtually ready to go... but knowledge and experience will always be appreciated.

[traz39]

fos have wrote to welcome about my case but they have not replied anyone else in same situation anyone have any idea how long they have to reply

[GhostDebt]

Ill Have A Good Look Tomorrow Ghostdebt

 

Evening Postggj,

 

Did you manage to have a look yet?

 

Many thanks.

[dadofholly]

I do hope mr postings and his cronies have all their PPI up to date

[EBOY]

Hi Traz,

It depends on the complexity of the case. My case has been sent to welcome over ten weeks ago and is still not sorted.

 

Post is keeping a low profile or maybe he is celebrating!

[traz39]

thanks eboy mine is about 10 weeks has well

[postggj]

evening all

 

welcome finance warrior

 

nice to have you on board read your post yesterday

you have a way with words:D:D

[welcome finance warrior]

hi

 

i am in the same position...

 

i have a credit agreement that states:

 

Acceptance fee £195.00 s

Finance charges for goods £4,604.84 t

Option fee £100,00 u

charge for credit for goods s+t+U £4,899,84

Charge for credit for insurance £640.16

Total charge foe credit v+w £5,540.00

Rate of interest on credit £16%

 

I know you are all probs sick of this but is this enforceable or can i send in a dispute letter.

 

If so what authorites should i complain to i was missold PPI even to the extend where the boxes for the insurance were ticked...

 

kind regards

[welcome finance warrior]

jj

Edited July 5, 2009 by welcome finance warrior
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