Welcome Finance - This company needs to be banned.

[andie_303]

I asked this question on another thread and asked not to be laughed at for my possible niavety lol...Sol reassured me so let me ask everyone here:

 

I have seen lots of secured loan agreements posted and they all say the same thing (in fact it says this on the unsecured ones also)

 

They state fixed rate in the heading....but then list the interest rate as variable with 14 days notice as of the T&C relating to this...which just says that they can put the rate up or down as they see fit without giving any reason, not tracking any base rate or anything..just "we can".

 

Firstly, that clause wording seems like a joke but...if it says fixed sum at the top, how can it also be variable?

 

Is it a secured loan thing? B00geyman received a letter stating his % has been raised and his monthly payments shot up also...no reason or explanation but his agreement states Fixed Sum at the top yet variable interest rate in the middle as well?

 

 

Dipply,

 

Here's a confused cagger too , my interest rate on my last statement had gone DOWN - yet monthly payments had not why???? - or need I say anymore than the fact that it is Welcome!!

[082stewie]

Snap!! On my agreement it states 19% and 20.6%

 

On my last statement it shows 17%

 

When calling the Welcome head office 25%

 

When calling local branch 22%

 

But my premiums have not been reduced as per agreement and thats with PPI removed and a partial rebate applied.

 

Go figure that one out!:-|

 

Stewie:D

Edited March 13, 2009 by 082stewie
Got my numbers wrong way around

[Dipply75]

haha anyone remeber the krypton factor?

 

We'll just call this the Welcome factor. My tax credits are easier to work out lol

[andie_303]

Sorry Mate,

 

Lost me there.

How could your acceptance fee not be added to the amount of credit etc on the agreement?

Did you not know about it, is that what you are saying?

 

 

Chris a few customers have had an acceptance fee on their agreement as a stand alone fee - normally £75 - you sign to say you accept that you will pay a £75 agreement fee - however upon recieving some paperwork from a court case I have with welcome I discovered that they were taking the agreement fee in installments over 36 months and in doing that they were adding additional interest and so the acceptance fee in my case is actuall £128.30 - a big no no and not allowed.

 

I signed for £75 not £128.30 - this is against the law and breach of the consumer credit act 1974 - their agreement is no unenforcable as they have broken the prescribed terms.

 

Does that make sense?

[mojo8]

crisb333

This sounds like my agreement. I have the amount borrowed and then the interest is added and finally the acceptance fee. These 3 figures are called the total charge for credit and NOT the amount of credit. So by the looks of it im not paying interest on my acceptance fee. Im hoping now that i can render my agreement unenforceable as i have a none existant insurance policy on my agreement.

[andie_303]

crisb333

This sounds like my agreement. I have the amount borrowed and then the interest is added and finally the acceptance fee. These 3 figures are called the total charge for credit and NOT the amount of credit. So by the looks of it im not paying interest on my acceptance fee. Im hoping now that i can render my agreement unenforceable as i have a none existant insurance policy on my agreement.

 

 

hmmm thats probably a good point - i never saw that - if it says total charge for credit that is what you should be paying - interest shouldn't be on their if they have not calculated that in - double check your figures on your agreement mojo - add everything together they are charging you except the £75 agreement fee - if the amount left is just the £75 then yes I would say this is correct - it is unenforcable - if the figure you are left with is more than this they've accounted for the interest so enforcable.

 

Get it?

[itrends]

Andie, don't suppose you could have a quick peek at

http://www.consumeractiongroup.co.uk/forum/show-post/post-2035938.html

?

[borisbeaver]

Cattle's Share Price

[andie_303]

Hey, I just sent the below to Andie but maybe someone else is about that can help me on this...?

 

 

I have an agreement from way back in 2005 for my car. I don't currently have a statement as they have not replied to SAR. However there are 2 things that make me think they have charged interest on the Acceptance fee based on my agreement document and I wondered if you might give me your thoughts?

 

1) The have the acceptance fee listed as a value of "s".

They then have "charge of credit for goods" as S+t+v.

They then roll those into a total charge for credit and finish by saying that there is interest applied to that total... thus they must be charging interest on the fee?

 

Secondly at the bottom of the paper they have actually written "Interest, calculated on the amount of credit and Acceptance Fee outstanding from time to time throughout the duration of this agreement...."

 

So unless I am mad, they have essentially put in writing that they are charging interest on the acceptance fee?

 

If this is the case I assume I can use your fantastic letter to put the account into dispute and then cancel my payments to them? My agreement is due to end at the end of this year anyway.

 

Finally, if I do this I assume they are not going to be able to take the car, and indeed will actually have to pay back monies owed or write off the debt?

 

Any help that anyone can offer is really appreciated

 

THANKS!!!!!

 

P.s

as a bit of a funny one, the person who printed this agreement kept the headers and footers on so at the bottom it has the word document name of "Elite Brokers Tier 3 (Volume Bonus) 10.10.05 which I find amusing.

 

 

OK this sounds a funny one so before making any firm decisions can you also scan and upload - at the moment yours in sounding like they have added it all in but then worked out the interest included on the acceptance fee - therefore if you've signed to accept that interest it is enforcable.

 

Best thing is for me to look at it properly as reading figures etc is not ideal.

 

Can you upload it?

[chrisb333]

I need to add Welcome to my Debt Management Plan, what can I expect from them in regards to harrassment?

 

Really worried about these lot!

[mojo8]

Its all gone quiet on the cattles front, does anybody have any updates

[postggj]

10 guests

 

rightg lets put our nottingham friends out of there misery

[tigga_1961]

welcome home post, or shud that be bienvenue xx

[postggj]

mostgreatest day

 

waited 18 months for this

[tigga_1961]

im surprised we aint got more guests, unless they drowning their sorrows somewhere

[postggj]

that they are

they know allready

[felixfly]

So how did it go?

 

Dont keep us in suspense any longer.

[postggj]

ime just waiting on confirmation from the site team on posting

 

all i am saying at the moments is

 

CRIMINAL INVESTIGATION

 

CAN A MOD GIVE ME A DIRECT LINK TO GET THE OK BEFORE POSTING

 

IN THE MEAN TIME WHILE WAITING

 

POST YOUR QUESTIONS AND I WILL ANSWER WHEN GIVEN THE OK

[tigga_1961]

so criminal investigation means serious fraud squad, or hmrc? or both so glad u had a good day x

[felixfly]

Does anyone know whether a company called Legal Recoveries & Collections Ltd are part of Cattles?

 

I had a letter today saying my account had been passed to them and they have added £8000 onto the balance they say i owe:eek:

[postggj]

Dlc Are A Debt Collecting Agency

Thats Just One Of There Names

Alsohillesden Securities

[Dipply75]

I need to know!!!!!!!!!!!!!!!

 

Can you yes or no....tax?

[postggj]

100% Correct Dipply

[felixfly]

Should we be buying the Express tomorrow?

[postggj]

Dipply

 

Sending A Pm As We Have Been Together From The Start