Welcome Finance - This company needs to be banned.

[082stewie]

Hi Peter,

 

Wonder if you could comment on something Welcome told me.

 

The term of the insurance sold was only for 60 months but the term of the loan is 180. What are the limits for insurance companies. They tried it on with me about they would have re-sold me another policy after 60 months and were trying to keep costs down.

 

From my understanding direct group are short term and cannot issue a policy over 60 months, in effect selling me something that was useless even if I did want it?

 

Any ideas?

 

Stewie

[082stewie]

We Are Having Some Posts That Are Misleading And Untrue To Confuse,

Please Cease And Desist

 

No Names But Stewie/andie Its Not You

 

 

How do you know its not me???

[postggj]

Very Good Question

[postggj]

Stewie

 

I Have My Spies And Double Agents

 

Believe Me

 

I Know The Answers Before Questions Are Asked,

Its Just I Cant Official Comment On Them

 

Hands Tied For The Moment

[felixfly]

Yes thanks peter,

 

so that means it is over the allowed limit. But does it count on my secured agreement?

[082stewie]

Hi Peter,

 

Wonder if you could comment on something Welcome told me.

 

The term of the insurance sold was only for 60 months but the term of the loan is 180. What are the limits for insurance companies. They tried it on with me about they would have re-sold me another policy after 60 months and were trying to keep costs down.

 

From my understanding direct group are short term and cannot issue a policy over 60 months, in effect selling me something that was useless even if I did want it?

 

Any ideas?

 

Stewie

 

 

Dammit forgot to ask you about this to. Are they allowed to place a full charge of the 60 months insurance policy over 180 months and charge interest on a service you no longer qualify for?

 

I know its like walking into a casino and spending all your savings then asking for your money back. But are they allowed to benefit from clear lack of needs and demands from the customer?

[andie_303]

Hi peter I know you're busy but could you have a peek at the figures on this - i think they're ok but want a double check?

 

WF pictures by andie_303 - Photobucket

[082stewie]

Stewie

 

I Have My Spies And Double Agents

 

Believe Me

 

I Know The Answers Before Questions Are Asked,

Its Just I Cant Official Comment On Them

 

Hands Tied For The Moment

 

 

Soooooo how do we know its not you then:p Hmmmmmmm?

[Peterbard]

hI stewie

I need to correct my error the tollerence on APR is 1 above or .1 below the actual figure.as in doh. not 1% or .1% which is what i think i said earlier put it down to my age.

General tolerance

A general tolerance allows the disclosure of a rate that is up to 1.0 above or 0.1 below the correct APR. For example, if the correct APR for an agreement, rounded to one decimal place, is 17.3, any figure from 17.2 to 18.3 inclusive can be used in an advertisement or agreement.

 

Be back in a minute

 

Petr

[postggj]

Ill Be Winess For The Prosecution

 

Any Media Agents Out There

 

For Exclusive Rights, Even They Would Not Afford My Price

 

Its Free For Revenge

[postggj]

Voda

 

Still Looking In

 

Will Not Affect You Though

Yours Is Way Over

[Peterbard]

Hi Peter,

 

Wonder if you could comment on something Welcome told me.

 

The term of the insurance sold was only for 60 months but the term of the loan is 180. What are the limits for insurance companies. They tried it on with me about they would have re-sold me another policy after 60 months and were trying to keep costs down.

 

From my understanding direct group are short term and cannot issue a policy over 60 months, in effect selling me something that was useless even if I did want it?

 

Any ideas?

 

Stewie

 

Hi again stewie

I m affraid missold PPI is not one of my strong ppints although it does sound like a good case. Have a search around the site their are a number of specialist threads for PPI.

 

Cheers Petr

[felixfly]

Oh well,

 

looks like im out again:(

[postggj]

Afternoon Gloucs

 

Any Comments On The Last Thread Ive Been And Posted,

I Would Like The Ex Insider View On This

 

What Do You Think Welcome Are Up To

 

Could Be Very Useful If You Give Confirmation

[andie_303]

ammended my letter a little bit - comments if it's ok or not appreciated

 

I am in receipt of your letter dated 20th March 2009 and its contents are noted.

I have however decided to exercise the right you referred to in your letter and will be asking that in light of receiving your final response that they Financial Ombudsman Service continue to investigate this matter.

In the meantime I would also bring your attention to the fact that I am currently in litigation with your company and therefore as the amount outstanding remains in question the account remains in dispute.

Therefore my direct debit will remain cancelled.

As this account remains in dispute I remind you, you may not demand any payment on the account, nor am I obliged to offer any payment. You may not add further interest or charges to the above account nor are you to pass this account to a third party.

Lastly you may not register any information in respect of this account with a credit reference agency nor are you allowed to issue a default with regards to this account.

I trust this letter now clarifies the position.

Yours Sincerely

[jp1000]

I thought I would stir the pot a bit this morning with a friendly call to my local Welcome branch and speak to "account manager". From the sound of his voice I suspect he has just cracked puberty and has serious identity issues.

 

I went back in my diary and I have been waiting just over 3 weeks for a return call back from him and countless messages I have left. So I came to the conclusion he isnt going to call back. So I called him.

 

Plainly the branch CANNOT explain how the figures are calculated on the agreement, he DOES NOT know if interest is added onto the acceptance fee and if it is indeed valid to do so. He suggested I come into the local office to have a meeting to discuss my agreement with him and the branch manager.

 

I have accepted the invite and will schedule it for early next week, pending the outcome of some documents I have asked for from head office. I wonder if they would object to me filming the session and then posting it up on YouTube?

 

Anyhow they have no bloody clue. I have only ever been into the branch once and I left because the person I was meant to meet with was sick that day and didnt make it. Nice to let the customer know!

 

I really have a massive dislike for this company and all they stand for.

 

This morning I sent off my agreement to two major accounting firms and hand delivering it to Delloits this afternoon. Im so excited about this!

 

The rebate on PPI could be my saving grace at this stage. The fact they have not re-calculated the loan is a big NO NO in the industry, and the fact no needs and demands statement was taken is also cause for concern. 60 month insurance term on a 180 month loan agreement is substandard and could rule very heavily in my favour.

 

 

Just an update

Stewie8-)

 

 

Stewie - when you go to the branch, ask them to show how everything is calculated in front of you. I guarentee they will have a blind panic. They will adv PPI canx through another dept and will also adv unable to tell you exact figs

[jp1000]

Afternoon Gloucs

 

Any Comments On The Last Thread Ive Been And Posted,

I Would Like The Ex Insider View On This

 

What Do You Think Welcome Are Up To

 

Could Be Very Useful If You Give Confirmation

 

 

I have missed so much - which thread is it you would like comment on??

[postggj]

GLOUCS

 

YOU WERE LOOKING IN

 

HEAR GOES

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/188157-welcome-finance-help.html

[felixfly]

Glous,

 

Could you tell me what it means when it says on my transcript

 

'Appeared on CCCS Data disk'

 

Regards

 

Felix

[jp1000]

Glous,

 

Could you tell me what it means when it says on my transcript

 

'Appeared on CCCS Data disk'

 

Regards

 

Felix

 

it means - your file shows on the Consumer Credit Councilling Service - a DMA company

[jp1000]

* Telephone charges ( know what these are but want them refunded)

* Fee assessment (all under a pound?)

* Capitilisation (for all different amounts every few days?)

* Outside call fee (£60, never had a home visit)

* Letter fee

* ADD HOC fee ( varying amount from £5 up to £100)

 

I will right down what these all mean.

[jp1000]

Telephone charges - £10 - can only be charged if a) in arr's and b) broken an arrangement to pay eg; i will call on 31/03/09 and you didn't. Plus can only charge max 3 times in a month.

 

Fee assesments are when the finance dept are supposed to remove/amend charges.

 

Capitalisation are the interest postings, interest is applied to charge, account, arrear's - EVERYTHING

 

Outside call fee is same principle as calls and letter - £25 - can only charge is broken arrangement and max charge is once a month.

 

Letters £10 - only allowed to charge once a month and can only call you after 3 days from when letter issued or classed as harrassment

 

Addhoc fees can also be anything from declined debit card payments, extra interest etc

[SHELLA]

Gosh yes,very interested in AD HOC FEE's and Capitalisation.

 

Morning good peeps.

[felixfly]

Shows on what from the CCCS?

 

I asked them and they didnt know what it meant but said Welcome should not have any data disks from them.

[SHELLA]

Surely the phone charges and letter charges can be claimed back using the same kinda methods as bank charges.

 

IE : you agree to a charge when you sign but anything above and beyond what it actually costs becomes a penalty?