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Welcome Finance - This company needs to be banned.


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The old rules apply to agreements made prior to april 2007, therefore if PPI was not a condition for making the agreement then the agreement could be potentially unenforceable. Breaches in the execution of the Act.

 

Anyone wants a good read I would strongly recommend the following large binders............

 

I purchased the following books Encyclopedia of Consumer Credit Law by A G Guest & M G Lloyd ( Sweet & Maxwell) Volume 1&2

 

Also Consumer Credit Legislation by Goode Volume 1,2,3

 

I have been researching the consumer credit act for a while now and I cannot believe the number of credit agreements which could be rendered as being unenforceable.

 

I sometimes wonder why personal loans need to be on variable rates? is this because they increase the APR when someone dont pay up? mmmmm I wonder.

Another good publication is Bennion Credit Control Loose leaf volumes

 

The only problem with those publications is unless youre a legal professional or very rich you wont be able to afford them, Goode Consumer Credit law and Practice set me back over £900 on its own

 

but they are very good reads

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Sounds like trouble is brewing for Welcome?

 

Can you let us know anything else post? Im about to start a claim against them for financial irregularities. Is it still worth me going ahead?

 

What is the timeline on whatever is afoot?

 

Regards

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just a small tip,

 

If you have a welcome loan agreement which has an acceptance fee on it, then get all the documents together and somewhere within it you will have a sheet which breaks down the payments. in that sheet it will say

 

 

Repayment £xxxx

Acceptance fee £4.05

PPI £40

 

Total monthly payment £216.60 for example

 

now if you take £4.05 and multiply it by the loan, in this case which i have its 180 months, you get the outcome of total acceptance fee payable £810 NOT £235

 

this is also sufficient to render the agreement UNENFORCEABLE

 

 

HTH

 

Hi PT

 

I thought if they had the little disclaimer paragraph on the CCA that say "interest is charged on the total amount of credit outstanding and the acceptance fee" blah blah blah then this was legitimate - that is the response I had when I raised this months ago??

 

Could you clarify

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Sounds like trouble is brewing for Welcome?

 

Can you let us know anything else post? Im about to start a claim against them for financial irregularities. Is it still worth me going ahead?

 

What is the timeline on whatever is afoot?

 

Regards

 

My advice - get your claim in ASAP - once it's in the system thats fine - but if we pull this off there will be a stampede and you don't wanna get caught in that :)

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The best outcome from my claim would be for them to write off my debt and i never hear from them ever again, im not looking for any kind of payout.

 

Andie, i have heard you say Welcome will survive. Is this still the case or has something new come up?

 

I understand you have to keep some things quiet though. :)

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just a small tip,

 

If you have a welcome loan agreement which has an acceptance fee on it, then get all the documents together and somewhere within it you will have a sheet which breaks down the payments. in that sheet it will say

 

 

Repayment £xxxx

Acceptance fee £4.05

PPI £40

 

Total monthly payment £216.60 for example

 

now if you take £4.05 and multiply it by the loan, in this case which i have its 180 months, you get the outcome of total acceptance fee payable £810 NOT £235

 

this is also sufficient to render the agreement UNENFORCEABLE

 

 

HTH

 

Yes, my case, there is an acceptance fee of £75 on a loan term of 36 months.

 

On the statement of price the breakdown for the acceptance fee is £3.44 per month - over 36 months this totals £123.84.

 

Is this the kind of thing you refer to?

 

Thanks :)

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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Can someone confirm th address for the compliance dept at welcome please need to get SAR off for my daughter in law only just found out she been having hell with these for months why dont kids tell us when they struggle?

jdene

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Was looking at the info for Welcomes and Lewis Debt Recovery's comsumer credit licences and there is a list of Officer involved in running the companies.

 

There are 2 Right Honourables listed! At least one of these guys had a seat in the House of Lords!

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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thanks postggj guess I start again with them then, it takes the fun out of it when you know the wording on thier letters before you recieve them hehehe

at least My daughter in law is more relaxed now she has had a read on here.

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I have recieved my yearly statement from them this morning, I have never had one before and they have down as one of the charges court fee £25 at the end of May I have no idea about this had no notification from any court regarding them? any ideas

jdene

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seems another phantom charge

 

give them a call and demand to know what that charge is for

 

25 quid is a personel visit charge

 

keep it simple on the phone as the can talk the hind legs off a donkey

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Well I just asked the question what is the £25 court fee for and was told he had to ask my account manager then put on some terrible music and left me lol so sad they cant even afford a decent tune on the phones now.

jdene

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I have a question , I have asked it on a differnet thread but didnt really get an answer.

 

I had an original agreement with welcome finance and they re did it when i cancelled ppi.

 

when the worked out new agreement they re did the calculation and i am not sure its right

 

2995

then they added the interest

then they took off the payments i had already made

 

surely they are charging me interest for money I have already paid ?

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If thats how they worked it out then yes they have charged you interest on what has been paid, you should have only been charged interest on the ballance outstanding after the payments had been deducted, they are very good at manipulating things in thier favour.

you may be better starting your own thread and see what can be done to put things right you will get plenty of help from the people on here.

jdene

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If thats how they worked it out then yes they have charged you interest on what has been paid, you should have only been charged interest on the ballance outstanding after the payments had been deducted, they are very good at manipulating things in thier favour.

you may be better starting your own thread and see what can be done to put things right you will get plenty of help from the people on here.

jdene

 

I even have a statement from them , detailing all the payments comming off the day after i took out the new agreement.

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yes Darwin - you've been done.....

 

You are paying interest on something you do not have!!

 

ok what course of action do i take bearing in mind i am still paying £130 ish per month , a lot appears to be interest on money i dont actaully owe

 

the other problem i have found is they started it again form 36 months instead of the 29 months that was left

 

can any point me to the account in dispute letter please and what can I actually take them to small claims for ?

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I have a question , I have asked it on a differnet thread but didnt really get an answer.

 

I had an original agreement with welcome finance and they re did it when i cancelled ppi.

 

when the worked out new agreement they re did the calculation and i am not sure its right

 

2995

then they added the interest

then they took off the payments i had already made

 

surely they are charging me interest for money I have already paid ?

 

This is interesting as i had a new agreement made last year after them admitting a misselling on a credit agreement... it left me owing just £300. But should i have owed anything at all?

 

Also, as an after thought, as i was missold the ppi on the original agreement... would this not invalidate that agreement?

 

I am already looking at one interesting claim against them... if i had the possibility of two i would not like to disapoint :)

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Bit of an update.

 

Received an email from my adjudicator saying that it is being passed onto a more specialist team. I wonder what's going on.....

 

Sounds promising! How long ago did you pass yours onto the FOS?

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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