Welcome Finance - This company needs to be banned.

[JonCris]

Its' already been handed down!

[The wife]

unfortunately that doesn't show on the print out... I guess they are just covering their own backs....

 

besides i was hazarding a guess

[andie_303]

ok - whose got the contents of that link saved or printed off???

 

Someone please email it too me - I'm thinking I can test this theory after all I'm the next Cagger in court and have a wide latitude in my POC's to be able to get this in.

 

Anyone???

[postggj]

hi andie

 

at work at the mo

 

speak later

[andie_303]

thanks post - in the meantime if anyone saved or printed it PM me and I'll give you my email address.

[andie_303]

thanks dandesperate

[andie_303]

and here from the most recent FOS article - for all of those that had "optional" PPI already ticked....

 

 

 

A trainee chef, Mr A, complained about the way in which he was sold a payment protection policy when he applied for a credit card. He said he had understood he was being insured, but had not been told that the policy was optional.

He said he was not given any information about the cost or benefits of the policy. And he stated that a representative of the credit card company had simply filled in the application form for him, written a small ‘x’ at the bottom of the form, and then asked him to sign his name next to the ‘x’.

The credit card company rejected his complaint. It said it was clear from the application form that the insurance policy was optional and that Mr A had chosen to take it. The company also said that the insurance premiums were itemised on Mr A’s credit card statement each month, so he must have been aware that he was paying for an additional – optional – product.

 

complaint upheld

We asked the credit card company to send us Mr A’s application form. We noted that on the final page, close to the space for the customer’s signature, there was a ‘tick box’ next to a statement that the customer wanted payment protection insurance. This had been ticked.

The tick in the box, the written details entered on the form, and the small ‘ x’ placed next to the signature all appeared to have been written in the same handwriting, using a ballpoint pen. However, the signature itself looked markedly different and had been written with a thick, felt-tipped pen. This tended to support Mr A’s account of events.

We also noted that Mr A had been 19 years of age at the time of the sale. This was the first time he had applied for any financial product or service other than a basic bank account.

We did not agree with the credit card company that it was clear from the application form that the insurance cover was optional. Nor did we agree that, by signing the form, Mr A had clearly indicated his wish to buy the policy. There was no evidence that he had been told anything about the cover at the time of the sale. And the fact that Mr A’s statement showed that the premium was collected monthly did not mean he must have been aware the insurance was optional.

We upheld the complaint and told the company to return to Mr A all the premiums he had paid to date, plus interest.

[citizenB]

Ok

 

What Is Going On

 

My Link Has Been Stopped/veto/curtail

 

If Ive Done Some Thing I Should Not Then Tell Me

 

Some Thing I Should Know Is There

 

I dont think you did anything wrong Pggj, that link is an out of date bookmarked page apparently:)

[Dipply75]

Found the HTML version, needed a coffee while reading it lol, but it as clear as a bell......Andie, use some of the exact quotes in there and you are going to have a ball in court

[andie_303]

I've got it Dipply - looking forward to August

[postggj]

just raided the works pc

 

younmanaged to read the judgement andie and dipply

 

what you think

[Young Skywalker]

Welcome Finance is owned by Cattles Group. Cattles Group shares have been suspended, and looks likely to go bankrupt because it cannot pay it's debts.

 

How ironic that a company like this, that preys on the weak and vulnerable, charges them extortionate fees and levels of interest, is unable to pay it's bills !

 

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6122307.ece

 

If I had an agreement with Welcome Finance (Cattles) I'd be cancelling my direct debit right now, and these clowns wouldn't get another penny of my money.

 

I think if this company went bankrupt on 1st July (deadline for talks with it's Debt Providers), that would be Most 'WELCOME' !

[jdene]

Hi andy I have printed off a copy of the judgement if you need it let me know I can fax it if you like or try to scan it and send by e mail

jdene

[Sol]

That's great news, Post! Hopefully someone from the FOS will be able to clarify this once and for all.

 

I phoned the FOS yesterday and was told that as my case has been moved to another department, I could be waiting another 2/3 months before someone looks into it. I was told to start making payments to Welcome in the meantime until the case is finished, so I'm obviously not very happy.

 

[Confused of essex]

Losing the will to live/fight!

 

My solicitor wrote to welscum 12th May with letter before action, although we are still waiting for a reply to our SAR sent in Feb. WElscum have now replied to the letter before action saying they deny liablility for mis selling of PPI.

 

Can somebody please clarify if my secured loan is for 180 months and my PPI cover is for 60 months and was added as a lump sum premium at the beginning of my loan is this a definate case of misselliing, just getting nervous as I think we may have to go to court and if we lose will have to pay their costs.

 

Also If I have the paragraph ' interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and the Acceptance Fee. It will be paid as part of your monthly payments'

 

Will this mena it could be covered under the unenforceable agreement thingy that you are all talking about?

 

Thanks All:)

[The wife]

does anyone have a link to an APR calculator a reputable one...I might be onto something but not sure if it will mean anything....

[mojo8]

Losing the will to live/fight!

 

My solicitor wrote to welscum 12th May with letter before action, although we are still waiting for a reply to our SAR sent in Feb. WElscum have now replied to the letter before action saying they deny liablility for mis selling of PPI.

 

Can somebody please clarify if my secured loan is for 180 months and my PPI cover is for 60 months and was added as a lump sum premium at the beginning of my loan is this a definate case of misselliing, just getting nervous as I think we may have to go to court and if we lose will have to pay their costs.

 

Also If I have the paragraph ' interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and the Acceptance Fee. It will be paid as part of your monthly payments'

 

Will this mena it could be covered under the unenforceable agreement thingy that you are all talking about?

 

Thanks All:)

 

 

do you have a copy of the needs and demands statement that should be completed to prove you want it and more importantly qualify for it... got to ask yourself the question also...what use is a 60 month insurance policy on a 180 month loan... its a clear mis-sell

[Sol]

Just off the phone to Welcome and had a heated converation with several people.

 

It turns out they don't have a copy of my most recent letter, even though they signed for it!

 

I'm more angry now than before I phoned them. FOS tomorrow with a new complaint.

[The wife]

oh dear when did they sign for it? you know what post rooms are like!

[scarborosmoggy]

That's no excuse.

[mojo8]

does anyone have a link to an APR calculator a reputable one...I might be onto something but not sure if it will mean anything....

 

got a couple, hope they help

APR Calculator: How to calculate APR on your mortgage

 

Loan & APR Calculator

[mojo8]

Just off the phone to Welcome and had a heated converation with several people.

 

It turns out they don't have a copy of my most recent letter, even though they signed for it!

 

I'm more angry now than before I phoned them. FOS tomorrow with a new complaint.

 

 

got exactly the same response from them, however the signature on the royal mail website looks like a childs scribble... they are there own worst enemy, been waiting for my agreement and SAR for nearly 4 months and have told them no more payments till i get them...idiots...no wonder they have no money

[The wife]

I have the mercer & hole one, thank you mojo will get back to you after i have tried out my theory on the other one....

[The wife]

ok...this is what I have found... I put in the loans for my OH one i have the break down of fee on the other I don't, anyway it seems they have either messed up on the APR or they are doing something else i have yet to fathom...having used 2 different APR calculators.

 

loan 1 total credit 1347.29

interest 667.42

repayments £83.95.......this is the calculation from the APR calculator

If I were to add the acceptance fee at £3.13 payments would go up per month to £87.08

 

 

the amount from welcome is as follows:

total credit £1347.29

interest £593.29

acceptance fee £75

repayments £83.98

 

 

not a bad difference of 3p on the repayments but the £75 was not included in APR calculator and the difference between welcomes interest and the calculators interest is approximately £75

 

do you see where I am going with this? does this make a difference? it in effect means the APR is wrong on the contracts (doesn't it??)

Edited June 24, 2009 by The wife
add something

[Us versus Debt]

I have a pdf copy of the link provided earlier if needed