Welcome Finance - This company needs to be banned.

[welcome finance warrior]

Mind you

 

I'm starting to worry now because the acceptance fee on my actual agreement is £195.00

 

and the "fee disbersmemnt" on the High puchase statement is at £195.00 could they arge that i had written notification by virtue of the fact that it is on the agreement or is the accpetance fee on the credit agreement something else

[postggj]

All Broker/commission Payments Must Be Included On The Agreement

 

If You Were Unaware Of Any Payment, Which You Are,

 

Its A Crap Agreement

 

End Of

[postggj]

Have You Posted Your Agreement

[welcome finance warrior]

lol

 

i sent you it twice over last 21 days but didn't want to pester you and seem impatient, i know running a private conquest can be tiring...

 

will post it on here 2 secs

 

There is an "Acceptance Fee" on the agreement at £195.00

 

2 secs

[welcome finance warrior]

Here you go POST

 

[link removed]

 

http://i614.photobucket.com/albums/tt225/welcomefinancewarrior/agreement1.jpg

 

much appreciated

Edited July 20, 2009 by steven4064

[postggj]

Ok

 

They Have Conned You Out Of £150 Quid

Thats A Big Enough Margin To Invalidate The Agreement

 

Have To Double Chack But Confirdent

[welcome finance warrior]

My current position (thanks to you post and the forum as a whole)

 

SAR'd every M.F:D (garage, wf, nu, dg)

CCA requested WF

Have v.T the agreement but they say i still have to pay £1700 for outstanding insurances (originally) since my SAR request this has strangey dropped down to around £1000. I cancelled my DD and put the account into dispute. (cheeck barsturads then said thewy would default me for the insurances i didnt know about and had to keep the agreement open...i haven't:D

 

Went to hand the car over but have knocked back the garage that was coming to collect it after he guarenteed that RAC would not inspect car at auction (they dont come out now to the home) but when i phoned welcome they said it gets examined at auction...yea right...screw that)

 

went to see the car garage and after some few heated exchanges i think i might be able to get them to play ball re the commission issue, will be able to confirm this monday when

 

"the boss is back off his holiday"

 

...but honestly i expect the run around...

 

Can i nail them in court is my big question

[welcome finance warrior]

Ok

 

They Have Conned You Out Of £150 Quid

Thats A Big Enough Margin To Invalidate The Agreement

 

Have To Double Chack But Confirdent

 

And the commission issue, have they managed to sow that one up...

 

cheers

[postggj]

The Commission Payments Are A Welcome Maze

They Have Been Very Clever In Hiding It In The Figures

 

Ill Ssend You A Full Break Down Tonight By Pm For Obviouse Reasons

 

This Will Be Quite Easy To Challange,

I Can Accept An Honest Mistake But I See It To Often On These Agreements

[welcome finance warrior]

Ta.

[EBOY]

Postggj,

Will Welcome have to accept rewriting the loan minus what payments have been made and the ppi. Will charges be refunded?

 

ps Did you get a chance look at my agreements and latest statement. Am I right in thinking that because the loan amount on the contract doesn't have £75 acceptance fee on it but the £75 is added to the balance thus accruing interest. Does this make the agreement invalid.

[steven4064]

WFW you have wisely removed your name and address from the agreement but left the vehicle registration number showing - it might be wise to remove that too - I have removed the link in the meantime

[Voda]

Hi Guys,

 

I really am getting to the end of my tether with this bunch of [edit].

 

Some smoothie left a message for me to call him today.

 

THEY NEVER ANSWER MY LETTERS so I am going to put all my correspondence in the hands of the CAB as all these so called financial organisations such as the FSA and Financial Ombudsman are rubbish.

 

I am so glad that I have everything in writing.

 

Voda

Edited July 20, 2009 by steven4064
potentially libellous comment removed

[JonCris]

hi violet im no expert in this, dont let them restructure your loan if the ppi is incorrect the whole agreement is loo roll, wait until someone else like postggj comes along to give you advice on this tho, seems to be quiet at the mo in here

 

BUT if you do don't forget to add contractual compound interest (in the same way they do) to ALL of the PPI payments + interest you have made when you shouldn't In other-words capital & interest paid + further contractual compound interest on top

 

Remember they have deprived you of that money in much the same way as the banks have with their penalty charges AND whereas the banks are arguing entitlement Welcome can't do the same. There is NO right for them to profit from mis selling AND you can use the same method to calculate it as we have for bank charges ............Should come to a tidy sum;)

Edited July 20, 2009 by JonCris

[Voda]

My apologies Steven,

 

You are right, of course.

 

But like many of us, the stress that this organisation has caused me is actually making me ill.

 

I hope that the Citizens Advice Bureau tells me what action I can take ( In Court, if needs be ) against WF.

 

All my other creditors have played fairly and behaved totally responsibly.

 

What makes Welscum so important that they do not feel they have to act in a decent manner.

 

Voda

 

Hi Guys,

 

I really am getting to the end of my tether with this bunch of [edit].

 

Some smoothie left a message for me to call him today.

 

THEY NEVER ANSWER MY LETTERS so I am going to put all my correspondence in the hands of the CAB as all these so called financial organisations such as the FSA and Financial Ombudsman are rubbish.

 

I am so glad that I have everything in writing.

 

Voda

[steven4064]

We appreciate the stress they cause but we don't want them suing CAG - that would just make it worse

[Voda]

Indeed Steven.

 

Again my apologies.

 

Take care and thanks all you guys for this awesome forum ....

 

Voda

 

We appreciate the stress they cause but we don't want them suing CAG - that would just make it worse

[welcome finance warrior]

WFW you have wisely removed your name and address from the agreement but left the vehicle registration number showing - it might be wise to remove that too - I have removed the link in the meantime

 

thanks ste,

 

nice too know the forums protects its members from the enemy...

 

your ok leaving it out post ggi has all the info now

 

cheers

[violethill]

hi violet im no expert in this, dont let them restructure your loan if the ppi is incorrect the whole agreement is loo roll, wait until someone else like postggj comes along to give you advice on this tho, seems to be quiet at the mo in here

hi tigga i have no way to post my letter but im sure its the same as foresures the fos av stated that they av to pay all ppi paid including any charges and interest +8% per year oup to the date im paid + the loan should be put back to were i should be if no ppi was ever charged +200 compensation so hopefully there will be no loan left it started at 1,500 and in 4 years iv paid approx 4,000 and theres been nearly 2,000 in ppi wat you all think iv already accepted am i daft

[The wife]

having just read a thread it was said that if you re-write your loan you don't have to pay the acceptance fee again, but how can you tell if the loan is re-written?

 

lets say loan A is for £2000 and you are having problems with the repayments so they get you in to sign another loan to make the payments lower does that make it a re re-write as you gain nothing except smaller payments?

 

if that is the case what does the acceptance fee mean for re-written loans? does that invalidate it? or will they use the excuse that its a a new loan?

 

sorry had to ask 'cos it got me wondering....

[steven4064]

Basically what they do is to give you a completely new loan with an amount of credit equal to the early repayment value of the first loan. They have to do this because the terms of the second loan are different from the first.

 

The terms of the second loan will to their advantage, not yours. i am working with someone who has this. On the second loan they halved the minthly repayments but multiplied the term by 2 1/2 so the cost of credit went up from £1800 to £4500 not including what had already been paid.

[The wife]

right so if they charge an acceptance fee on this is it ok or not? I have read it is not but what does this mean for the loan and its enforceability? or does it have no effect?

[steven4064]

I don't think it would affect the enforceability. In the case I am working on, they didn't charge an acceptance fee.

 

However, what they did do was to include the insurance premiums. What I mean is this -

 

On the first loan the total amount of credit was shown as being made up of a cash advance and insurance. They have two signature boxes for the two bits but they don't split the monthly payments and cost of credit which somme of us think they ought to because the tow bits are different categories of credit as defind in the cCA 1974 and so it is a multiple agreement (s18 of the CCA 1974). IMO (not everyone agrees) this makes the original agreement unenforceable.

 

The second agreement just has a single amount "credit to settle loan". The two categories of credit have been lost completely - IMO thatmakes the second agreement unenforceable too (no doubt others will not agree )

 

However

[The wife]

and with no proof of the settlement figure for loan A, the rebate for insurances and interest...you pay back far more than you took out plus interest on the previous loans acceptance fee and interest on the interest...very beneficial to the consumer.......not!!

 

but proving it is unethical and immoral let alone illegal is impossible. is there anyway you can get hold of all the info regarding the insurance rebates etc?

 

with the apparent re-written loan we have (currently in dispute) they have added an acceptance fee, I guess i am going to have to SAR the company with regards to all loans held and not just the "new" one that appeared.

[dadofholly]

Guys can i just ask a stupid qustion but need it confirmed.

 

If i was to receive from welcome via an SAR proof of commision payments that was not declared to me... is this bye bye to agreement?