Welcome Finance - This company needs to be banned.

[andie_303]

That's something I've wondering also, not sure where we stand yet!

 

Another question I have is, having paid over 1/3 of my car loan, if I were to get a refund of the PPI, which is front-loaded, I presume my total payments made against the car HP would be slashed, therefore dropping me below the 1/3 point and leaving me open to Welcomes dogs?

 

I can't see how this would be i.e

 

car is £2000 ppi is £1000

 

say you have made 12 x £100 £100 payment is £80 car £20 ppi = £1200 more than 1/3

 

if you get a refund of ppi you get back 12 x £20 already paid and the remainder of ppi wiped off.

 

So therefore you would be left with £2000 car with £960 already paid - still more than 1/3

 

Make sense??

[mojo8]

i go away for a couple pf weeks and the whole thing has turned on its head...cant belive what has happened. Our phone calls are coming from manchester now as opposed to crewe..i wonder why

[T2upNorth]

I can't see how this would be i.e

 

car is £2000 ppi is £1000

 

say you have made 12 x £100 £100 payment is £80 car £20 ppi = £1200 more than 1/3

 

if you get a refund of ppi you get back 12 x £20 already paid and the remainder of ppi wiped off.

 

So therefore you would be left with £2000 car with £960 already paid - still more than 1/3

 

Make sense??

 

 

Thanks andie_303. It does make sense. Except, I understood the PPI etc was front-loaded - so have I actually paid the entire PPI premiums before any payment goes against the car?

[JonCris]

I believe the arguement is if someone buys the debt they buy the liabilites as well i.e. PPI claim however I believe there is a counter arguement that says if Welcome go into administration all claims go with it.

 

I have not as yet got a 100% answer - what I do know is Welcome have refused in writing to guarantee successful claims are paid!

 

 

No in fact the opposite is true. You will as you are fully entitled to do demand that they actually refund you the money which will mean that you will have paid off more not less..........If they don't give the money, & they should, make sure they add it to your payments It needs to be front end rather than back end

 

BUT whatever you do DO NOT SIGN a new agreement. They can & do reschedule the old

[andie_303]

Thanks andie_303. It does make sense. Except, I understood the PPI etc was front-loaded - so have I actually paid the entire PPI premiums before any payment goes against the car?

 

It is front loaded in terms of the interest but still only a proportion of each montly payment goes to the PPI the remainder goes to the car.

 

I pay £190 per month and £66 goes to the PPI the remainder to the loan.

[welcome finance warrior]

There are very basic ones in the template section but I may have one I used here....give us a mo.

 

Do you have a thread so we can follow and hopefully help?

 

lol, thanks for your help dipply....but i give up:eek:

[Dipply75]

lol, thanks for your help dipply....but i give up:eek:

 

No! We are here to help!

 

The basic template letter just states that you think it was mis-sold and you list your reasons.

 

If you can give a bit more info we can give you a much better one to start with and save you some time with them.

 

ie: was the PPI pre 2005 or after

are you claiming missold for unable to claim on the policy for employemnt, health etc reasons or were you just forced to take it?

Term of the loan (as your PPI term may be much shorter than your loan)

 

Just things like that.....c'mon, you ain't giving up now surely!

[JonCris]

also don't forget to add your contractual interest on top of the payment + interest. Your charging them reciprocal contract interest because you have been denied the use of that money. Calculate it the same way as you would bank charges it should come to a tidy sum

[Voda]

Hi everyone,

 

Received a phone message today from 0208 643 6480 and I rang back.

 

They answered as LCU which is Welcome Finance's Collection Department in Sutton, Surrey.

 

Anyway I have been paying a nominal amount to Welcome since February 2009 as advised to pay by CCCS ( Credit Consumer Counselling Service ).

 

WF asked me to deal through them and I also sent WF a CCCS Budget Sheet and a list of other Creditors.

 

I was also told over the phone at the time, as we all know WF NEVER put anything in writing, that all interest & other charges would be frozen if I went on a Debt Management Plan with CCCS.

 

On numerous occasions since, I have written many letters to WF asking them to confirm in writing that if I go on a DMP then they would freeze all interest and other charges. Guess what, I have never had an answer in writing.

 

So when I spoke to this guy today, I told him all about the history ( as above ) and the only letter that he had on file, was one dated by me in early June. Pathetic !!!

 

I told him that I have sent all letters by Recorded Delivery so they must have received them.

 

He asked me if my finanacial position had changed and I said " No " and the amount that I was paying was all that I could afford at present.

 

I asked him about the " Freezing of all interest & other charges " and he said that w.e.f mid July this year, he would freeze them.

 

I said " Could I have that in writing please " and he said that it was not company policy to do so. I said all my creditors have written to me and what makes WF so special.

 

He had no answer to that naturally.

 

He then said that my next 6 monthly account statement will show that these charges have been frozen and I said that is not good enough.

 

He said that it would cost me £10 for a letter from him saying that WF had frozen these charges but he would have to ask his superiors if he could do that.

 

He then said if you can afford to pay £10 for a letter then why can't you pay more than the agreed monthly amount.

 

So there is no point really talking to these programmed clowns.

 

He also said, could he have an up to date Financial Statement from me and I said " Sure but nothing has changed ".

 

He also wants a six monthly personal budget from me in the future.

 

I will send them my usual monthly cheque tomorrow but have any of you any suggestions what I should do regarding this letter regarding freezing all the charges, that I want from them?

 

I have written down the time that we spoke but he never said that our conversation was being recorded. But I don't think that they have to, as it's in their small print.

 

This company is so amateurish and pathetic.

 

I have no trust in them whatsoever and that is why I have insisted that they write to me.

 

Looking forward to someone'e reply.

 

A frustrated Voda.

Edited July 28, 2009 by Voda

[T2upNorth]

Hi Voda

 

£10 for a letter! I've had that one before when asking for my annual statement which I hadn't received after 2 years!

 

If you were inclined to pay the £10 then you may as well send a SAR, bit more bang for your buck, so to speak, and it, essentially, get you the info you want, provided they bother to make any notes....

 

Potentially, it could also get transcripts of phone calls, which I'm sure would be interesting - I suspect that is why they call from mobiles most of the time - not recorded or logged.

 

Whilst you're at it, how about the No phone contact letter? That would really upset the muppets!

 

T2

[andie_303]

you really should record your calls - you don't have to tell them you're doing so and you get some dynamite info - as our Welcome friends will find out 2 weeks today - It's amazing what they will tell you when they don't realise they are being recorded!

[Dipply75]

you really should record your calls - you don't have to tell them you're doing so and you get some dynamite info - as our Welcome friends will find out 2 weeks today - It's amazing what they will tell you when they don't realise they are being recorded!

 

Oh to be a fly on the wall

 

Wish I could book me one of those cheap flights down for the show

[eeeezzzyy]

Likewise when i asked for a copy of Welscums phone bill to show me the 13 calls i was charged for in April.....surprisingly ive never recieved it !!!!

[andie_303]

Likewise when i asked for a copy of Welscums phone bill to show me the 13 calls i was charged for in April.....surprisingly ive never recieved it !!!!

 

Hope you end up taking them to court for something as under CPR rules they would have to provide it aswell

[EBOY]

No in fact the opposite is true. You will as you are fully entitled to do demand that they actually refund you the money which will mean that you will have paid off more not less..........If they don't give the money, & they should, make sure they add it to your payments It needs to be front end rather than back end

 

BUT whatever you do DO NOT SIGN a new agreement. They can & do reschedule the old

 

Joncris,

I have got to the stage were the fos has got welcome to agree to refund charges and ppi. Can I ask for this to refunded to me instead of being taken of the outstanding balance? Thanks in advance.

Edited July 29, 2009 by EBOY
.

[T2upNorth]

you really should record your calls - you don't have to tell them you're doing so and you get some dynamite info - as our Welcome friends will find out 2 weeks today - It's amazing what they will tell you when they don't realise they are being recorded!

 

 

Too true. As it happens I write software for a living. One of my projects runs a call centre and records all calls - in their case 30,000 calls per day! As it stands it's a bit too unweildy for a non-expert home setup but I'm altering the code for that purpose. I should have it finished by next week and will be donating it to CAG (if they want it) for free distribution to anyone who wants it under the free GNU GPL licence. It will require people to purchase a few cheap bits (not from me) to link the phone line to the PC but I'll give details of the setup and likely costs (

[JonCris]

Voda I don't know haw many times this has to be said on this site but for goodness sake DON'T TALK TO THEM ON THE PHONE UNLESS YOU CAN RECORD THEM ........ [EDIT]

Edited July 29, 2009 by alanfromderby

[brassed-off-2]

News  /  Whistleblower raised Cattles financial woes, AGM hears THEBUSINESSDESK.COM

 

info from AGM...Journalists not allowed in!! wonder why?

[andie_303]

it'll all be on LSE chat later so what keeping journalists out they thought would achieve i do not know!

[zaidey]

probably already been mentioned but

 

UPDATE 1-Cattles bondholders demand immediate repayment | Industries | Financial Services & Real Estate | Reuters

 

still nice to read tho:lol:

[andie_303]

A WHISTLEBLOWER revealed the £700m black hole in Cattles' finances, it emerged today at a stormy annual general meeting.

 

The troubled subprime lender's AGM ended just before 2pm today after three hours of discussion during which shareholders challenged the group's new board to answer questions on its ongoing financial crisis.

 

Although journalists were denied access to the meeting, around 100 shareholders in the Leeds-based company attended the AGM at Savile's Hall at the

Royal Armouries.

 

One shareholder submitted 51 written questions to the board prior to the meeting but many still had questions following the formal proceedings.

 

During the meeting, presided over by Cattles' new executive chairman Margaret Young, it emerged that a member of staff at the group's Welcome Financial Services subsidiary had raised the issue which showed the group had underestimated its bad debts by £700m.

 

Shares in Cattles have been suspended since April and the group is facing demand for immediate repayment of £400m of bondholder debt which had been due to mature in 2017.

 

Earlier this month it secured the extension of its £500m banking facilities until the end of the year.

 

Cattles is in the advanced stages of selling its Manchester-based invoice discounting business.

[eeeezzzyy]

Oh dear keeping the press out eh.....ha ha ha me thinks the fat lady is primed and ready to sing, How much longer can they keep the grim reaper at bay ?

[andie_303]

below is from someone that was at the AGM - i think they are a shareholder

 

Thought I'd better hurry and post the first instalment having read a few of the posts.

 

Just back across the border into Lancashire.

 

Yes, the AGM went on for a little over 3 hours and finished shortly after 2pm.

 

Margaret Young opened up with a review of the current situation including some stinging rebukes of the miscreants and a general review of where they are up to with the banks and bondholders - nothing new other than a little surprising that she should be quite so vocal about the ex-directors. She had probably read in this morning's tea leaves that an expert Lancastrian examiner was about to cross her path.

 

To precis - banks in agreement, bondholders not - following the recent notice from the Trustee, until agreement reached between them, then no accounts and therefore no re-listing. Could be months!

 

The floor was then opened up for questions. Enter Dredd - a not inappropriate monica, as they were about to find out.

 

His 51 question witchhunt (he's from an area of Lancashire close to Pendle Hill - the famed home of the Lancashire witches) went down a storm with the board as you might imagine! It also started to p**s off a few of the other investors as, thanks to him, proceedings protracted well beyond time for their afternoon nap (lots of elderly attendees - no ageism intended). Shall we just say it is highly unlikely that he'll be receiving too many Christmas cards from the board henceforth. He drove home lots of points and is clearly an expert questioner, though many, as had been anticipated, were batted back as unanswerable due to the potential compromise of future actions. He had a right old pop at the non-execs most of whom had served on the audit committee, had a pop at the auditors and basically asked what the hell they were all doing whilst the miscreants were creating their own accounting rules. The answer was that basically, there were that many of them at it that the audit committee and auditors, internal and external, were always given a consistent line and therefore never got to the bottom of the matter. That is, until the whistleblower was listened to late last year. The whistleblower was only unearthed at the meeting thanks to the very last questioner after almost 3 hours and again went down a storm. It was clearly never going to be referred to but resulted in some very forthright admissions from Margaret Young about how the whole matter came to light, for which I think she is to be commended, albeit that they would not have given such detail without having been questioned. After proferring his concerns to the bent FD, who ignored him, early in 2008, the whistleblower then approached PWC (external auditors). They listened to him and, get this, referred it back to the FD. Really bright! The FD ignored it again. Only after the matter came to the attention of the Non Execs at the end of 2008 did they start to do a full investigation.

 

To be continued..........

[andie_303]

Back to the action.

 

After what seemed like an age at the questions lecturn (20 minutes?), during which the audience were lapping up Dredd’s, investigative skills and shear persistence, the board had heard enough. However, having stated that they would hear all questions and having recalled Dredd saying he’d put the whole day aside, they said that he must sit down and give someone else a chance, but only after telling him he come back for ‘seconds’ later. He cheekily managed a couple more, the first one of which was in at least 3 or 4 parts before he was forced to sit down. He said he’d got up to question 41, had missed out a few on the way but I’m sure had added a few back in as the thought struck him – admirable! By this time, as I mentioned earlier, one or two of the crowd had started to become almost as restless as the top table.

 

Throughout the whole of Dredd’s interrogation, and afterwards, Margaret Young was constantly referring to the legal eagle from Freshfields on her right arm and the acting FD Jamie Smith on her left. A look to the right usually meant “can I answer that?” and a look to the left meant “what shall I say?”.

[andie_303]

Hi Dipply - re discussion yesterday - I am still waiting lmao