Welcome Finance - This company needs to be banned.

[tigga_1961]

Tigga - If your circumstances are still the same simply write to them explaining the situation and send it recorded. If they insist on taking you to court it will again be dismissed. The court will not make an attachment of earnings order against you if you are simply unable to pay.

 

sorry for the delay in replying ive not been too well is it worth my while do you think in sending off cca to oung & pearce,as well as a letter explaing my situation, the agreement was signed in oct 2007 with a re-write in feb 2008 both signed off the premises as they came to my house. any one had any dealings with young & pearce,? help pleasse as received 2nd threatening letter this morning and im trying to get a clean slate after having a very bad year with ill health

[TonyB33]

The issues are as follows

The PPI element of the Policy appears very strongly to have been missold. The policy would appear to be a single premium PPI policy. Hence that is the reason why you loan appears so large the lender has sold you an insurance policy and then lent you the mony to finance the purchase. In effect you have two loans your original one and one for your PPi policy.

 

Your claim on the missold PPI policy will be for

 

Repayment of the portion of each loan payment you have made in respect of the PPI policy

Repayment of the interest portion of each payment made on the PPi element of your loan

Statutory Interest at 8% on each payment made above

Cancellation of future liabilities under the loan

 

Once you have recovered the PPI element I think you have a good chance to write off the rest of the agreement. The fact that they are refusing to provide you with documents that form a part of your loan agreement appears to be a breach of S77 Consumer Credit Act 1974. Failure to comply means they cannot enforce your loan. The bar will be on until they comply with the act

 

I recommend a company called Bank Charge Recovery Ltd on PPI cases they charge 25% of what they recover but do not charge upfront fees

[kittiej]

After a bit of advice re HP loan.

 

Do Welcome have to stand by the amount they return on your Experian report or can they wriggle out and say they made a mistake?

 

DH's Experian shows he's paid over half off the car so wants to do a VT, what address should he write to, the local branch or HO? TBH the local creeps keep feeding us BS so I don't trust them.

[TonyB33]

Quick question

I have been looking at all my paperwork from Welcome. With my personal loan I have taken out Life Insurance. Looks like its for 5 years - loan is for 4. Also think that it has interest added on over the life of the loan. This is not a secured loan so why life insurance. anyone else with this on a loan?

Not noticed it before. Also was not given an option if I wanted it or not just told to sign it as part of the loan. Small medical quiz and questions if I had another life insurance. Forgot all about it with all the other problems.

Any thoughts?

 

It looks like you have been mis-sold PPI cover. They fact that the insurance period and the loan period do not match is evidence that it has been misold. In addition the fact that it was not optional means that the amount should have been included in the APR and Total cost of credit anlaysis on the loan.

 

I have detailed what you can recover on an earlier post today but essentially it is you insurance polcy cost paid the interest on the policy the future premium cost and furture interest portion on the PPI plus statutory interest of 8% on the payments actually made.

 

I would imagine that the lender has not added the PPI cost to teh TCC and APR which would actually make the loan potentially unenfoceable

[TonyB33]

HI im with welcome sorry to say i took a loan with them for 15.000 ive paid over 10.000 and still have 22.000 to settle now if i go full term i will be paying 42.000 im be hind on ths they want me to start a new one lol

 

The reason why it is so large is that you have probably been missold PPI. If you put in claim to recover the PPI it would halve the amount you would have to repay see my earlier post on what to claim for

[TonyB33]

Hi all, first time here, I cant believe how big this forum is!! Well here goes with my story.

 

I've been with Welcome now for 5 years and was struggling at that time 5 years ago, I took out a loan with them.

 

I have had nothing but problems with them.

 

without going into personal detail I had the PPI with them but was made redundant from work. What a relief I had payment protection ? No !

I called them to inform them that I'd been made redundant and would like to activate the PPI, they told me it was not valid. I do not know why but they convinced me of this and told me that there was no point persuing it.

 

I had no income for a year and with having to conitnue to pay the loan out of my redundancy cheque I eventually fell into serious financial difficulties.

 

after 2.5 years they offered me a re-write which was attractive because it nearly halved my payments, although the term of the loan started again.

 

I too have read all the statments regarding TELEPHONE CALL OUTGOING, and most of them I've never received at all, and also have been charged for rejected card payments, when all along I've id sufficient funds in my account.

 

a few months ago i had a call from one of those claimback solicitors and when I told them my situ about being made redundant they told me I shouldve absolutely been covered for redundancy with my PPI, whether it was mis-sold or not.

 

On this basis is I have written to welcome and challenged them and told them I am ceasing payments until I get a satisfactory response as to why the PPI was invalid. It has been nearly 2 months now & no reply, I am ready to fight this all the way & still have my original Redundancy documents for amunition. I have told them to freeze the loan and all interest and charges until there is a satisfactory reply and I would also be seeking any payments I have made since my redundancy, which Im sure you all agree goes into the 1000's, almost 5 figures.

 

Any comments or suggestions guys ?

 

Start by recovering your PPI see my posts today that would be a large chunk

[dawnytrish]

 

I recommend a company called Bank Charge Recovery Ltd on PPI cases they charge 25% of what they recover but do not charge upfront fees

 

25% :-o:-o................

[mrsiphone]

Why pay someone, when you can do it for yourself for free ???

 

Madness !!!

[beyondhope]

Why pay someone, when you can do it for yourself for free ???

 

Madness !!!

 

 

I agree especially 25% talk about easy money for them!!

[TonyB33]

Well I suppose you have to balance the issues. If you get a professional to do it for you

 

1. You will get your case properly prepared

2. The company will ensure your basis of claim is correct and consistant with all of the paperwork that relates to the loan

3. Your claim will be properly calculated and costed by a chartered accountant who will claim not only for the PPi policy the future remaining premiums, the interest charged on the policy and the statutory interest on payments actually made

4. All the document searches will be made and a pre action disclosure case brought should the lender fail to supply the requisite documents

5. Also should the relevent documents not be provided the requisite default notices will be posted to the company

6. The reality will be that your claim will be properly prepared, and the demand will be taken very seriously and fully paid out within 3 months.

7. Each of the demands will be properly documented and prepared by a suitably qualified third party. Should the lender not act in a bona fide manner the documentation will be used as evidence as unfairness against the lender which is a complete defence under The Consumer Credit Act 2006.

8. Finally a professional will ensure that you do not prejudice your own case by submitting inappropriate material

 

All of the above takes time and money in the alternative you may be fobbed off for years and receive little or none of your money back.

[being conned]

Why pay someone, when you can do it for yourself for free ???

 

Madness !!!

 

 

I agree with you

wf stealing enough money from us without having to give others cash!!

 

Will get back to you all later to day when rang Access to Justice Foundation.

[TJHooker1]

Whats their game?

 

Today I received a secured credit agreement to sign this was to be returned to: broker rec,bishop house,abbeyfields,lenton,notts bg7 2sz.

 

My story

 

1] £15k secured loan @20%apr early 2008 never missed any payments

2] late 2009 requested copy of credit agreement

3] told to send a pound and they will send it

4] did not take further as dont want to damage credit file (2 years i'm prime again)

5] today got new agreement to sign for £16k @17%apr

6] settlement of 2008 loan would be £13k so if I sign this (no chance) would they in theory send me £3k

 

This shouts of panic we dont have the agreement does it not?

[being conned]

Been in touch with Access to Justice Foundation through my solicitor who is putting a case together for me against wf.

 

Pro bono assistance in this context is free legal help that provides access to justice for someone who cannot afford to pay for legal assistance and cannot get legal aid.

 

TJHOOKER1........... that stinks, they sent me copy of cca which is NOT mine!! I think they get a few papers together, cross copy using other people's signatures that sort of match and send them out.

I have never seen an original document.

Anybody got an original one sent to them on request?????

Edited March 22, 2010 by being conned
missed out words

[qualitystreet]

TonyB33 - Hi thankyou for your reply. This was not ppi but Life Insurance - for 5 years - loan was for 4 - this is an extra year after payment would have been finished. Have done another SAR today as the first one wasnt registered post and the £10 po was cashed and shows as a payment on my car HP acnt. So they got the rqst but paid the money onto my HP acnt. My main question is why life insurance???? if its not secured on anything? This was not an option but just presumed it was part of loan. I have many issues with them and have followed all the instructions that I have been given but when I asked my D in Law to post letter she didnt do it R post.oops...

 

"I cannot remember a 'small mediacal Qizz or questions!! Could you tell me what questions you were asked if you can remember pls?"

 

I think it was if I had any medical conditions I was being treated for. Nothing about my doctor or hospital - also if I had any life insurance - hope that helps....my main question is - why life insurance is sold with a loan? and not as an option and I was not asked if I wanted it but just presumed it was part of the laon conditions. Also its for 5 years and not the 4 of the loan. Maybe to cover them if I extendedthe loan...have lots of issues with them and just waiting for the SAR to be done.

[Voda]

My God, it's quiet on here....

 

Anyone would have thought Welcome had gone bust....

 

No chance guys, they will be around for years yet, that I can assure you....

 

I never trusted much that was said on here about them going out of business.

 

Well it's all going to start up again as I received a patronising phone call from a jumped up woman at the Feltham branch just now.

 

So everyone expect your phone to start ringing soon.

 

She was patronising to say the least.

 

How dare she speak to me by saying that I must act in a mature and responsible manner.

 

She said that the monthly cheque that I just sent WF was not enough, so I said this amount was all agreed in writing with their LCU branch in Sutton last Autumn backed up by an Income & Expenditure Statement.

 

This LCU branch closed down earlier this year by the way and I had a letter saying my account is back to the original lending branch.

 

Also I have it in writing that all interest and charges are frozen ( as per my recent statement from them )

 

I then put the phone down and called Nottingham and spoke to a woman there who will be lodging my complaint with their Compliance Dept and they will get back to me within 48 hours.

 

I will also back up my complaint in writing.

 

So these people are still up to their old tricks and have low grade salestaff on commission trying to get money out of you by their usual bullying techniques.

 

Thus Welcome Finance have not changed one bit in how they operate.....

 

I loathe them with a vengeance but I know all the ways how to deal with them and if the branch calls again, then the phone goes down at once.

 

Voda

Edited April 7, 2010 by Voda

[rach8736]

yeah its been quiet for a while now,i had them on phone last week when i told them i wasnt paying.the girl on the phone was very rude to say the least,i ended up speaking to the area manager who was fine.they have made a massive mistake on my secured loan which is going to let me sleep alot easier at night,thank you welcome

[beyondhope]

Voda it really has gone quiet which is abit worrying really :/

Hope your complaint gets the rude little c*wbag a slapped wrist if nothing else.

I dont think anything will change with the way they run if anything it may even get worse due to the fact the ship is sinking.

[Voda]

Hiya Beyondhope,

 

I will keep you all informed on the progress of my complaint.

 

Is WF sinking though ????

 

Take care

 

Voda

 

Voda it really has gone quiet which is abit worrying really :/

Hope your complaint gets the rude little c*wbag a slapped wrist if nothing else.

I dont think anything will change with the way they run if anything it may even get worse due to the fact the ship is sinking.

[pw1802]

hi there

 

im after some quick advice, im in a 2year car lease with audi due to end july 2010 and have had to default due to redundancy and am at the stage of having to give the car back,

 

i have recieved a default notice and a letter today staing i have indicated my intention.

 

How quick will the repo take ?

can they remove from my propety withoput permission and do they have to have a court order ?

not sure about personal belongings and stuff ?

 

thanks

[beyondhope]

Hiya Beyondhope,

 

I will keep you all informed on the progress of my complaint.

 

Is WF sinking though ????

 

Take care

 

Voda

 

Good luck with it

 

My opinion, which is purely that, is they are sinking just slower than id like and that they will just be replaced with equally inadequate DCAs etc

[beyondhope]

hi there

 

im after some quick advice, im in a 2year car lease with audi due to end july 2010 and have had to default due to redundancy and am at the stage of having to give the car back,

 

i have recieved a default notice and a letter today staing i have indicated my intention.

 

How quick will the repo take ?

can they remove from my propety withoput permission and do they have to have a court order ?

not sure about personal belongings and stuff ?

 

thanks

 

In my opinion that all depends on the company - some welcome cars here havent been taken since last summer, some have been taken 3months later, some a month so I dont actually know if there is a timescale.

they need a court order to repossess as you have paid more than 1/3

they also need a court order if the vehicle is on private property.

[Voda]

Thanks.

 

Yep I think that you are right.....

 

Good luck with it

 

My opinion, which is purely that, is they are sinking just slower than id like and that they will just be replaced with equally inadequate DCAs etc

[pw1802]

In my opinion that all depends on the company - some welcome cars here havent been taken since last summer, some have been taken 3months later, some a month so I dont actually know if there is a timescale.

they need a court order to repossess as you have paid more than 1/3

they also need a court order if the vehicle is on private property.

 

 

thanks for that info didnt want to wake up one morning and the car be gone !!!

 

[Blue Rhino]

Hi all, just a quick one, I wrote to WF 2 months ago to tell them I wont be paying another penny for various reasons, BIG ppi problems, charges for fone calls Ive never received and other charges etc etc....my letter states I will not be paying another penny until my questions are answered and have also suggested that they terminate the loan with no further payments required....I've heard NOTHING since........is this the calm before the storm. My reason, I was made redundant some years ago and when I tried to activate the PPI they told me it wasnt valid, altough it should have been.

 

Any advice / comments ??

[beyondhope]

thanks for that info didnt want to wake up one morning and the car be gone !!!

 

 

 

If you wake one morn without notice or seeing a court order and its gone I would be rubbing my hands together as they arent permitted to do it although depending on the company thats not to say they wont some companies have no idea