Welcome Finance - This company needs to be banned.

[Ricecake]

Yes but mine was a refinance so i dont suppose that applies to me as the original was posted....

[Major Player]

you cant cancel it

 

no cooling off period

 

but they wont tell you that

 

Martel - you might find this link helpful:

 

Credit and hire agreements - The Office of Fair Trading

 

Post is correct, difference is cooling off period, cancellation and also provision of copy of executed agreement.

 

On your DPA request, Welcome are relying on (Weak) case law that has specified that they only have to provide data relevant to you in relation to your request, clearly though your copy agreement is relevant for your enquiry.

[Martel]

you cant cancel it

 

no cooling off period

 

but they wont tell you that

 

What I can't comprehend is why signing it on their business premises is condition (d) under the 'Customer Declaration'. A Welcome employee came to my property and expected me not to notice that they had pre ticked three expensive and non essential insurance policies on the agreement (!). I noticed this after I signed (I was in a hurry to get the creep out of my house) and cancelled it.

 

Subsequent paperwork was done through the post.

 

And, they sent me the cheque MONTHS before the date of the 'agreement'. Funny, Welcome refuses the confirm the date the funds were sent to me....

[pears23]

hi folks, what is the issue with the no cooling off period?

 

I had a loan, rewrote in feb 08 (signed & dated in office) but first payment was not taken from my account til the june or july of 08 even though DD set up.

[Martel]

Martel - you might find this link helpful:

 

Credit and hire agreements - The Office of Fair Trading

 

Post is correct, difference is cooling off period, cancellation and also provision of copy of executed agreement.

 

On your DPA request, Welcome are relying on (Weak) case law that has specified that they only have to provide data relevant to you in relation to your request, clearly though your copy agreement is relevant for your enquiry.

 

MP, thanks so much for the link....v informative!!! MX

[dx100uk]

Yesterday I paid off my welcome finance loan. It was a small unsecured loan taken out over two years. I haven't ever had any phone calls from them, and the only correspondence received was my yearly statement. I paid each month on time, which is why I think I was left alone.

 

I'll be leaving this forum now, something a lot of people will no doubt be happy about, but my parting message is this:

 

To all those who have genuinely been mis-sold a product, lied to or or been deliberately misled, I wish you the very best of luck in your claims.

 

And to those who knew exactly what they were getting in to, but chose to throw caution to the wind, or never really intended to pay the loan back in the first place (and they do exist - you know who you are), I hope welcome get back every penny they are owed.

 

bye x.

 

bye

dx

[pwg6565]

Predatory lending - Wikipedia, the free encyclopedia

[traz39]

interesting:-|

[dx100uk]

THIS THREAD IS FOR REFERENCE ONLY

IF YOU HAVE AN ISSUE WITH WELCOME FINANCE

START YOUR OWN THREAD HERE:

Welcome Finance - The Consumer Forums

click down 1 page the NEW THREAD box is on the left

dx

[JonCris]

Friend of mine had a weird & wonderful telephone call from Welcome a few days ago.

 

They are nor have they ever been in arrears & the Welcome caller 'invited ' them to increase their payments by £100 per month:eek: "cos it'll mean they'll pay less interest if the loan's paid off earlier" Doh:rolleyes:

 

PS they are challenging the PPI which they never requested or needed

[pwg6565]

RBS Job Cuts: Royal Bank Of Scotland To Announce 2,600 Further Job Losses | Business | Sky News

[JonCris]

RBS Job Cuts: Royal Bank Of Scotland To Announce 2,600 Further Job Losses | Business | Sky News

 

Oh dear I wonder how they'll react when the DCA's come knocking

[rach8736]

you cant cancel it

 

no cooling off period

 

but they wont tell you that

 

 

 

im sure i was informed on this site even if you sign if the office you still have a cooling off period

[beyondhope]

im sure i was informed on this site even if you sign if the office you still have a cooling off period

 

 

I have in writing from welcome that there is no cooling off period although that was an HP agreement

[rach8736]

mines is a secured loan

[rach8736]

I have in writing from welcome that there is no cooling off period although that was an HP agreement

 

 

if i beleived everything welcome put in writing i would e free off them and owe them nothing

[Dizzle]

hear hear!

[Martel]

I've received an LBA from Welcome and wonder if anyone might be able to advise me - my thread is Welcome Secured Loan Mess!!!

 

Thanks in advance!!

 

Martel XXX

[steven4064]

This is a message for anyone having trouble with Welcome

 

If the agreement you have includes insurance, we are pretty sure the agreement will be in big trouble.

 

The reason for this is that we are pretty sure that Welcome paid themselves a commission on that insurance - by that, I mean that they paid Norwich Union (or whoever) a certain amount for the policy but then charged you more.

 

Of course the agreement doesn't tell you that and therein lies their problem.

 

You see, the law is pretty clear. Hidden commissions are a big no no. They have the potential to make the whole agreement void (that's even better than unenforceable). Even if a court didn't declare the agreement void, they would have to declare it unenforceable anyway.

 

This is because, a commission is part of the cost of credit not part of the loan amount. THerefore, the loan amount, the cost of credit and the APR are all wrong on the agreement. They are also terms prescribed in schedule 1 of the Consumer Crecit (Agreements) Regulations 1983. the fact that they are wrong makes the agreement unenforceable under s61 of the CCA 1974.

 

Details of the amount Welcome paid for the insurance policy are contained in a document called the underwriting sheet. Ask Welcome for a copy. They won't give it you, but if push comes to shove you can get a court to order them to give it to you. Any case they might then try to make against you will go out of the window.

[mark1arby]

This is a message for anyone having trouble with Welcome

 

If the agreement you have includes insurance, we are pretty sure the agreement will be in big trouble.

 

The reason for this is that we are pretty sure that Welcome paid themselves a commission on that insurance - by that, I mean that they paid Norwich Union (or whoever) a certain amount for the policy but then charged you more.

 

Of course the agreement doesn't tell you that and therein lies their problem.

 

You see, the law is pretty clear. Hidden commissions are a big no no. They have the potential to make the whole agreement void (that's even better than unenforceable). Even if a court didn't declare the agreement void, they would have to declare it unenforceable anyway.

 

This is because, a commission is part of the cost of credit not part of the loan amount. THerefore, the loan amount, the cost of credit and the APR are all wrong on the agreement. They are also terms prescribed in schedule 1 of the Consumer Crecit (Agreements) Regulations 1983. the fact that they are wrong makes the agreement unenforceable under s61 of the CCA 1974.

 

Details of the amount Welcome paid for the insurance policy are contained in a document called the underwriting sheet. Ask Welcome for a copy. They won't give it you, but if push comes to shove you can get a court to order them to give it to you. Any case they might then try to make against you will go out of the window.

 

This is Exactly what postggj has been saying for eons!!!

 

Cheers, MArk

[steven4064]

Well, he's not wrong

[mark1arby]

Well, he's not wrong

 

Very Rarely He is anything, but Spot On!!! lol (Bless Him! He IS The Man Who Knows)!!!

 

What has prompted this post, from the Site Team?

 

Cheers, MARK

[Dizzle]

This is a message for anyone having trouble with Welcome

 

If the agreement you have includes insurance, we are pretty sure the agreement will be in big trouble.

 

The reason for this is that we are pretty sure that Welcome paid themselves a commission on that insurance - by that, I mean that they paid Norwich Union (or whoever) a certain amount for the policy but then charged you more.

 

Of course the agreement doesn't tell you that and therein lies their problem.

 

You see, the law is pretty clear. Hidden commissions are a big no no. They have the potential to make the whole agreement void (that's even better than unenforceable). Even if a court didn't declare the agreement void, they would have to declare it unenforceable anyway.

 

This is because, a commission is part of the cost of credit not part of the loan amount. THerefore, the loan amount, the cost of credit and the APR are all wrong on the agreement. They are also terms prescribed in schedule 1 of the Consumer Crecit (Agreements) Regulations 1983. the fact that they are wrong makes the agreement unenforceable under s61 of the CCA 1974.

 

Details of the amount Welcome paid for the insurance policy are contained in a document called the underwriting sheet. Ask Welcome for a copy. They won't give it you, but if push comes to shove you can get a court to order them to give it to you. Any case they might then try to make against you will go out of the window.

 

 

How would that fit in with a refinanced loan with them? The original had the PPI and is since settled as by way of refinancing. The new loan has no insurances at all, but because the first loan is a bit dodgy when viewed as above, does it have an impact on the refinanced loan?

[pears23]

I too would love to know the answer to this Dizzle, am in a similar situation!

[steven4064]

Dizzle

 

Check the agreements carefully. You say the refinced loan has no insurance on it but I bet you are still paying the premium fom the original PPI