Welcome Finance - This company needs to be banned.

[Dipply75]

Chancer1 is so right - go right to the regulators, and tell them you are doing it.

 

Welcome can make this insurance thing like swimming through a swamp - thing is, they are only a broker who would have sold the insurance on behalf of someone. Apparently they are a member of the Finance and Leasing Assoc and subscribe to their codes of practice, which states - when you take out a policy we will tell you who the insurer is.

 

I would be willing to bet you lots n lots that you were actually covered. Your insurance premium is usually paid upfront, so you insurance is fully paid up - I cannot see how an agreed drop in your monthly LOAN payment could affect this.

 

Really upset them - ask them who your insurer is and you want a copy of the policy - inc. t&C's to check them. Advise them you will be complaining to the insurer directly for their behaviour.

 

Best of luck

[Dipply75]

Hi Baz300, welcome to CAG . Hope we can help you with these muppets.

 

First thing is to put a big complaint about their breach of the Data Protection Act. Secondly, do you have any of their insurances with the loan?

 

Without trying to be too nosey can you give some details, like:

 

Did you choose to have the insurances and what ones do you have (PPI, healthcare etc) and what kind of difficulties were you having?

 

We may be able to help with those too, claim on any insurances or if you were missold, maybe claim back the cost.

 

Don't let the buggers get you down....we've all been there

[Dipply75]

Hi Jamiethmac, I am glad things are running smoothly for you. We are not denying there is a need for companies that off er to poor credit ratings etc Welcome actively mislead and con folk.

 

You mention that you posted the contract back to them - I take it you did not take the loan out in a branch? Thats probably why things are ok. It's is not just when you breach contract...I didn't, not once and they scammed me plenty, again, in the branch.And getting into financial difficulty is not breaching your contract. It is then that Welcome could do the standard range of things to help they are supposed to.

 

It is then that they go into full swing, con you silly, treat you like dirt, trample over your basic rights and trap you into further borrowing. All for profit.

 

Its only now I realise how much for and how easily they took advantage of my (then) lack of knowledge.

 

Here's hoping you get to the end without bother

 

As for Yes? Enough folk had been ripped off, got together, campaigned and stopped them. As the regulators are blind, deaf and can't read either.

[Dipply75]

Fenny, I'm not trying to help anyone rip anyone off. We were ripped off by welcome lying, tricking, false paperwork and taking our money and doing a runner. We only want to pay what we actually owe....not the 'extras' they conned us into.

 

You openly admit that you used the exact same tactics to rip them off, but slate them for doing it too, to poor folk.

 

Well poor maybe, but with a bit of pride and dignity. we just want out rights, not free money. What you said and did just backs up what they just assume we all did.

Unfair, and not helping us.

[Dipply75]

Hi Heidi83, thats a lot of money you are paying them back! I know the rates are terrible etc, but you obviously have the insurances etc for payments like that, don't you?

 

Please avoid re-financing with them, they will only trap you into a lot more borrowing over a lot longer. You could try making a payment arrangement with them (in writing, recorded) if you are struggling, or if you decide you do not need the insurances cancel them to lower your payments.

 

Unsure about the car loan, have not dealt with them much but that should be a last resort anyway and a long way off.What type of agreement is the car loan?

[Dipply75]

Hi Heidi83, I have came up with the same over the top figure for your loan as ataxidriver64.....are you SURE you do not have any of their insurances?

 

Do you have a copy of your agreement, as many folk have discovered expensive insurances added on after they signed and had no idea about it. It may be worth double checking

 

I think if you have paid a certain amount on your car they cannot take it and would have to start the whole court thing. Can anyone clarify that for Heidi83?

[Dipply75]

Apply for a loan in Nov and the money suddenly appears in your account middle of Feb?! Weird, I thought they usually sent cheques out. Andie is right, get your bank to send the money to the same place it came from, then it is completely traceable. I would also tell your bank that Welcome have no access to your account, under any circumstances. Just in case they decide to start taking direct debits or something for your 'loan payments' - they are about as organised as I am rich:p

 

Wonder if there is some sort of time limit on applying for them to agree and pay out, shame you can't accept that money as an unsolicited gift lol!

[Dipply75]

Hi all, go away for a few days and it all goes nuts! Been trying to catch up on the posts and once I can stop laughing at the implications of Stewies info I will post again lol.

 

Sol, can I ask...your wrote in post 312 that you were happy they hadn't charged you interest on the acceptance fee...can I ask how they proved this? Have you ever had somethign called a 'statement of price' from them showing the full breakdown?

 

On mine it clearly shows interest charged on the acceptance fee - on other caggers too. Am interested to see how many of you got this bit of paper, which in my case was forged.

[Dipply75]

My agreement also shows it seperately, but the statement of price they sent me (which bears a very poor copy of my signature and I had never seen it before) clearly lists the acceptance fee, broken down into monthly payments, including the interest:

 

Loan was over 36 months - they list the acceptance fee as £3.44 per month - total £123.84! I worked out the interest as a double check, and they did charge on that fee.

 

There are a few of us had a copy of this, but others not. They obviously exist so be very interesting to see if you get one of these statements through and what it says!

 

PS, if you do get one, let me know that the tax figures are on it

[Dipply75]

Hi all. Sol, you asked a perfectly legit question and they lied to you in writing....they are dirty to the core and it is all coming out now. On my statement of price they charged 3% per month and paying back about £130 on the acceptance fee.

 

Wait till the taxman has a look at some of the figures

[Dipply75]

Dipply got an acknowledgement from IPT and said they would contact me further shortly

 

Time for my letter to go now then......

[Dipply75]

Stewie, personal info on show, just to warn you

[Dipply75]

G nite postggj and thankyou. Friday 13th never looked so good lol.

 

Andie, I think it was fate you had to go back to court, their own arrogance has hung them. They just never thought us little folk would or couldn ever look into any of this....and all they had to do was pay us back what they ripped us off, and we would have gone away none the wiser.

 

Welcome.....my regards, and a sincere friendly warning. Do not continue to underestimate us caggers , we are not done yet.

[Dipply75]

This was posted by Joncris on 11th Feb 09, on the ball or what!:

 

"I think the backers of Direct Group, Barclays & Lloyds, are also the banks backing Welcome & who may breach it's banking covenants............ interesting yes"

[Dipply75]

Dipply just PM'd you something

 

Bingo!

[Dipply75]

and once again serious questions need to be asked about the role of the FSA prior to this...or lack thereof.

 

If my suspicions are proved right, how exactly was none of this noticed? Unless they just blindly accept everything submitted to them as gospel then.....oh RIGHT, silly me.

 

Expecting the FSA to regulate, investigate....geez I crack myself up

[Dipply75]

first time I've been rooting for the taxman

 

Postggj, I have some info to pm you tonight, something else HMRC may also want to have a look into, based on a recent case HMRC won against another company and the evidence provided in Welcomes own paperwork and T&C wording

[Dipply75]

Hi Postggj, Andie...pm'd you. But um, make a coffee first lol

[Dipply75]

I have been waiting for this for a while now.

Time: 13:16

Bid1.97

Price1.98

Previous2.09

Change-0.09

(-4.3062%)

 

Its going down at a steady pace now. Not just bumps, word on the ground on the investor boards is that the big boys are cutting losses and walking away from Cattles.

 

Will be having a beer for avery slope there tonight pmsl

[Dipply75]

Here's a thought....Direct Grup administer the policies for Welcome, that Norwich Union supposedly underwrite...kly

 

Fr Direct Group to administer these policies, be able to make decisions n claims, especially complicated ones...they must have a c opy of the full policy wording from NU, not just the summary we are supposed to be sent....I wnder if they have ANYTHING from Norwich Union at all, or si everything Welcome paperwork? Is there evidence anywhere of a contract between NU and Welcome?

 

Will pst the contact details of the man listed in the FSA register s the contact for complaints in Direct Group, for any queries you may have

[Dipply75]

Here you are folks...ask away

 

Contact for:

 

307332 - Direct Group Limited

 

Contact for Complaints:Scott HoughAddress:grin:irect House

4 Sidings Court

Doncaster

South Yorkshire

DN4 5NU

Phone:

Fax:

Email:

Website:

44 01302 380 303

44 01302 380 301

scotthough@directgroup.co .uk

Direct Group - Where Insurance and Innovation Combine - Home Page

Contact(s) responsible for insurance mediation:Mr Scott William Hough

[Dipply75]

postjj, of course anything we can do, just shout, but best of luck for tomorrow, will be thinking of you all day.

 

....have re-arranged my plans for 2moro night as I will just not be leaving the house until I know how it went!

[Dipply75]

I asked this question on another thread and asked not to be laughed at for my possible niavety lol...Sol reassured me so let me ask everyone here:

 

I have seen lots of secured loan agreements posted and they all say the same thing (in fact it says this on the unsecured ones also)

 

They state fixed rate in the heading....but then list the interest rate as variable with 14 days notice as of the T&C relating to this...which just says that they can put the rate up or down as they see fit without giving any reason, not tracking any base rate or anything..just "we can".

 

Firstly, that clause wording seems like a joke but...if it says fixed sum at the top, how can it also be variable?

 

Is it a secured loan thing? B00geyman received a letter stating his % has been raised and his monthly payments shot up also...no reason or explanation but his agreement states Fixed Sum at the top yet variable interest rate in the middle as well?

[Dipply75]

haha anyone remeber the krypton factor?

 

We'll just call this the Welcome factor. My tax credits are easier to work out lol

[Dipply75]

I need to know!!!!!!!!!!!!!!!

 

Can you yes or no....tax?