Welcome Finance - This company needs to be banned.

[postggj]

meny thanks pt

 

correct and straight to the point as usual

 

ill print off the judgement in the morning

[dadofholly]

Hey, what's been happening in the world of Welcome today?

 

That calculator is more complicated than I thought andie lol. I've put in the amount of PPI, but do I include the full amount including interest?

 

Also my loan was re-written 2 years ago as I couldn't afford the payments, would I put the full 'payout' in section 2?

 

Hi sol do you have a link for the calculator? i have tried working out the interest on my loan for ages and keep getting different figures.

[postggj]

pt

 

i need confirmation on one point

 

ime recording my conversations with nu

 

what will be the rules on posting a transcript of that conversation on the tread

 

it will be an mp3 link

[Sol]

Yeah it's CAG - Windows Live

[dadofholly]

Yeah it's CAG - Windows Live

 

Thanks Sol

 

much appreciated.

[Sol]

Just heard of another data protection nightmare with Welscum.

 

Customer had a visit from one of their idiots, she wasn't in and came back to find a letter with another customer's account details, complete with credit card information. Luckily she reported it to them, but it could quite easily have been used. I've advised her to report them to the ICO.

[JonCris]

FSA monitors Cattles after discovery of £700m black hole | Business | guardian.co.uk

 

Ain't life grand:D

[Sol]

I like that news! Hopefully they'll never get a banking licence now

[mojo8]

hello postggj

 

yes, it is often funded through inflated rates of interest etc that the secret commission payments are funded, or through the cost of the policy

 

they will say charge £2000 for the policy but the true cost will be say £200 allowing them to pay the broker from your transaction

 

this will be all clearly set out within the underwriting sheet my friend,

 

what you need is disclosure of this information

 

exactly right.

we deal with external finance companies for our products and if we ask the finance director for a good flat rate, he allways bases his rate on what commission he will get from it..... its so annoying and just pure greed as the higher the flat rate ......the more commission

[dadofholly]

exactly right.

we deal with external finance companies for our products and if we ask the finance director for a good flat rate, he allways bases his rate on what commission he will get from it..... its so annoying and just pure greed as the higher the flat rate ......the more commission

 

Hi mojo

 

but is this legal? when i arranged my mortgage all brokers fees etc. where disclosed up front... in other words i knew he was earning from it.

 

but with these loans the fees are hidden, is this common practice then?

[postggj]

only common with sharks and customers knowing no difference,

but welcome, direct group and norwich union have been busted,

just trying to find out now how much coruption norwich union plays in this

[k1mmie]

Can't keep up with thread, been trying to read all the postings. All I can add is that I passed my account to Loancheckers over a year ago now. They have ben disputing my account and the PPI (there is definately an enforceability issue, but they don't seem to be pushing this). However, Welcome obviously know they are on dangerous ground. I have not made a payment in 16 months and have had the usual statement letter, every October (as they are now legally bound to do). Other than this an occassional call and I refuse to speak to them. So, if they know they are in the right then surely they would not have let it run this long without a payment. I am hoping now that the legal company will not run this case, as I have found someone who will question the whole loan with them and all the mentioned arguements in these threads. He actually spoke to Welcome Director over a year ago, and told them that he had the knowledge to bring them to book. Funnily enough within a couple of months Welcome stopped lending!

 

Also, this is a secured loan (supposedly). However , when we took this out we told them our mortgage lender would not support a second charge. They said it was ok they had a way around this (rubbish). There is no charge on our property for this loan and my advisor has informed me that in most cases, they do not complete the paperwork and so no charge is listed. So may be worth checking if you have a secured loan to see if they did their job properly.

[postggj]

same old story

 

push the loan through for max commission

[postggj]

kimmie

 

have you beenkept informed by loan checkers

 

seems to be dragging out,

 

how old is the loan

[mojo8]

Hi mojo

 

but is this legal? when i arranged my mortgage all brokers fees etc. where disclosed up front... in other words i knew he was earning from it.

 

but with these loans the fees are hidden, is this common practice then?

 

 

Ill be honest, im still not sure how this hidden commissions works. I have just questioned our agreements as it does not state any brokers fees but i presume that because we are not a broker then we dont have to disclose them.......??!!??, im confused

[082stewie]

Hi All,

 

Sorry I have not been involved in the thread for a bit. In the process of frying a MUCH bigger fish and I am going to win. Check my sig block in a weeks time:D

 

Im not a happy camper at the moment, but I will catch up shortly.

 

Andie or Post can you PM me whats been happening and what I can get my paws into. Im going to have some time on my hands coming up.

 

Post why dont you do one of those sit in things? Handcuffs and swollow the key. Hmm reminds me of a time in Amsterdam, but thats another story!

 

All the best to everyone and happy happy easter!

 

Stewie

[andie_303]

letter to NU ceo done and sent, letter to Cattles Director of Insurance done and sent, letter to Welcome Finance Complaince done, letter to Direct Group Director of complaince done, letter to the lovely lady from NU that seemingly wants to dismiss me done!!

 

But most importantly letter to FSA done, Letter to Trading Standards done, Letter to Office of Fair Trading done and Letter to the court - done!!

 

Someone is gonna answer me!

[JonCris]

My preblem will be in proving a broker was paid at all, and do they need to tell me this?

 

 

this is the question

 

all will be explained after tuesday

 

Yes they do & if one facilitates the other in hiding it from you they are equally liable

 

They may scream 'commercial privilege' but that won't wash

 

I think I already posted this info to Andies thread:confused:

[JonCris]

Ill be honest, im still not sure how this hidden commissions works. I have just questioned our agreements as it does not state any brokers fees but i presume that because we are not a broker then we dont have to disclose them.......??!!??, im confused

 

If they are NOT the actual insurer they ARE classed as the broker no matter what they might call themselves

[postggj]

thanks john

 

i feel its going to be a long day tomorrow

but i will get the answers

[k1mmie]

kimmie

 

have you beenkept informed by loan checkers

 

seems to be dragging out,

 

how old is the loan

 

 

Have spoken to their solicitors, but am not impressed. They seem to confirm that they are only challenging the PPI, however I am hoping they don't pursue it as there is a much bigger picture.

 

There was a car loan taken out Jan 2007 that was reapid to obtain a secured (supposedly) second loan November 2007. However PPI charged on both and not refunded from the car even though only had the loan for 9 months out of a 4 year loan. Then charged again for the new loan, and the loan was for around £23000 but they charged nearly another £5000 for the PPI, which I have been told exceeds the £25k limit on the kind of agreement they used. We were never given repayment figures for the first loan.

 

The solicitors I do not feel know enough about the legalities to challenge the whole amount and therefore are only looking into PPI. Was told the barrister who has the final say on wether we will definately have a chance of winning the case was back end of March. Hear nothing since then!

[rach8736]

Hi,

 

I'm looking for some advice i've been using welcome finance for secured loans for a few years the first one was done via correspondance and all went ok with the exception of being told without insurance i wouldn't recieve the loan so obviously i had to take the insurance.

 

About a year later my personal circumstances meant i had to enquire about topping up my loanthey requestd i attend my local branch to do this - i attended the local branch and i was told i was getting a "top-up" but they actually re-wrote the loan increasing the amount and the period over which it was taken, unfortunately i was in a position where i just had to do it.

 

At the end of last year the interest rate increased so much so that i couldn't afford my monthly payments anymore (from £316 to £421 a month), I contacted the branch and told them this was unaffordable. One of their representatives then turned up on my doorstep looking for payment - my partner and I then explained that i couldn't afford these payments yet again !!! But she informed me they would have to take legal action which could result in repossession of my property, I said I was happy for them to take me to court as i believed they were verging on extortion.

A couple of days later she phoned to inform me they could reduce the payments by re-writing the existing loan at the origional interest rates without the ppi, I would have to attend the office with a payment of £221 to get this done. I attended the office with this payment (the first of the re-written loan) the advisor I had been dealing with wasn't in even though she had an appointment with me - another office girl who knew nothing about the reason for my visit the put me in a tiny office and proceeded to run in and out for approximately an hour and a half with bit's of paper for me to sign - some of them were post dated documents. I know have a loan over double the origional length of time costing me scary amounts.

 

Any input would be gratefully recieved

[JonCris]

Have spoken to their solicitors, but am not impressed. They seem to confirm that they are only challenging the PPI, however I am hoping they don't pursue it as there is a much bigger picture.

 

There was a car loan taken out Jan 2007 that was reapid to obtain a secured (supposedly) second loan November 2007. However PPI charged on both and not refunded from the car even though only had the loan for 9 months out of a 4 year loan. Then charged again for the new loan, and the loan was for around £23000 but they charged nearly another £5000 for the PPI, which I have been told exceeds the £25k limit on the kind of agreement they used. We were never given repayment figures for the first loan.

 

The solicitors I do not feel know enough about the legalities to challenge the whole amount and therefore are only looking into PPI. Was told the barrister who has the final say on whether we will definitely have a chance of winning the case was back end of March. Hear nothing since then!

 

You probably correct. Its' relatively easy even for an unsophisticated solicitor to dispute PPI however arguing that the loan is unenforceable is quite another & requires a certain amount of technical ability most lawyers don't posses. Nevertheless when they are successful in sorting the PPI refuse to sign any settlement as 'full and final' leaving the way open for secondary action on the same matter

[Dipply75]

Hi all, been MIA, apologies but have too mch life stuff needed sorting - not the fun kind.

 

I have decided to start putting together my own case against them, enough carry on. I need the mone they owe me and ripped me off. Once I have the basics put together I will send a 7 day LBA and lets play.

 

Not in the mood for peeing about anymore, and why should you guys have all the fun!

 

Postggj, good hunting for 2moro, I think Andie has nailed the big questions, that shine the light on their area of responsibility (are Welcome an authorised agent, why is this not listed on the FSA register and V important....do they audit Welcomes paperwork and procedures, when did they and how often?)

 

Andie - whilst putting all my welcome stuff together to get this moving, I noticed something. DG stated they send out the policy info once Welcome pass our details to them.

 

Not in my case - the letter with the policy attached etc came from the BRANCH, signed by the dodgy branch manager that ripped us off. Anyone else know where any gumf yo were sent at the time actually came from?

 

Am I right, was that one of their statements Andie? I would be using that to prove a timeline also....by the time Welcome process your loan & PPI, send all the info off then DG receive it, process it then send to you (alledgedly)....30 days to cancel? Hmmmm.

[Dipply75]

Oh, POstggj, I note on the letter NU sent you a while back, their comment about unusual for the HMRC to contact you about the IPT...they wouold usually contact the insurer......

 

Cheeky buggers, implying you are lying? Fact is, HMRC WOULD be contacting you if you raised a discrepancy with them....and if they don't hold any of this info....why would HMRC contact them...lies again.