Welcome Finance - This company needs to be banned.

[sammyc1974_Derby]

Peter,

 

I've rescanned the agreement should be better now.

 

Thanks

http://i722.photobucket.com/albums/ww223/1sammyc1974/Page2of2003.jpg

Peter

 

could you have a look at this i know its the pre contractual agreement, the figures are identical to credit agreement, i've used this as the credit agreement won't scan properly as its only a copy..

 

Thanks

In advance

[Peterbard]

Hi Peter

 

You asked to see my agreement earlier in this thread as i cant get my APR/interest figures to work out. I think i keep missing you on here though.

 

My agreement is here

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/165462-welcome-finance-problems-2.html

 

Many thanks.

 

Felix

 

Hi

Sorry have quite a lot to look at misssed yours

 

Its OK i am affraid

 

19.068%APR

 

Peter

[felixfly]

Does that mean they havent charged interest on the arrangement fee either?

[sammyc1974_Derby]

Peter

 

I also posted a letter on here last night that i recieved from Mr P and its states that the is no insurance charged on the acceptance fee.....

[sammyc1974_Derby]

Hi

Sorry have quite a lot to look at misssed yours

[felixfly]

Sammy, i think he was referring to my agreement.

 

Felix

[sammyc1974_Derby]

Sammy, i think he was referring to my agreement.

 

Felix

Yeah i was having a moment.....................

[mojo8]

Hang on a minute they say they havent charged interest on the gap insurance and you pay it on your second installment.

Oh yes they have it is included in your total credit figure and that tallys with the APR as i said. Oh dear.

Looks like you have an argument.

The maths say it isncluded in the total credit and the agreement and the letter says it should not be.

 

The reason they are saying they have not charged interest on the gap insurance is because they know they have made a boo boo and they don't think you will be able to work out the APR.

 

Peter

 

the agreement looks fine, but the gap has not been paid as a one off payment so you are paying interest on it. They are so thick that they have completely denied it on paper so i would suggest that you have them over a barrell.

To mis-sell insurance as you may well know is a serious breach of FSA regulations and has brought about many a huge fine or worse. Ill tell you exactly what has happened to you.... you went to the dealership and found a car to purchase, the salesman sat you down and discussed your financial situation to try and determine how good or bad your credit rating may be. He has then asked you realistically what you can afford per month and tried to be sincere about it, the reason he has done that is because the salesmen who work for these places are not certified by the FSA so are not permitted to offer finance or insurance. To get round this they have a business manager who is certified by the FSA and deals with finance and insurance. The salesman has scurried off into the seedy little office of the business manager and told him what you can afford he then in turn puts together a package that falls just short of what you can afford per month. He tells you that he has put together this great deal for you but reminds you that it was not easy but has mangaged to do it anyway. He trys to impress you you with the stature of the deal but also trys to confuse you so you think you understand it. It includes a warranty and gap and PPI.

He then gets you to sign the agreement but does not give you a copy of the deal or needs and demands and thats because he has not been through them with you. you drive away happy as you have a car within your budget but and the deal gets filed away, the salesman gets his commision for selling the car and the busines manager gets a whopping commision for the insurance and finance. they do this because of certain circumstances, its hard to obtain finace then it make us a bit vunerable to these practices. These salesman are the **** of the earth and not fit to line my cats litter tray.

[Peterbard]

Peter

 

could you have a look at this i know its the pre contractual agreement, the figures are identical to credit agreement, i've used this as the credit agreement won't scan properly as its only a copy..

 

Thanks

In advance

 

 

HI

Sorry

 

30.78%APR

 

They have factored the option payment into the last installment and it is in the TCC as it should be

 

Peter

[DanDesperate]

Hi I hope this is the right place to as.......

I have two agreements with Welcome Finance. Both have a box by the signatures which say:

YOUR RIGHTS

Under the consumer credit act 1974, you should have been given a copy of this agreement at least seven days ago so you could consider whether to go ahead. If the creditor did not give you a copy of this agreement he can only enforce it with a court order.

 

The issue I have is I cant remember any seven days on either agreement.

 

We signed the first one on the 2nd of the month and welcome signed the bottom of this on the 4th of the same month.

 

The second (replacement loan) does not have a date in the "date of signatures" line, only the date of the agreement signed by Welcome at the bottom.

 

Sorry again if this is in the wrong part of the forum...... first time writing..

[Peterbard]

Does that mean they havent charged interest on the arrangement fee either?

 

Yes in hits case it does

 

Peter

[Peterbard]

the agreement looks fine, but the gap has not been paid as a one off payment so you are paying interest on it. They are so thick that they have completely denied it on paper so i would suggest that you have them over a barrell.

To mis-sell insurance as you may well know is a serious breach of FSA regulations and has brought about many a huge fine or worse. Ill tell you exactly what has happened to you.... you went to the dealership and found a car to purchase, the salesman sat you down and discussed your financial situation to try and determine how good or bad your credit rating may be. He has then asked you realistically what you can afford per month and tried to be sincere about it, the reason he has done that is because the salesmen who work for these places are not certified by the FSA so are not permitted to offer finance or insurance. To get round this they have a business manager who is certified by the FSA and deals with finance and insurance. The salesman has scurried off into the seedy little office of the business manager and told him what you can afford he then in turn puts together a package that falls just short of what you can afford per month. He tells you that he has put together this great deal for you but reminds you that it was not easy but has mangaged to do it anyway. He trys to impress you you with the stature of the deal but also trys to confuse you so you think you understand it. It includes a warranty and gap and PPI.

He then gets you to sign the agreement but does not give you a copy of the deal or needs and demands and thats because he has not been through them with you. you drive away happy as you have a car within your budget but and the deal gets filed away, the salesman gets his commision for selling the car and the busines manager gets a whopping commision for the insurance and finance. they do this because of certain circumstances, its hard to obtain finace then it make us a bit vunerable to these practices. These salesman are the **** of the earth and not fit to line my cats litter tray.

 

 

Amen to that

 

The agreement however is flawed even if the gap was paid in one installment it would still form part of the total credit figure and would still incur interst alomg with the main loan. If as they say this a compulsary charge it would make the agreement unenforceable.

 

Peter

[felixfly]

Thanks Peter,

 

Looks like thats the end of the fight for me then.

[Peterbard]

Hi I hope this is the right place to as.......

I have two agreements with Welcome Finance. Both have a box by the signatures which say:

YOUR RIGHTS

Under the consumer credit act 1974, you should have been given a copy of this agreement at least seven days ago so you could consider whether to go ahead. If the creditor did not give you a copy of this agreement he can only enforce it with a court order.

 

The issue I have is I cant remember any seven days on either agreement.

 

We signed the first one on the 2nd of the month and welcome signed the bottom of this on the 4th of the same month.

 

The second (replacement loan) does not have a date in the "date of signatures" line, only the date of the agreement signed by Welcome at the bottom.

 

Sorry again if this is in the wrong part of the forum...... first time writing..

 

 

Hi

Yes this is section 58 of the consumer crdit act the crditor is supposed to give you a copy of the agreement seven days before the actual agreement is signed on a secure loan.

In that time he is not allowed to contact you in any way. It is there to give you a chance to cool off.

The problem is that it is very hard to prove that they did not give you the cooling off period as it is allowed for the debtor to contact the creditor at any time even within the seven days so they can just say that yu contacted them.

 

Welcome tp CAG

 

Peter

[Voda]

Thanks Dipply75

 

I will certainly keep in touch and will continue to look at this thread each day.

 

Voda - keep in touch! Good luck, hope we can stil help.

 

[Voda]

Hi Brassed-off,

 

Today's Police Force is a F*****G waste of space.

 

In the good old days, I had respect for them.

 

Now I loathe and despise many coppers and I have very good reason too.

 

But it's a long story as they say.

 

 

 

 

 

Hi Andi

 

Just returned from the boys in blue, well didnt actually get past the pit bull woman on the enquiries desk, had to withdraw myself out of the 'situation' before i got myself arrested.

The conversation went something like this....

need to report fradulent activity on my mortgage account by WcF.

PB- How do you know?

Because i have it here in black and white.

PB-We dont deal with things like that, you need to go to your mortgage company...

Sorry ! So there is nobody i can speak to in CID or Fraud Squad? How do you know they cant help me, Here look at this !!!

PB- No there is no one you can speak to...

Well can you log that i have just come into make a complaint to you about this and this company, that are under investigation anyway

PB - NO..You need to go to Mort company, or a solicitor....

So you are telling me you cannot deal with a crime that i am trying to report here ?? And you are telling me to alert the company to the crime that has been committed..dont think so !!!!

 

At this point i retreated, because i was becomming tempted to jump over the counter and knock the snotty bitch out..speacial constable my arse..

 

Returned to parents house and rang the main number, went through the whole conversation again, although did take some notice when i mentioned they were under investigation already with a few other governement departments..this got me put through to some control centre somewhere, but after listening to 5 minuses of we will answer your call shortly, the line mysteriously cut its self off....

 

Will now attempt to email complaint to given email address for police, find my own solicitor and Graphologist next week.....

 

really very angry at the moment as to why i hand my council tax over to these, if they have no staff, and the staff they do have, have half a brain cell....

 

b-o-2

[DanDesperate]

Thanks for the quick reply Peter.

 

I have been reading the posts over the past week, everyone refers to problems with figures... I do not have a scanner bu the figures on the form are:

 

Total Credit (A) 28827.99

Amount of credit (B) 28827.99

 

300 months

 

No PPI or insurances

 

Monthly payments 306.10

APR 12.8%

 

Total charge for credit (M+N+O) 63001.54

Acceptance Fee (M) 235.00

Mort' Indemnity Fee (N) 0.00

Interest Charged (O) 62766.54

 

Rate of interest per annum 12.7%

 

Settle 1st Quart, 27425.56

Settle Halfway, 23830.96

After 3 quarts, 16199.96

 

I hope this is the right info..... If its right its right but if it is wrong in some way when it is unenforceable, what does this mean. I presume I still owe the monies but a renegotiation be forced on them ??

 

I presume it will take time to look at these figures.

 

Thanks, Dan

[JonCris]

HI#

 

Oh dear sharp as a tack as usual jon.

 

Peter

 

I do try:D Wish you'd tell the BH cos she thinks I'm deranged tapping away on the laptop while CSI is on

[postggj]

john chris

 

norwich union have never confirmedthe ppi

 

norwich union have no details at all on me except a motor quote 20 years ago

[jab78]

i was contacted by yes loans 2 weeks ago they didnt tell me they were a broker service and i paid them £69.50 for a loan that i wanted which was for £1000 the guy on the phone went on to tell me how much i would be paying back over the term agreed so i thought i had the loan as i said he didnt mention that they were a broker i probablt won't see that money back and it was the last of my money as well until i get paid again at the end of the month they are shocking

[JonCris]

OK postggi.

 

Can you tell me have they ever stated there isn't any PPI relating to either you or just as importantly Welcome??

[postggj]

no ppi zilch

 

nothing except a motor quote from 20 years ago

[andie_303]

INTERESTING

GOT THIS BACK TODAY FROM DIRECT GROUP

NOW I CANT DO ANY THING AS THE JUDGEMENT OF SETTLEMENT WAS THAT NEITHER SIDE CAN BRING FUTURE PROCEEDINGS

 

ITS OK

 

I WAS JUST GLAD TO BE FREE OF WELCOME

 

IVE SEEN SOME PUT UP JOB BEFORE BUT THIS

 

WHO THEY TRYING TO KID

 

 

Hi post do I take it the figures don't add up?

[ROMULUS04]

i was contacted by yes loans 2 weeks ago they didnt tell me they were a broker service and i paid them £69.50 for a loan that i wanted which was for £1000 the guy on the phone went on to tell me how much i would be paying back over the term agreed so i thought i had the loan as i said he didnt mention that they were a broker i probablt won't see that money back and it was the last of my money as well until i get paid again at the end of the month they are shocking

 

 

Hey Jab

 

Yes are an absolute con! A friend of mine had the same problem he eventually got his money back. He got info from a forum it wasn't CAG I know that but they pointed him in the right direction!

 

I'm sure the supremo's of this forum will point you in the right direction.

 

Good luck

[Us versus Debt]

Srill wondering what to do.

Welcome say that for me to lower my monthly payments I must sign a new agreement which I don't have a problem with.

 

but

the amount they say I owe to date is not what I make it.

They said there are no charges.

 

All I have from Welcoome is a two page agreement on 2 separate pieces of paper, no dates anywhere on the documents which I don't understand why we didn't date it.

 

Apart from a letter from Ucan . that is all we have. We are still tyring to get the logbook 3 yrs later.

 

Think I am doing to have to send a SAR