welcome, straight talk or what ever you like

[emmck]

I do think it's disgraceful that account managers at welcome don't give the customers the facts. Sometimes the customers at welcome maybe they can't listen as they speak to so many people how do they know who is telling the truth. There are facts though and if you know them when you are speaking to the branch's they shouldn't be able to ignore them. bare in mind if your account is big thou the manager is probably behind them directing there comments esp if at the end of the month. try to speak to them early in the month also to give you longer to arrange a payment if thats what your planning. Also i'm a believer in debt management plans if you intend to pay the account as cccs are free you pay what you can afford, welcome are not allowed to contact you and the should zero the interest on the account.

[postggj]

hi emmk and welcome

 

thank you for comming onto the forum to give an insight into the inner workings

 

it cant be pleasent at the moment with all the job losses

 

i will start by saying that most of the people on the forum have no objections in paying back there loans

 

for most of them its all the lousy and worth less insurance products that are added and missold

 

with out this people would be in a much better position

 

this insurance is commission driven

 

why are ther no safe guards in place

 

 

message for all welcome fans

 

this thread is to be kept civil and any offending remarks will be removed

[emmck]

the ppp isn't really commission driven but pre credit crunch when welcome was lending the way it worked was welcome lent the money to buy the products meaning the more sold the closer the money written target was to being hit.

Only in the last couple of years did they introduce insurance to the bonus plan, they set a % mark of ppp sales or the bonus earned (on collections and money hit) would be dropped

this should be wrong as insurance is optional and only recently have they introduced (since fsa started) a better loan close where customers should be able to see what is being charged

[postggj]

why are the insurance products supplied by welcome at vastly inflated prices

these product are supplied by welcome elite brokers

welcome then pay them self between 17 to 25 % commission for selling that insurance product

 

the definition of a broker is to search the market to get the client the best deal

 

why is it not disclosed to to borrower this commission payment and welcome elite brokers

 

the fsa started to regulate 2005 so its not a new thing

[emmck]

direct group supply all branch sold insurances, and yes there is a massive commision paid it's an area where they make alot of money that and collection charges.

i don't think they have to disclose money made but they do now dissclose cost interest and amount payable to each insurance paid now, very clearly. That's not to say everyone properly explains it though!

[postggj]

well yes

welcome have to explain interest cost etc

 

its called a statement of price

this is the biggest thing that gets people into problems.

 

 

as you did agreements, can you tell me

 

on secured loans of say 5k

why do welcome charge mortage indemnity fee being its a secured loan and not a mortage

a secured loan by way of a charge on property is an amount over 25k

a normal secured loan is not a mortage below 25k,

that is then regulated by the cca 1974

 

so why this charge

 

why do welcome keep this fee being its an insurance policy for the lender

why no insurance policy or underwriters

[emmck]

i'm sure they have got rid of that now but yes as you said it was a non optional insurance for the lender if the house was repossesed without equity for welcome. A pot of money so to speak. Well thats what the told us on courses!!

 

yes statement of price but thats as far as they go on the cost of insurances and i'm quite sure some cam's just flush over it as it's obviously costly to look at

[postggj]

SORrY TO GO ON REF THE MORTAGE INDEMNITY FEE I CAN TELL YOU IT STILL GOES ON AND AS A MANAGER, YOU WERE DOING LOANS WITH INSTRUCTION TO INCLUDE THIS FEE.

I REALISE YOU WOULD NOT KNOW THE LEGALITY OF THIS FEE BUT THE QUESTION REMAINS

 

MIF IS 75% loan to value

 

this is another pot for welcome that they have got no legal authority to charge

 

that fee is a charge for credit, so why is interest being charged on it

thats a no no

 

what traning are the staff given on doing these agreements being they are legal documents

[ozzywizard]

Emmck, welcome to the forum, I do hope that your inside knowledge will contribute to helping members here at CAG, not only in the welcome section but all over the forum and we all have our own circumstances so maybe if your ever stuck in any area covered here feel free to make a post yourself.

 

In one of your other posts you commented on "cant pay, wont pay".... I totally agree with you and your factual observations through life, I have worked for british gas, powergen and BT and fully aware of each type of consumer. However I also have experience of reading this forum as been here for over 3 years, and I promise you that 99% of members here (inclusive of myself) are genuine consumers with families working to a budget and require legal advise as they are being given a raw deal by big companies and they feel bullied and victimised, the stories you read on here will amaze you at how these companies treat their customers and welcome finance are at the top of the list with illegal/unlawfull activities that we need to raise an awareness off.

[brassed-off-2]

ah the mortgage indemity fee..

 

please do, explain!!!! the training on this one in more detail!!!

 

regards

[postggj]

Hi Bo2

 

This Is In No Way Having A Go At Emmck But When Ever That Comes Up, The Mif

 

People Go Rather Quiet On The Welcome Front

 

Just Some One From Welcome Be Honest With Us

 

I Allready Know The Answer And Can Back It Up But I Would Like Confirmation

[postggj]

What it costs MIF

 

Each lender works out these fees slightly differently, but you can expect to be charged around £1,500 for every £100,000 you borrow.

 

SO THE AVERAGE WELCOME CHARGE IS 10%

NOT 1.5 %

 

(WHY)

[brassed-off-2]

Hi Bo2

 

This Is In No Way Having A Go At Emmck But When Ever That Comes Up, The Mif

 

People Go Rather Quiet On The Welcome Front

 

Just Some One From Welcome Be Honest With Us

 

I Allready Know The Answer And Can Back It Up But I Would Like Confirmation

 

 

Couldnt agree with you more, Post. and myself having taken part in the christmas spirits, hic! decided it was wise not to continue posting on emmck's thread under those circumstances....

[brassed-off-2]

What it costs MIF

 

Each lender works out these fees slightly differently, but you can expect to be charged around £1,500 for every £100,000 you borrow.

 

SO THE AVERAGE WELCOME CHARGE IS 10%

NOT 1.5 %

 

(WHY)

 

 

mmm:? yes!!

 

emmck, it would be very helpful if you could clarify this one for us..

You are welcome to pop over to my thread, and use my loan#1 and loan #2, to help as an example with your explanation.

thnaks in advance

[pwg6565]

MIF is something that has been charged for many years, ripping off many people. What my big problem is the fact many people have loans that are topped up regularly including myself and these loans have now built up over many years based mostly on unlawful charges being added to bump up the loan amount without the customer knowing !!!!

This is a terrible way to do business and can wreck peoples lives.

And all for a bonus or commission payment !!!!!

[ozzywizard]

Exactly Pwg, it is a robbery, mine has 2 MIFs and 3 PPIS and 3 acceptance fees in a one year period....... now owing 18000 and I estimate I have actually had about 7000 in cash from them....