Welcome Finance Investigation

[animal_lover]

FOS rang me this morning to say that Welcome have agreed to pay the £200 compensation and because i've made a payment there going to refund the PPI from that and take it off the balance. that's all he said.

 

As he rang me early in the morning and his call woke me up and not thinking properly i didn't think to ask if that meant that the account is not going back to how it would of been minus the PPI plus the PPI was paid as a lump sum so why am i only getting refunded the amount from the only payment made. to be honest i don't know where they got that payment from as i didn't make it.

 

What should i do now? I haven't sent the acceptance form back yet as i wanted to see what everyone thought.

 

It amazes me how it's gone from £200 compensation, refund of the PPI and the 8% Interest which i would receive and not be taken off the balance plus the account back to "normal" in one letter and this in the next.

 

I'm sooooooo stressed out

[animal_lover]

FOS rang me this morning to say that Welcome have agreed to pay the £200 compensation and because i've made a payment there going to refund the PPI from that and take it off the balance. that's all he said.

 

As he rang me early in the morning and his call woke me up and not thinking properly i didn't think to ask if that meant that the account is not going back to how it would of been minus the PPI plus the PPI was paid as a lump sum so why am i only getting refunded the amount from the only payment made. to be honest i don't know where they got that payment from as i didn't make it.

 

What should i do now? I haven't sent the acceptance form back yet as i wanted to see what everyone thought.

 

It amazes me how it's gone from £200 compensation, refund of the PPI and the 8% Interest which i would receive and not be taken off the balance plus the account back to "normal" in one letter and this in the next.

 

I'm sooooooo stressed out

[postggj]

Simple Answer

Send A Letter Back And Decline The Offer

Tell Them You Want Them To Respect The Original Offer

[animal_lover]

Thanks postggj,

 

Will Do, Can't see why they've changed it anyway as nothings changed.

will post it tomorrow and see what they say.

 

[animal_lover]

Hi everyone,

 

Received letter back from FOS regarding my decline of there offer.

 

it basically says that the original letter was not an offer to me, it was addresses to Welcome Finance telling them why the FOS's PPI team felt my claim should be upheld.

 

So what's actually happened is that Welcome Have taken off the PPI and any associated interest and are gonna pay me the £200 compensation.

 

I've accepted the offer but i'm now having problems with Welcome Finance over the interest. the original amount was 59.70% APR and now that they have taken both insurances off it's 61.97%. They say as the insurance has been taken off there not getting as uch money so they increase the interest and apparently thst's normal practice in the Financial Services industry.

 

I've spoke to the FOS and they have said they can do it, so basically everything has been a waste of time as i'm gonna end up paying for the PPI anyway now with them increasing the interest. And i don't know about you but i wouldn't call that " placing me back into the position i would of been in minus the PPI"

 

I haven't signed the new agreements yet and wanted to see if anyone had any thoughts on it.

 

Thanks

 

AL

[postggj]

this is rollocks

 

refuse to sign this new agreement

 

well it should be an agreement to modify the first that you are signing.

they just cant change the apr

 

what should happen is the agreement goes back to the begining minus the insurance

then add the repayments at the original apr

 

they can sod off

 

tell them you will sign the agreement with the original apr or you are putting the account back into dispute and witholding payment

 

i would say

 

see you in court

[postggj]

i hope charges have been refunded as well as they are linked to the ppi on the agreement

[pinknico]

Agree with postggi they cant change the interest rate. Can you call the FSA and who did you speak to at the FOS?

[animal_lover]

Hi Postggj,

 

The FOS have agreed that it's ok for them to do that, will that not affect it?

 

Not sure about the charges they have said that there not restructuring the loan or anything until i sign the new agreement. i'm also not getting the compensation until then either.

 

I'll send the letter tomorrow stating that i'm not signing it until it's back to the original APR.

 

Thanks

 

AL

[postggj]

all they are doing is modifying the agreement

thats back to the begining minus ppi

thats it

same apr

 

i think the fos has this wrong

 

a cca is a legal document and just cant be changed at will

[delicarik123]

This whole post is very interesting. Well done AL for challenging them, they are the lowest of the low. Former employee i found was hysterical!

I would certainly not be advertising the fact IF I had ever worked for them, but i haven't thankfully!

 

Sorry didn't want to butt in .... just found it extremely useful as I have just sent a SAR to them myself. Can't wait for the fun to begin!!! NOT.

 

I am going to go for charges from them hopefully as there have been numerous, and despite never missing a payment until my hubby came out of work last year they are soon on your back and make things awkward.

 

Good luck with your quest AL and i will be back to keep track, best wishes D x

 

p.s meant to ask....they are still trading then? I have recent communication from them with Welcome finance on the papers (dated September 09)

[frank2009]

please help!!!!

I have recieved a ccj court order request for over 28000! I took out a loan for 10000 in 2005 secured on my property which was later repossesed due to loosing my job. The court request asks me to reply within 14 days saying whether or not i addmit the claim. I thought the indemnity fee would have covered the loan but welcome say no as it was not them who forced the repossesion but the bank?

What do you think?

thanks

[JonCris]

Welcome are talking rubbish

 

Was the indemnity insurance a stand alone policy & did you pay a distinct premium for it, if so the insurer may well be liable to settle the whole debt ....... & if the insurer claims insufficient premium was paid then the product was mis-sold ..... by Welcome ........ who will then probably be liable

[JonCris]

all they are doing is modifying the agreement

thats back to the begining minus ppi

thats it

same apr

 

i think the fos has this wrong

 

a cca is a legal document and just cant be changed at will

 

 

They are wrong & how

 

The FSA tell lenders that they MUST return the money + interest to the debtor & NOT offset it against the outstanding loan

.......... also as a result of recent case law involving HMRC & vat repayments you can now compound your added interest

 

Calculation should include total payments & interest made + your additional interest (often 8%) for not having access to that money...... compounded:D

[maybelline]

imdemnity fees, arrghh, this is usually to do with the loan to value, used to be anything above 60% so was extra cover but for Welcome so they get their money bakc, and a load of nonsense usually, welcome try to put this on everything even if there is masses of equity over and above, and dont explain to people at all about its function, just to make them money!

[JonCris]

If your original agreement is pre April 2007 DO NOT under any circumstances sign & new agreement

[frank2009]

thanks for replying so quickly. The aggreement is from 2005. They said no insurance company as such exista as they put the money in a pot and use it if needed! What do think i should do? Thanks

[animal_lover]

Hi everyone,

 

I sent a letter to Welcome Finance beginning of November to say i won't be signing the new agreement until the interest is sorted, i also said that i won't be making any payments till then and that i want my compensation.

 

No reply, so i sent another letter beginning of December and still no reply.

 

What should i do now?

 

Thanks

 

AL

[postggj]

Animal Lover

 

Hi

Long Time No See

 

To Be Honest Now That Welcome Have Gone Tits Up,

 

Ime Expecting Cattles To Go Into Addmin Very Shortly

 

Just Sit Tight

 

You Have Proof Of Delivery And Account In Dispute

 

Leave Alone

[animal_lover]

Hi Postggj,

 

It has been a while, time doesn't half go fast these days.

 

What's happened to Welcome?

 

Yep I've kept my proof of posting and everything so i'll just wait to see what happens next.

 

Thanks

[animal_lover]

Is there anymore news on Welcome?

 

Their still increasing my balance, it's nearly £6200 for a £1500 Loan. And updating my credit file.

I still haven't signed the new areement and they still haven't paid me the compensation they owe me.

 

I'm starting to tear my hair out.

 

Any advise pleeeeeeeeeeeeeeeeeese

 

Thanks

 

AL

[animal_lover]

Anybody please

[andie_303]

Hi AL

 

Its funny as I found Welcome flat out ignored me until the set the lovely Lewis Group on me - well funny it took that for Welcome to actually listen (despite us having settled at court) - I got a very helpful (yes I know this is an anomaly when we are talking about these people) supervisor who I laid out my complaint to in writing. It took her 4 weeks to actually get a response from Welcome ( I guess shouting across the office didn't work!) but when she came back her response was LG account closed, Welcome account closed they would send me what was due to me and that would be that.

 

Credit file has also been marked as settled since then

[buzby316]

Peter Barred peter the bard

yes send your SAR REQUEST to welcome

their is also a letter on the dummies guide for re claiming PPI so dig that out and send to reclaim every penny concerning the ppi they had no right to sell this policy as you already would have been barred from claiming so whatever has been paid you are entitled to every penny back but when you do send the re claim PPI remind them that you shall also send a report to the ICO concerning this PPI

they have already been fined about 1 mill for mis selling PPI

with this threatening to report you will get some satisfaction and it will also stop them in their tracks from playing silly beggers with you

good luck

remember all letters you send to be registered post no signatures etc: ok

patrickq1

 

Any idea who it was that fined them, been on to FSA, FSO, OFT & Competition Comission; but no joy.

[animal_lover]

Hi Everyone,

 

I contacted the FOS again to say that Welcome haven't resolved my complaint. I told them about the problems gettin them too put back the interest to what it was originally and how they haven't sent me the compensation.

 

The FOS sent them a letter asking if it was true and to basically sort it out a.s.a.p. received a letter from Welcome saying they already explained why the interest was changed and that they will send my compensation when i have signed the agreement.

 

Sent letter to the FOS stating that i never agreed to the interest hike in the settlement and how it was only raised to compensate for their loss of money for me cancelling the PPI.

 

The FOS sent Welcome another letter saying that they had asked around to see if that was standard practice as Welcome said it was. they all agreed that it wasn't and told them to sort it out.

 

Received a letter from Welcome yesturday saying "As part of their normal quality control process, they have reviewed their decision to reject my complaint and have decided to overturn it"

 

They offered me £100 compensation (They had agreed to £200 recommended in the FOS's assessment. And that they will pay me the premium back plus the interest added. Welcome state that this is £249.53 but on the Statement of Price the interest is listed as £524.12.

 

Also since the account has been in dispute (Since June 2008) welcome have continued to add interest on a monthly basis around £100 to the balance and is nearly £9000. They our also updating my credit file with this on a monthly basis.

 

Any advice on what i should do is greatly appreciated.

 

AL

Edited October 3, 2010 by animal_lover
Posted before finished