Welcome Finance refinance suspicious

[benjy48]

Hello,

 

I have a query about a Welcome Finance refinance issue. A bit of history.

Back in Jan 2007 I took out a secured loan for 12k. I defaulted on it due to other mitigating factors.

 

Welcome decided to refinance in December of that year as a joint application with my wife. They refinanced because I was in arrears with my mortgage as well. Well the refinance covered the arrears but the downside is that I had to find £449 a month. I paid good from January 2008 to July 2008 when my mortgage company put up interest rates. This meant that my monthly repayments went up to £1586 and with £449 this was way over what I could afford. I had to try and get Welcome to reduce the repayments. I missed a couple of months as again I had other unexpected commitments that threw a spanner in the works.

 

To be fair Welcome were acommodating as much as possible.

In November I had a call from one of the managers who stated that they could redo the loan at £246 a month which was a godsend, and they said that I didnt have to pay until january. Me and the wife went to the office, signed the papers and went on our way. Anyway cut to this month. I had another call from Welcome. They stated that the last agreement, though signed, could not go through as interest rates had been cut making it more expensive for them to borrow, so they had to pass on the expense to the me by increasing the repayment to £275+. The manager who looked after our case and got the better deal is mysteriously off sick. They said that he did not do it right. However at the time the interest rates were different. Now they said I have to cough up £275 now for this new refinance to go through. I stated that the original refinance was legally binding and they cannot do this. So where do I stand? I have the original forms we signed. Can I force them to accept the original signed refiance deal, or do they have the right to renage on this and do a new one. I also asked if I could get correspondence in writing rather than phone calls, but were not prepared to do this.

Sorry to ramble on but I wanted to make sure that all relevent facts were presented here.

[postggj]

hi benjy

 

this smells like welcome have messed up big time and are trying to get you to sign a new agreement, this will invalidate the previouse.

the agreement will be legally binding as long as it has been executed by welcome.

does this new agreement been entered onto your credit files,

how long after you signed the agreement did welcome contact you, telling you of there mistake.

 

my opinion so far is welcome can whistle dixie

[PGH7447]

If you signed the original agreement then that is the legally binding one, they cant just change the goalposts to suit them, inform them that you are happy with the original agreement and do not intend to refinance again because the interest rates ahve changed, also ask them that if the interest rates changed the other way would they offer a new deal on that

 

I can imagine their reposne to that question.

[postggj]

our Street

Town

City

Postcode

DATE HERE

Company Name

Road

Town

City / County

Postcode

 

 

Dear Sirs

Harassment by telephone

 

FORMAL COMPLAINT UNDER THE CONSUMER CREDIT ACT 2006 COMPLAINTS PROCEDURE

 

Account Number: XXXXXXX

 

I am writing in relation to the quantity and frequency of telephone calls that I have received from your company, which I deem to be personally harassing.

 

I have verbally requested that these stop, but I am still receiving calls. (Delete if necessary)

 

I now require all further correspondence from your company to be made in writing only.

 

I am of the view that your continued harassment of me by telephone puts you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

 

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and The Office of Fair Trading, meaning that you will be liable to a substantial fine.

 

Please treat this also as a formal complaint, and send me a copy of your company complaints procedure.

 

Be advised that any further telephone calls from your company will be recorded. (**Even if you don‘t yet have recording equipment!!**)

 

Yours faithfully,

 

 

[NAME HERE]

[benjy48]

Thanks guys for all the advice. I have to admit that I buckled under pressure when he called yesterday and said for him to go ahead with this £275 option. However I feel now that I should stick to the original agreement. Am I too late, this was done over the phone...

[benjy48]

I know I shouldnt, but I called just now to state that I cannot find the £275 for this month as it was a bit late in the day. So they said that the payments would go to the original amount of £449. I feel like going in there and blasting someone. This looks like they are seriously taking the p***.

[postggj]

hi benjy

 

this is welcome all over

 

a consumer credit agreement is not valid until signed by you and executed by welcome.

as usual, welcome are talking rollocks.

call welcome

 

do what pgh has stated in post 3

except nothing less, if they take more than the 246, remind them that that would be fraud

you will abide by the agreement signed

send confirmation after your chat by email

 

they are just trying to get you to sign a new agreement,

tell them to bog off