Jump to content


Help with Welcome Finance Agreement


bandape
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 5554 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

I have a loan with a 'company' (legal loan sharks more like!) that are frequently talked about on these forums. This was a secured loan against my house about 5 years ago. I sold my house about 1 year ago, but the balance owed to the company wasn't paid. When I went to them shortly after selling the house to get a settlement figure, they were extremely confused as to why they hadn't been paid! I think someone in their office didn't fill in the appropriate forms 5 years ago. They tried to get me to settle a ridiculous figure which I refused and told them I would get back to them. I have already paid them back over £12,000 on a £6,500 loan. I have not bought another house yet. Where do this company and I stand legally?

Link to post
Share on other sites

Welcome to the site.

You need to give a little more info.

Who was the company ?

What action was taken-did they default you or get collectors to recover the balance ?

Have you got any paperwork for the original loan ?

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

Link to post
Share on other sites

The company was Welcome Finance, and they didn't take any action (which suprised me) or default me. After puzzled expressions over why they hadn't been paid, they appeared to just gloss over it and act like nothing happened. I have just continued paying my monthly repayments. I am waiting on a copy of my original contract, I asked for one on Thursday and they said they would post it out. Because I have paid so much so far, I am hoping it's their mistake which would maybe put me in a stronger position and allow me to talk to them about reducing my repayments because the interest is very high? Or does this change nothing? I don't know a great deal about this type of thing so any help would be great

Link to post
Share on other sites

This was a secured loan against my house
It sounds as if they may have failed to secure it properly.

 

When you get the copy of the agreement please post it up (remove all personal details first) so we can have a look at it.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

This is a copy of the agreement. The loan was actually for £7500 not £6500. It is from 2003. I would also like to know if they can add all the costs of insurance onto the loan, (page 1) bringing the cost up to over £10,000? On page 3 you can see I signed for the various insurances (they had already ticked the boxes) but they were not explained to me and I wasn't aware or told of how much cost this would add to my repayments. I am also not sure if the I could have claimed on the PPI, because although I live in the UK, I work in the Republic of Ireland in a permanent post, in which I get full pay for 6 months (and half for the next 6) when I am sick. Can I claim anything back or is it my fault for signing? I pay this loan every 4 weeks so I have paid over £18,000 (not 12,000 as I stated previous) on this so far. A few years back I struggled with payments for a time and although I never fell more than 4 weeks behind (1 payment), I have been charged over £1,200 in charges for late fees, telephone calls (most times i wasn't in but was still charged) and letters (£60 each one). Sorry to be long winded but I thought all details might help. Any help or advice would be greatly appreciated

1ST PAGE OF LOAN.jpg

2ND PAGE OF LOAN.jpg

3RD PAGE OF LOAN.jpg

Link to post
Share on other sites

The images are far too small to read I'm afraid. If you import them through photobucket or another image editing sight that should help.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

Link to post
Share on other sites

  • 4 weeks later...

I signed this agreement with Welcome Finance in 2002. It was a secured loan. I sold my house in 2006 and Welcomes money didn't come out of the sale. I forgot to mention it to my solicitor and when he ran whatever checks for charges on the property, this loan did not show up. I went into Welcome to settle a week or two after the sale but I couldnt agree a settlement figure. I was given a figure of approx £13,000 and this was after paying for 4 years. I didn't realise there was £3,000+ in insurance and fees added to my loan (I did sign for these fees and insurance). I said I would continue to pay monthly. When the lady in Welcome realised I had sold my house she appeared very confused and said she wouldn't do anything about this and to just continue to pay monthly. I have been doing this, although I have had late payments and I have gathered late fees of £1,200 (since the account opened), despite at most being 3 weeks late with a payment. Since discovering this fantastic site I have realised I can do something about PPI's and am now wondering if my contract is enforceable. Any help would be greatly appreciated. I have paid over £18,000 already on this loan and still have another min of £12,00 to go.

1STPAGEOFLOAN.jpg

Link to post
Share on other sites

Not to sure how it works with contracts pre-2007 but I am certain someone will be along to assist. Including interest on acceptance fee is the one thing that stands out instantly. And thats a no no!

I need to change my avatar..But cant find a good replacement.

Link to post
Share on other sites

Can anyone let me know if this agreement with Welcome is enforceable? The contract is on post 12 (I appear to have merged threads! sorry I'm not used to posting things yet!) Any help would be appreciated

Link to post
Share on other sites

AS THIS IS A SECURED LOAN, SEEMS WELCOME DID NOT PUT A CHARGE ON THE PROPERTY ANY WAY, ILL DO A BIT OF RESEARCH, BUT ON A BRIGHTER NOTE

 

I LOVE THESE EARLY WELCOME AGREEMENTS, ITS CRAP

INTEREST AND ACCEPTANCE FEE AGAIN

 

I FEEL A LETER TO WELCOME COMMING ON

 

FOLLOW THE ADVICE ON THIS

 

THREAD

 

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

 

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

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/187427-welcome-finance-default-notice.html

Edited by postggj
Link to post
Share on other sites

Also The Agreement Should Say

 

Total Ammount Of Credit, Not Total Ammount Of Loan And

 

Total Charge For Credit

 

THOSE ARE PERSCRIBED TERMS

 

GOODBY WELCOME

 

When Will They Ever Learn And Stop Ripping People Off

Link to post
Share on other sites

Thanks for answering my cry for help Post! Thats great news, I checked out the threads you gave me, very interesting reading! I think I will copy Sammy's letter (if he doesn't mind) and send it asap and see what happens! Although I would be just happy to wipe this debt out, can I claim back late charges if my monthly repayments have been too high because they added the Acceptance Fee illegally? Or is this just greedy?

Link to post
Share on other sites

This Is My Opinion And Mine Only

 

The Agreement Is Crap, So In Law You Could Claim Back Every Penny You Paid And The Original Ammount Is Classed As A Gift.

 

But To Convince A Judge On This Is Unwise.

 

At The End Of The Day You Had The Cash And It Could Be Classed As Unjust Enrichment Trying To Get Back Payments

 

In Your Case I Would Settle On Getting Rid Of Welcome And All Info On Your Credit File Including Any Defaults Removed

  • Haha 1
Link to post
Share on other sites

Does this mean it's pointless putting in a claim for mis sold PPI's and late charges?

 

nope their not dead...yet and i've been told if someone buys them and your case is currently in the system then that case transfers to the new company too.

Link to post
Share on other sites

I haven't put my case in yet. I was waiting for my SAR to be returned completed (they previously returned it with just a statement in it), should I go ahead and make a claim immediately? I have also discovered my agreement is unenforceable because they added the acceptance fee on but I am also due to make a cash payment at their office today. Should I continue to make payments?

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...