Welcome Finance Secured Loan Nightmare

[BEBOBEBO]

Here we go ozzy (copied this from earlier in the thread)

 

1) I sent the CCA request 14 days ago by recorded, ive not done the subject to access request

 

2) I recieved my CCA last thursday which I uploaded on here.

 

3) having read your replies on my thread I contacted the FOS who didnt seem bothered about the figures or the MIF.

 

4) FOS have put the account in dispute (by writting to welcome) due to me not being properly informed of the MIF, acceptance fee and mis sold PPI.they are requesting these back.

 

5) FOS say welcome have 8 weeks to send a Final response.

 

I feel the FOS are treating it really as a mis-sold PPI, MIF and Acceptance fee compliant didnt really seem bothered about the other errors, quite dissapointed.

 

I feel welcome are gonna wriggle out of the PPI/Acceptance fee, and would like to be prepared to come back with the inaccurate calculations you kindy worked out earlier in the thread, just really don't know how to word it in a letter. Thanks in advice ozzy really appreciate it.

Edited February 11, 2010 by BEBOBEBO
Copied incorrect

[ozzywizard]

Ok Bebo, exelent..... Await welcomes response to the complaint. your account is in dispute so it is going no were and they have 8 weeks to respond, my guess is you will have letter of them within 2 weeks. Lets see what the letter says to determine your next move. its moving at a nice pace so dont worry . I will help you write a letter when the time comes.

[BEBOBEBO]

Ozzy your a star thankyou very much, I needed a bit of reassurance that I'd done the right thing, I'll post the response once I get one back.

[beyondhope]

I totally agree with Ozzy and will be more than happy to help with a letter including the figures if needed too

[BEBOBEBO]

Ozzy, anyone, can you please Help/Advise on the Default notice I have recieved today, the arrears shown are for Payment Holidays and 2 missed payments. The payment holidays are not listed on the Statement. do you think a letter needs to go to them??

 

http://i870.photobucket.com/albums/ab266/rottweilermick/defaultnotice.jpg

 

http://i870.photobucket.com/albums/ab266/rottweilermick/defaultnoticecoveringletter.jpg

[BEBOBEBO]

anyone?? bump

[BEBOBEBO]

Can any one help clarify something.

 

On my agreement total amount of credit is 18591.90 with an apr of 27.5 over 120 months, how does the amount of interest charge = 29610.17. Surely it must = 31444.12.

 

Where has 29610.17 come from.

[emanevs]

See my post 37.

[BEBOBEBO]

Thanks Emanevs

 

So they have worked out the amount of interest wrong on the interest charge box (o). It should read the higher amount.

 

Right how can i work out what the rate of interest is that they are charging me against my balance on my statements i have.

[emanevs]

no, your credit agreement is wrong.

 

Total amount of credit should not have read 20,......

 

hope that makes sense.

Edited February 11, 2010 by emanevs
wrong figure!

[BEBOBEBO]

I do follow sort of i think lol.

 

What i am trying to ascertain is what figure should be in box (o) interest charge and how they have calculated the figure that is there.

 

So box (o) should read 31444.12

 

OK think i got it. To get to the figure (O)that is on my agreement they have added the total amount of credit + acceptance fee + mif x 23.9% over 120 months.

 

Which means the figures are complete nonsense i think.

 

God i hope i have got this cos putting on paper will be a night mare.

 

Basically i think that they started with the wrong loan amount and wrong apr.

[emanevs]

I dont think interest charge is that important.

 

Its the prescribed terms which are, hence I said about the amount of credit.

 

As my post 37, total amount of credit is wrong. Cash amount, acceptance fee (loaned to you), and mif (loaned to you) means that the prescribed term is incorrect - unenforceable.

[BEBOBEBO]

Right Em, i have been doing a bit of research to make sure i understand.

 

So on the agreement they have put down incorrect figures for the "prescribed term" as the total amount of credit figure is wrong it means the " prescrbed term" is wrong and means that they have made a booboo on my agreement.

 

Can welcome issue a rectification or do i just not sign it?

[emanevs]

They will probably ask you to sign a new agrement - do not.

 

Have they sent you one?

[BEBOBEBO]

They have not sent one, i am just trying to work out what they are going to do next.

 

I have submitted my complaine via the FOS regarding the details on the agreement and i think they will just try and get me us to sign a new form with the correct details.

 

As long as the new agreement is not signed i am ok.

 

What can happen if the new agreement is not signed.

[emanevs]

we are not mystic meg! ha,ha (soz)

 

No new agreement, old one (good or bad) will be what you have.

 

You should also complain to the fos about unenforceability, based upon my opinion in the other post.

 

What you dont want is a refund!

[BEBOBEBO]

Quick question regarding "account in dispute" when I recieve the final response letter and if im not happy with the response is the account still in dispute til I agree with a suitable outcome?

[ozzywizard]

when I recieve the final response letter and if im not happy with the response is the account still in dispute til I agree with a suitable outcome?

 

In my opinion yes it is.

[BEBOBEBO]

thats good news sure they will come back with an excuse, I logged another complaint with the FOS for wrong figures on the agreement (the apr looks wrong).

[emanevs]

in my experiance, the fos dont really want toget involved with cases where:

 

1) You are in court with them regarding the same matter

2) Where you havent had their final responses to your complaint.

[beyondhope]

This is my problem with my hp agreement as ive had no response let alone a final response

[BEBOBEBO]

Im not in court with them, still waiting the final response. on your thread I read that yours has been in dispute for a few months, Did you go back to the FOS after your final response??

[emanevs]

Put the account into dispute, and then they gave final response.

 

Reported them to FOS, took them to court on charges.

 

FOS is investigating.

[pwg6565]

Hi Bebo. I recieved a rubbish final response and within 24 hours of recieving it I had a call from Local Branch telling me Compliance had told them they could now chase me for the money. I simply put them straight. I said the response I recieved was rubbish and they had simply ignored everything I had compalined about so they would not be getting any payments until the F.O.S. had decided what was going to happen. I then called Compliance and told them exactly the same thing. Maybe you may want to do the same.

[BEBOBEBO]

Have you still been paying them? when I called the FOS they said if im not happy with the outcome they will look into it further and that could take a few month (not that im bothered ), how long have you guys had the complaints running for??