Welcome Finance CCA's

[delaney1970]

Hi There

I am new to this site,but I have come across some intersting things on it that have made mee look into my credit agreements etc so thank you.

 

The problem i have is with welcom finance who I believe are in big trouble and they have stopped lending,I cancelled my PPi with the and they have given me what they call a partial rebate because i did not cancell within the 30 days and this was taken off the outstanding balance,the problem I have is this if they reduced the outstanding balance by x would that not have meant that the payments should have been reduced aswell also when they gave the partial rebate I asked if there would be any Intrest on this and i was told that there would not be can anybody help. many thanks

[delaney1970]

Apparentley there backers have pulled the plug on them and they will not finance them anymore.

[andie_303]

Hi There

I am new to this site,but I have come across some intersting things on it that have made mee look into my credit agreements etc so thank you.

 

The problem i have is with welcom finance who I believe are in big trouble and they have stopped lending,I cancelled my PPi with the and they have given me what they call a partial rebate because i did not cancell within the 30 days and this was taken off the outstanding balance,the problem I have is this if they reduced the outstanding balance by x would that not have meant that the payments should have been reduced aswell also when they gave the partial rebate I asked if there would be any Intrest on this and i was told that there would not be can anybody help. many thanks

 

Hi they SHOULD have restructured your loan and therefore lowered your payments by x every month. But they haven't they have taken it off the back of your loan, the problem with this is they front load the loans so heavily that by the time you get towards the end of your agreement you have paid way more than you should of in interest etc so you are worse off

[delaney1970]

Hi they SHOULD have restructured your loan and therefore lowered your payments by x every month. But they haven't they have taken it off the back of your loan, the problem with this is they front load the loans so heavily that by the time you get towards the end of your agreement you have paid way more than you should of in interest etc so you are worse off

 

Thanks for that andie is there anyway I can challange them on this and also looking at the figures they do not seem to have returned any intrest on this at all they seem to have come up with an amount not the full amount i might ad as per the credit agreement says 3318.69 and they gave a partial rebate of 2404.69 diffrence of 914 plus all the intrest wacked on.

[andie_303]

Thanks for that andie is there anyway I can challange them on this and also looking at the figures they do not seem to have returned any intrest on this at all they seem to have come up with an amount not the full amount i might ad as per the credit agreement says 3318.69 and they gave a partial rebate of 2404.69 diffrence of 914 plus all the intrest wacked on.

 

 

write to them asking for clarification as to what they have rebated for you and why - ask that it be explained in plain english and not financial speak so that it can be understood - I would also advise them at this point you believe they have calculated it incorrectly.

 

I'm not 100% sure if you can get them to restructure it now - all institutions not just Welcome make it notoriously hard for people to cancel these insurances. I would also put in your letter that you are asking for your loan to be restructured on a monthly basis not it taken off the end and see what they say.

[delaney1970]

when you say added an agreement fee on do you mean you were charged interest on your agreement fee? Is this on your agreement? If not then it's unenforceable so I think you just put your account in dispute and stop paying and if they want to make you pay they have to get the court to do it - which I believe they can't - someone will correct me if I'm wrong but I don't think i am

 

So sorry to but in on this I have an acceptance fee on my credit agreement aswell something I was never told about and looking at it

it looks as if the acceptance fee has just been added and not incurred intrest.

[andie_303]

So sorry to but in on this I have an acceptance fee on my credit agreement aswell something I was never told about and looking at it

it looks as if the acceptance fee has just been added and not incurred intrest.

 

 

when did you take out your agreement?

 

The thing also is mine on my agreement form all looked kosher and everyone that looked at it on here told me agreement was enforceable - then I started court proceedings for PPI and during that Welcome were ordered to send me all paperwork realting to my case - in there was a breakdown of what I paid every month and included in that was £3.40 for agreement fee - 3.40 x 36 months is £122.40 - uh oh my agreement which I have signed under the Consumer Credit Act states my agreement fee is £75 and has not been added into the interest charges - therefore under s.61 of the Consumer Credit Act and tested in court via Wilson V First County Trust the agreement is now unenforceable.

 

So look closely have you done a SAR to Welcome have they given you a breakdown anywhere of what your monthly payment constitutes.

 

I have complained to FOS about this as I believe Welcome have deliberatley made their agreements look sound when mine wasn't.

[delaney1970]

when did you take out your agreement?

 

The thing also is mine on my agreement form all looked kosher and everyone that looked at it on here told me agreement was enforceable - then I started court proceedings for PPI and during that Welcome were ordered to send me all paperwork realting to my case - in there was a breakdown of what I paid every month and included in that was £3.40 for agreement fee - 3.40 x 36 months is £122.40 - uh oh my agreement which I have signed under the Consumer Credit Act states my agreement fee is £75 and has not been added into the interest charges - therefore under s.61 of the Consumer Credit Act and tested in court via Wilson V First County Trust the agreement is now unenforceable.

 

So look closely have you done a SAR to Welcome have they given you a breakdown anywhere of what your monthly payment constitutes.

 

I have complained to FOS about this as I believe Welcome have deliberatley made their agreements look sound when mine wasn't.

 

I took the agreement out on august 08 and I have been told that it is to early in terms of making a claim against it looking at the agreement that I have it says the acceptance fee was £235 without intrest being added also trying to do calculations the monthly repayment figure is less that what they are taking how accurate the calculator is I dont know

[andie_303]

why is it to early to make a claim? who told you that?

generally contracts pre 2007 are inherently bad i gather they got their house in order after that so not sure about yours with it being 2008. I think the best thing you should do is SAR them and ask for a breakdown of your monthly payment - what exactly in consists of.

[delaney1970]

why is it to early to make a claim? who told you that?

generally contracts pre 2007 are inherently bad i gather they got their house in order after that so not sure about yours with it being 2008. I think the best thing you should do is SAR them and ask for a breakdown of your monthly payment - what exactly in consists of.

 

 

Ok cheers andie for your help on this greatley appreciated

[delaney1970]

Ok cheers andie for your help on this greatley appreciated

 

Andie when you challanged welcome with the SAR did you do this yourself

or did you use a company to do it for you I have a company I have asked to look at a few things for me but before I send the Declaration of Authority to them I was jyst aftre some feed back the comapany is VANTRESS Ltd

[andie_303]

I did it all myself - therefore no charges from other companies and no having to give up some of your settlement to them (if thats how it works)

 

Subject Access Request is easy I will post you a template letter shortly - and you send it to them with a postal order for £10 - make sure you write on the back of the postal order to be used for SAR only as they have been known to credit your account with the £10 and throw your letter in the bin!

Also make sure you send it special delivery and retain proof of postage and print off signature from Royal Mail website.

Lastly do NOT sign anything print your name - I have heard of instances where peoples signatures have been taken off correspondance and cut and paste on to stuff that works in their favour.

[popeye10]

Who Have You Had This Complaint Against That Has Exceeded 8 Weeks

[delaney1970]

Hi

Im new to this,I have an original CCA with welcome that was signed in 08

and reading what has been put on some of the threads about the Total amount of credit and the Total charge for credit Ima bit confused as on my first agreement they have the following on it.

 

Amount of credit for cash advance 15000

Amount of credit for Insurance 3553.69

Total Amount of Credit 18533.69

 

Intrest Charge 46124.91

Acceptance Fee 235

Total Charge for Credit 46359.91

 

The question Im asking is should the Insurance?PPI rip off not be added to the Total Charge for Credit.

 

The other problem I have is I have a re write as the PPI is being sorted lol and they have given me a new CCA to sign but looking at it they have left an insurance on there and added it again to to the Total amount of credit and also the legal charge for credit on the first CCA its for my address on the second one there is nothing there does that make any diffrence?.

 

Sorry to go on a bit if need be I will try and upload the CCA.

 

 

Thanks

 

John

[delaney1970]

The following are the CCA the higher amount being the first agreement.

john2.pdf

JOHN.pdf

[delaney1970]

Need help please guys would be helpful get this lot of my back as they have defaulted me also.

[delaney1970]

bump

[beyondhope]

Hi john sorry i dont have the knowledge to help but if you could get the cca on without your personal details im sure someone will be along to help

[delaney1970]

thanks beyond

 

put cca on but in PDF format

[delaney1970]

anybody have a look for me please would be most grateful

[delaney1970]

Bumo

[emanevs]

hi,

 

so you have 1 agreement for £18533.69/180 months

and another for £15215/180 months

 

are you keeping the two loans or paying one off etc....?

[delaney1970]

hi,

 

so you have 1 agreement for £18533.69/180 months

and another for £15215/180 months

 

are you keeping the two loans or paying one off etc....?

 

Sorry emanevs

 

This first loan 18533.69 is the original loan with PPi etc on it and the second loan is a re write that I have not signed due to a claim on mis sold PPi.looking at some post I realised that they cannot charge for ppi and insurance on the loan amout re Wilson V FCT

[emanevs]

In terms of wilson, be careful.

 

Its the total amount of credit that has to be incorrect.

 

A lot of people seem to be getting confused with the total charge for credit, which fees can be included in it.

[delaney1970]

interms of the first agreement that I have is that ok then,should I sign the re write.