60 yr old Auntie needs your help with welcome finance

[dx100uk]

all in post 15 post!

 

tnx

 

dx

[postggj]

Ive had a nose and dodofholly is correct

 

acceptance fee is allowed to be put in the total charge for credit, but by being a charge, no interest should be made against that charge.

 

The way it works and ill take yours as a sixy month agreement should be

 

one payment of £657, made up of one monthly payment of £422 and £235 acceptance fee

 

then

 

59 payments of £422

 

the acceptance fee can also be done in the final payment as well so

 

59 payment of £422

 

one final payment of £657

 

agreement is totally unenforceable but you will need to take this through the fos

 

a creditor can put what it likes in an agreement, does not overide statute law as to the wilson judgement

[eoghan]

Ive had a nose and dodofholly is correct

 

acceptance fee is allowed to be put in the total charge for credit, but by being a charge, no interest should be made against that charge.

 

The way it works and ill take yours as a sixy month agreement should be

 

one payment of £657, made up of one monthly payment of £422 and £235 acceptance fee

 

then

 

59 payments of £422

 

the acceptance fee can also be done in the final payment as well so

 

59 payment of £422

 

one final payment of £657

 

agreement is totally unenforceable but you will need to take this through the fos

 

a creditor can put what it likes in an agreement, does not overide statute law as to the wilson judgement

 

Cool. So do I write to wfs offering them the chance to kill the agreement and return what my aunt has already paid, or go straight to fos?

 

Cheers,

Chalkiex

[postggj]

Ime afraid asking back all your repayments will be a no, no

 

its called unjust enrichment

 

my advice would be to do all things through the fos

[eoghan]

Ime afraid asking back all your repayments will be a no, no

 

its called unjust enrichment

 

my advice would be to do all things through the fos

 

I've been onto the fos website and they stipulate that a complaint should go through the bank first, and that they are allowed 8 weeks to respond, I have sent the dispute letter to freeze the acount, would you recommend I now write to them again, specifically outlining the letter is a complaint and quote the wilson case, and ask for compensation and the account closed...

 

I'm just aware of the fos saying they won't look at it until a formal complaint has been made to the loan company.

 

Cheers,

Chalkiex

[postggj]

Sorry

 

ime getting ahead of myself

 

yes , welcome need eight weeks to respond to your complaint, then it goes up to the fos

 

welcome will just fobb you off

 

send a letter by recorded delivery to welcome questioning the acceptance fee

 

they will say look at clause xyz

 

as i said before

 

just because its on the agreement

 

does not make it legal and you need to mention the wilson judgement

[eoghan]

Thanks.

 

I'l get a letter written up and run it by you for feedback if that's ok.

 

Thanks,

Chalkiex.

[eoghan]

Dear Sirs,

 

I see from the paperwork provided on DATE that you have improperly executed the CCA in relation to account XXXXXXX and as this CCA is no longer enforceable under current legislation, I respectfully request that you close this account, release the charge upon the property known as xxxxxxxxxx and a suitable sum of compensation is offered in relation to the stress that I have endured in relation to the dealings with your organisation.

 

You have 14 days in which to respond, I will assume acquiescence to meen acceptance.

 

If you do not respond accepting these terms I will have to issue a claim through the County Court for the closure of the account, the release of the charge on the property known as, damages and summary costs.

 

Yours Sincerely

[postggj]

YOU NEED TO BE PUTTING THIS IN

 

WILSON V FIRST COUNTY TRUST 2001 3 A11 ER 229

 

This high court judgement stipulates that any document or acceptance fee added to the amount of credit before calculating interest is unlawful. This stipulates that the amount of credit is then misstated, the agreement is unexecuted as it does not contain all of the prescribed terms.

 

FORGET THE ISSUE WITH COMPENSATION

 

ANY DUE WILL BE HANDLED BY THE FOS

 

WHAT YOU NEED TOR EMEMBER IS

THE DEBT STILL EXISTS BUT IS UNENFORCEABLE

 

AND WELCOME HAVE EIGHT WEEKS TO RESPOND

NOT 14 DAYS

 

DO ANOTHER LETTER WITH THE POINTS RAISED ABOVE

[frettful38]

Hi POST, great advice as usual. Do you know if the Wilson case only applies to people who have regulated agreements?

 

I know the Wilson v Hurstanger case applied to regulated and unregulated agreements as I believe the judgment was made under common law.

 

My question is that do acceptance fees that are added to loans and that have interest added to them only apply to regulated agreements?

 

I have been searching high and low for this answer for a very long time with no luck and was hoping you may have a little knowledge on this matter.

 

Basically does this judgment Wilson v FCT apply to all agreements?

Thanks

[postggj]

It depends when the agreement was taken out

 

ill check my files but all unregulated agreements, mortgage for example now fall under the remit and protection of the cca 1974

[frettful38]

Thanks post, agreement is an unregulated secured loan agreement taken out Sept 07, so I am not protected.

 

I would really be grateful if you could find any answer to this please.

[postggj]

I have confirmed the wilson judgement from the oft

 

i still have the case workers details from the fos and ill send her an email in the morning for you to get things confirmed

 

going direct to the oft is a waste of time as when i mentioned the wilson judgement, they did not have a clue until i educated them

[postggj]

May i ask how much the amount of credit was on its own

 

thats not including interest

 

was it below 25 k

[frettful38]

Oh that would be fantastic post and I would be very very grateful if you could do that mate, you don't know how loopy I have gone trying to get the answer to this.

 

So yo will ask if do the same rules apply on acceptance fees to unregulated agreements as well as regulated agreements?

 

Hope I have made sense?

[frettful38]

May i ask how much the amount of credit was on its own

 

thats not including interest

 

was it below 25 k

 

No post, it was over £25k that is why is unregulated as it was taken out in Sept 07 too.

[postggj]

Ill pm you when the fos reply to my email

 

i cant believe i missed this one

[frettful38]

Thanks a million post, I look forward to it and appreciate you must be a very busy guy seeing all the help you give others.

 

If it OK with you and you don't mind if I don't hear anything by next week from you can I send you a reminder as I know you are very busy and may forget?

[postggj]

Please do

[frettful38]

Please do

 

 

Thanks post, great one, take care and thanks again

[eoghan]

This any better?

 

Dear Sirs,

 

I see from the paperwork provided on DATE that you have improperly executed the CCA in relation to account XXXXXXX and as this CCA is no longer enforceable under current legislation, I respectfully request that you close this account, release the charge upon the property known as xxxxxxxxxx.

 

Furthermore, may I draw your attention to the following:

WILSON V FIRST COUNTY TRUST 2001 3 A11 ER 229

 

This high court judgement stipulates that any document or acceptance fee added to the amount of credit before calculating interest is unlawful. This stipulates that the amount of credit is then misstated, the agreement is unexecuted as it does not contain all of the prescribed terms.

 

As per Financial Ombudsman guidance you have 8 weeks within which to respond to my complaint.

 

If you do not respond accepting these terms I will have to issue a claim through the county court for the closure of the account, the release of the charge on the property known as xxxxxx, damages and summary costs.

Yours Sincerely

[dadofholly]

Looks ok - they will not do anything about it - but you have complained and once you get welcomes final response you can complain to the FOS

[eoghan]

Ok,

 

I'll get the letter in the post and see what happens...

 

Doing this has made me wonder what the charge on my property is like, it could be bogus too. It was taken out in Jan 2007 for £40k... If I do a SAR and get the paper work back, would you mind having a look at that one too, I'll start a new thread of course.

 

Thanks,

Chalkiex.

[dadofholly]

No problem

 

To check to see if there is actually a charge against the property you can telephone the land registry and they will tell you.

[frettful38]

Ill pm you when the fos reply to my email

 

i cant believe i missed this one

 

Hi post I was just reading that the Wilson v FCT was challenged under the Human Rights Act , so maybe it would apply to both regulated and unregulated agreements?