Welcome Finance PPI and Mr Z ** SUCCESSFUL OUTCOME **

[MrZ]

This is what I was thinking:

 

Should the contention of the Claimant that an “unfair relationship” exists under the terms of section 140A of the Consumer Credit Act 1974, the Claimant also asks that the court consider using its powers under section 140B(1)© of the Act:

a. To order that the sum of £x.xx as in Schedule 3 be discharged from the Agreement which is the balance of the Insurance premium and interest owing under the Agreement. (this assumes my claim for the money already paid is awarded, not sure if this is worded properly based on that assumption)

b. To order the Firm to discharge unpaid interest accrued on the Agreement.

c. To determine a monthly payment amount in order to discharge the principle amount outstanding on the Agreement. (Wanting the court to look at my income/expenditure and make a determination order, not sure if this is the way to go about asking for this)

[MrZ]

As the agreement pre dates the April 2007 repeal in the CCA 2006 ammendments do sections 138 and 139 still apply to this agreement?

 

Its my understanding that sections 138 and 139 were retroactively replaced with s 140.

 

Also the s 127 repeal was not retroactive and does still apply to to Agreements pre April 2007.

 

Can anyone confirm or clarify?

Edited May 13, 2011 by MrZ

[ims21]

Hi MrZ

 

Still here following progress.

 

Re post 220, I thnk that's what I was getting at with my earlier posts. Still you're there now.

 

Sorry I can't help with the legal side.

 

If it turns out that you can apply for an order in the manner you suggest, I don't think you need to worry about reconstruction of the account. I think the Judge would order the other side to do the necessary and they would have to comply. I don't think you would need to show workings to the court in this regard.

 

Re the claims, I'd do the charges and ppi as seperate claims...just easier to handle.

 

ims

[MrZ]

Hi MrZ

 

Still here following progress.

 

Re post 220, I thnk that's what I was getting at with my earlier posts. Still you're there now.

 

Sorry I can't help with the legal side.

 

If it turns out that you can apply for an order in the manner you suggest, I don't think you need to worry about reconstruction of the account. I think the Judge would order the other side to do the necessary and they would have to comply. I don't think you would need to show workings to the court in this regard.

 

Re the claims, I'd do the charges and ppi as seperate claims...just easier to handle.

 

ims

 

 

Glad youre still with me. I thought thats what you were suggesting as well, however I wasnt exactly sure how to word it so as not to shoot myself in the foot.

 

I was hoping if I make such a request that the court would order Welcome to do all the maths etc. They are no longer lending so they cant re-write the loan. They can only write off amounts and accept reduced payments. Thats my understanding anyway.

 

I also need to be very careful as the charge on the property that they THINK they have no longer exists. Due to an admin error on their part the charge was removed. Last thing I want to do is open up a can of worms. At the moment my secured loan is unsecured thanks to the ****

Edited May 13, 2011 by MrZ

[ims21]

You're right, they can't re-write the loan but they should have the facility to reconstruct it don't you think?

 

With your need to be careful and given that the general opinion is for a win on the claim you have presented thus far I think there is one major question you need to ask and that is...

 

"How big is that sleeping bear that I am about to poke with my pointed stick and should I push my luck?"

 

As I say, I can't comment on the legals as I have no knowledge but that is what I'd be asking myself.

 

ims

[MrZ]

Yes I would think they could restructure. Thats about the only thing they can do.

I dont like bears big or small...they all have the potential to bite!

 

I did speak to the land registry about this. I asked could Welcome use the old paperwork from when I signed the charge initially to put it back on. The land registry said no. They said they would need new paperwork. As I would never sign freely, they would have to get an order from the court. To my knowledge they have no clue that the charge has been removed. The branch often used possession threats to harass me.

 

Of course it could be that they knew but didnt think I knew...who knows? LOL

 

Still I want to tread very carefully around this.

[ims21]

Don't want to get into your personal stuff, and tell me to go forth if appropriate, but when you get your claims settled would it be an option for you to restructure your borrowing with another company with a more favourable arrangement for your circumstances or do you prefer to remain with the current position because of the unsecured nature of the existing arrangement?

 

Just a thought.

 

ims

[MrZ]

Don't want to get into your personal stuff, and tell me to go forth if appropriate, but when you get your claims settled would it be an option for you to restructure your borrowing with another company with a more favourable arrangement for your circumstances or do you prefer to remain with the current position because of the unsecured nature of the existing arrangement?

 

Just a thought.

 

ims

 

I doubt any other lender would be willing to entertain it. Welcome are just part of a bigger problem that goes back to a very bad relationship. Long story short, I was invlolved with someone who claimed to be something they were not. Now that person is gone and I am left with the mess to clean up. As a result my credit file is crap...last I check I think my score was around 300.

 

If I can get Welcome to be reasonable, I will have the breathing room to get myself sorted. My income is such that I can pay my debts off within the next 5 years. My property has equity and I own a second property, so there is hope. The key is getting Welcome to play fair. I havent done all the math to a final conclusion, but by my intitial calcs if I can claim back what they have mis-sold and unfair charges refunded etc, it will leave me owing only around 10k. I can live with that would even make an offer to pay half of it off in a lump sum if I could get it to that level of reduction. At the moment they are saying 25k is owed on a 15k loan from 7 years ago. And as we know its mostly interest and charges and bogus insurance etc. The total claims I have against them if I won everything I am claiming is in the region of 15K. That would leave 10k of which I would offer 30 or 40% as settlement. In an ideal world.

[ims21]

Ah right.

[MrZ]

Ah right.

 

 

LOL Simples

[citizenB]

As the agreement pre dates the April 2007 repeal in the CCA 2006 ammendments do sections 138 and 139 still apply to this agreement?

 

Its my understanding that sections 138 and 139 were retroactively replaced with s 140.

 

the s 127 was not retroactive and does still apply to to Agreements pre April 2007.

 

Can anyone confirm or clarify?

 

s127 wasnt repealed for agreements prior to 2007.

[citizenB]

Doh!

I am so sorry ms. citizen, I didnt know.

 

no problem

[MrZ]

s127 wasnt repealed for agreements prior to 2007.

 

Thanks for that confirmation. I'm glad you could decipher my post. Sometimes my posts dont end up as coherent as the thoughts in my head. lol

 

 

The reason I asked is because I am reviewing my particulars after a few days away from it and adding and removing parts as needed.

 

I have decided not to rely on anything in 127 on my claim. If and when Welcome decide to take enforcement action then I will got to that section.

[MrZ]

I apologise for asking so many questions, but I want to make sure I get this right.

 

In my claim I will have 3 worksheets from which I derived my figures. My question is regaridng format and presentation to the court.

 

Should I just print the spreadsheet with all the rows and columns with the appropriate Schedule Number, or should I take the information from the worksheet and format it in a separate document using a basic table or similar?

 

Any chance anyone has a sample of a PPI (or similar) calculation Schedule that should be submited? I am mostly concerned about the format rather than content. The last thing I want if for the court to say "What's this? Its not acceptable for X reason(s)."

[steven4064]

I don't think format is important provided everything is clear - meaningful column headings, totals clearly labelled and a means of identifying the case at the top - claimant, defendant - head each sheet Schedule 1, Schedule 2, etc so they can be referenced from the claim

[MrZ]

I don't think format is important provided everything is clear - meaningful column headings, totals clearly labelled and a means of identifying the case at the top - claimant, defendant - head each sheet Schedule 1, Schedule 2, etc so they can be referenced from the claim

 

Thanks Steven,

 

I am just tidying things up now. Would you mind having a look when I have a final draft?

[MrZ]

Ok, I have a pdf of the draft ready. Not sure how to get this reviewed as I really dont want to post it in the main forum.

[MrZ]

Sorry if this is a silly question. On my various docs I have left a space for a claim number, as I havent a claim number, do I just leave it empty and the court will put the number in place after they assign the claim number?

[MrZ]

Another question, on the N1 claim form should the amount claimed include the damages I am seeking as well or just the base claim?

[ims21]

Hi Mr Z

 

re post 243, leave them blank and the court will add them - its what you pay your fee for...the admin type stuff.

 

re- post 244 Base claim + damages. Put them as seperate figures if you wish so they tie up with your POC

 

ims

[MrZ]

Good stuff,

 

And yet another question. Would it be best to send the full POC and schedule with the initial application, or choose the option to provide the POC if they defend?

[MrZ]

Ever get the feeling that PPI is a load of horse manure?

 

 

Full size version here

 

http://www.cartoonbankers.com/wp-content/uploads/2010/10/ppi.bmp

[ims21]

Good stuff,

 

And yet another question. Would it be best to send the full POC and schedule with the initial application, or choose the option to provide the POC if they defend?

 

I'd attach the POC to the N1 from the outset

[ims21]

Ever get the feeling that PPI is a load of horse manure?

 

[ATTACH=CONFIG]27565[/ATTACH]

 

Full size version here

 

http://www.cartoonbankers.com/wp-content/uploads/2010/10/ppi.bmp

 

 

[MrZ]

I'd attach the POC to the N1 from the outset

Okay.

 

On the form under breif details I have

 

The Claimant entered into a Regulated Credit Agreement Number XXX dated XXXX Between Welcome Financial Service Ltd and the Claimant. An Insurance policy number XXXX dated XXX was part of the Regulated Agreement. The Insurance policy was mis- sold as part of the part of the Agreement. The Claimant seeks payments made toward the Insurance. The Claimant seeks interest at the rate of 16.2% per annum continuing at the daily rate of 0.44%.

 

In the box for value I simply put the total of the claim and interest as one lump sum. £xxxx.xx

 

Do I need to say damages in the form of interest?

Or restitutionary interest?

 

This part isnt clear to me at all.

Edited May 13, 2011 by MrZ