Claiming charges with compound interest.

[GazTough]

I have had various loans with welcome in the past and a year or so ago I sent them a SAR to work out charges and re-claim PPI

 

I have just used the compound interest calculator to work out what I may be owed,

the total charges are £165 and with the contractual interest rate of 47.5% it works out at a massive £1789.66.

 

How far back can you claim charges?

 

The first one is on the 22/4/04 and the last is on the 30/10/08.

 

Also what are welcome like for refunding charges in your experience?

 

I have won a PPI claim from welcome in the past but not sure how different the charges claim will be.

 

Where do I go from here?

 

Templates would be greatly appreciated.

[ims21]

Hi

 

So here we are in the Welcome Finance forum.....just saves mixing up two different issues.

 

First step is to send a preliminary letter to Welcome with your spreadsheet of claim. IN post #31 here you will find an up to date preliminary letter.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?309037-Charges-older-than-6-years-***WON***-Compound-Int-t-and-**NO-SET-OFF**(1-Viewing)-nbsp

 

If you are going back further than six years you may need to rely on S32(1)© Limitations Act 1980 - Payments made under a mistake. This is used to cover any argument that the charges prior to six years are time barred.

 

Welcome can, as you may be aware, be a pain in the backside and you may have to issue in court to get these charges back.

[GazTough]

Thanks will start the process asap and then see what they say, would love to see there extortionate interest rate come back to bite them.

[ims21]

[GazTough]

Just about to sort out the prelim letter and just want to confirm I am using the spreadsheet correctly, do I put todays date in the claim to box or is the claim to just untill the agreement ended?

[ims21]

Today's date

[GazTough]

Thanks

[GazTough]

can you run a quick eye over this and see if you would change anything

07/07/2012

Loan Account numbers

Dear Sir/Madam

 

Following media reports, and an investigation into loan account charges by theOffice of Fair Trading, which I have recently been made aware of, I nowunderstand, that the regime of fees which you applied to my account in relationto late fees, letter fees, direct debit cancellation fees and missed payments,are unlawful at Common Law, Statute and Consumer regulations, in that they didnot/do not, represent a genuine pre-estimate of your actual costs.

 

I would draw your attention to the terms of the contract which you agreed to atthe time that this account was opened. It is an implied term of that contractthat you would conduct yourselves lawfully and in a manner which complies withUK law, and in consideration of fair business practices and good faith.

 

It is my contention that you have failed to operate my account in a manner conduciveto the above, and have demonstrated a lack of fiduciary duty.

 

I calculate that you have taken £165 plus £1626.53 which you have charged me ininterest which total £1791.53.

In recent years, Courts have been happy to accept claims for bank charges thatexceed 6 years,whilst having regards to the precedent set between KLEINWORT BENSON -v- LINCOLNCITY COUNCIL under section 32 © of the Limitation Act 1980.

Should county court actionbe needed I will be seeking to rely on this.

 

Therefore this letter requests a refund of all charges indicated includinginterest 14 days from the date of this letter.

I request that payment is made directly to me, by cheque, and that any refundin whole or part should not be allocated to any set off or third parties.

Should this occur, my claim will be deemed as unsettled and I will proceed tothe Courts for recovery.

 

You now have 14 days to respond positively, and in the absence of this, I willput you on notice with a further 14 days, letter before action.

I trust this clarifies my position.

 

 

Yours Faithfully

COMPOUND INTEREST CALCULATOR PERSONAL DETAILS CLAIM CALCULATION Claimant Name: [EDIT] Total of Charges £165.00 Lender Name: Welcome Finance Compound Interest £1,626.53 Account Number: [EDIT] Claim From: 22/04/2004 Claim To: 07/07/2012 Total £1,791.53 Interest Rate (APR): 46.50% Date of

Charge Description Amount of

Charge Number of

Days Elapsed Compound

Interest 22/04/2004 fee assesment £20.00 2998 £440.44 22/12/2005 adhoc fee £20.00 2389 £223.48 24/01/2006 adhoc fee £20.00 2356 £215.22 07/02/2006 adhoc fee £20.00 2342 £211.80 09/02/2006 adhoc fee £5.00 2340 £52.83 02/02/2006 adhoc fee £5.00 2347 £53.25 07/08/2006 adhoc fee £5.00 2161 £42.95 24/10/2006 adhoc fee £20.00 2083 £156.78 31/10/2006 adhoc fee £10.00 2076 £77.75 21/06/2007 adhoc fee £10.00 1843 £58.76 23/10/2008 debit cancelled fee £20.00 1353 £62.37 30/10/2008 letter fee £10.00 1346 £30.88

[ims21]

Letter is ok and if you have completed the spreadsheet in accordance with the instructions then that will be ok too.

 

I have edited out personal identifiers from the above post

[GazTough]

ok thank you for that.

[kregrs]

Sorry to hijack your thread, could you point me in the direction of this compound interest calculator,

 

Thanks,

[ims21]

Sorry to hijack your thread, could you point me in the direction of this compound interest calculator,

 

Thanks,

 

Here you go

 

CISheet v101.xls

[Prudence]

Can anyone point me to the 2 template letters to send Welscum re claiming back the PPI and separately the Charges. Had a look in the Library but can't find. Or do I just send the spreadsheets with simple covering letters?

Many thanks in advance! Pru

[Prudence]

Ooops! Sorry to hijack this thread which was by accident!! I have several threads open which I've been reading!!

[ims21]

There isn't a template letter for the PPI....that is just the completed fos questionnaire , spreadsheet and a brief covering letter.

 

There's a good charges preliminary letter at post #31 (or thereabouts) here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?309037-Charges-older-than-6-years-***WON***-Compound-Int-t-and-**NO-SET-OFF**(1-Viewing)-nbsp

[GazTough]

I have had a couple of letters from welcome since I sent the complaint. The first letter was to state that they are investigating my complaint and hope to have it resolved in 8 weeks. A second letter came a week or 2 after stating that the investigation was still ongoing and that they still hoped to have it resolved within 8 weeks. Hopefully I will have more news in the coming weeks.

[phaitun]

Hey Gaz, keep going with your claim! where did you find the address to SAR Welcome?

 

I want to send one in for a friend to try and reclaim charges and PPI but he told me they went bust. He said he missed a couple of payments and he recalls being charged, trouble is he cant read very well and took out the loan IN 2008 as he was desperate. Its all paid off and settled now.

 

Could you post the address here please?

 

Thanks in anticipation

 

phaitun

[Bombaymix]

Hi phaitun. Welcome are still trading - for now. They are only allowed to collect outstanding loans and NOT issue new ones.

 

SAR address and template letter below (if your friend doesn't already have a copy)

 

Include a £10 cheque or postal order and send this off to them recorded delivery. I used this template and address and had my information sent to me quiet quickly

 

 

Welcome financial services

Compliance

Ruddington fields business park

Ruddington

Nottingham

NG11 6NZ

 

[DATE]

 

 

 

 

Data Protection Act 1998

Subject Access Request

 

 

 

Dear Sir/Madam

 

 

ACCOUNT NUMBER: xxxxxxxxx (or multiple numbers if more than one account)

 

 

Please supply me with copies of all the data which you hold on me in relation to any matter and in any form and for any period of time.

Please note that I require disclosure of any personal data which you hold on me for the entire period of my dealings with you.

The Subject Access is not limited to my transaction history and it is not limited merely to 6 years of historical information.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my financial business with you.

I require all information on details of all insurance products supplied by welcome financial services. This is to include the statement of means, statement of price, details of all insurance premium tax paid, and underwriting sheets.

If mortage indemnity insurance has been added to the agreement, i require all details on who this premium was paid to, and who underwrites this insurance.

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

 

I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties or charges which are invalid under the Unfair Terms in Consumer Contracts Regulations against me, then I shall be reclaiming them together with any interest charges which you have levied on them.

As it is your wrongdoing and mishandling of my account which has created the necessity for this Subject Access Request, I shall also be reclaiming the enclosed £10 DPA subject access request fee.

 

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

I would be happy to collect the Data from my local branch.

 

 

Yours faithfully,

 

 

PRINT NAME

[phaitun]

Hey Bombay are they paying our on claims? or are they messing people around

[Bombaymix]

They are on their best behaviour since being declared as in default.

 

I believe the FSCS are now dealing with all PPI claims for welcome finance.

 

Mine was incredibly easy to deal with. Sent off my spreadsheet, cover letter and questionnaire and had an offer letter through very quickly. I accepted and received payment into my account within a couple of weeks.

 

Can you introduce your friend to Cag? Or maybe post up as much info on their behalf on these boards? lots of people here who will help you out and guide you through your claim without the need for a claims company.

 

Charge reclaiming - you would have to have a look round the boards for that info. I only found a couple of charges and never got round to trying to reclaim these yet.

 

Regards

 

BM

[phaitun]

hey thanks Bombay, my friend cant read very well and his wife is foreign and not good at english.

Hes a great plasterer though!

 

I am helping him out and will post up the details when we get started - i am going through 2 x money claims from DCAs as a defendant at the moment plus a few other claims of my own against some of these rogues in the pipeline.

 

starting to enjoy the fight to be honest! my mate is in a right mess so we are trying to help him out as best we can, do we claim via welcome or FSCS?

[Bombaymix]

Claim through Welcome, via that address I posted up.

If you type in 'welcome finance PPI' into search here you will find a lot of success stories.

 

Start your own threads for both PPI and Charges and keep them updated with the progress.

 

Nice one that you are helping out your friend with this.

 

The knowledge I've gained here has helped me help others in claiming PPI back. A couple of cases ongoing for different people and a massive £13000 repayment for mis sold PPI for a guy I helped at work! (still waiting for a beer from him... Think he's busy sunning it up somewhere hot at the moment lol)

 

Regards

 

BM

[phaitun]

Found his agreement and application etc, no PPI selected on the agreement so no claiming to be had but would be loads of charges as he missed a few payments and they even sent a goon around who wanted to look around the house after a missed payment or 2.

 

Dont know if can claim charges from Welcome? Is it worth a SAR now?

[Bombaymix]

If you believe quiet a few charges were applied it's definitely worth a SAR! And yes... Charges are reclaimable! Have a good look round the forums for welcome success stories