Welcome Finance any dealings???

[Dipply75]

Hi guys, glad to see more people getting in the fight! I received my statements through and it lists 'agreed arrears' of a few hundred and 'contract arrears' of evenm more - have never missed a payment. Anyone else had these or know what they are supposed to mean?

 

I am also interested if anyone has 2 loans out at the same address, say a partner has one loan and you have another? We were told that for my partner to get a loan he had to pay mine off first as you cannot have 2 loans at one address. His income was never counted with mine and mine nto counded with his when applying though. Now, there is a mother and daughter I know that live together have seperate loans out, taken out about 7 months apart.

 

I only had about 7 payments left on mine and I think they have conned us (even more lol). This way the outstanding balance that only had 7 months left is now stretched over another 5 years with all that lovely interest! Anyone else been told this?

 

Oh, and the PPI contract I have says that Norwich take full responsobility for the advice given by Welcome - so I have complained to them also. I don't think a company that size will be happy with the shenanigans of Welcome

[Dipply75]

Hi smoothly

 

I think you are right, basically if they have not complied with the various rules etc then the agreement is unenforceable without a court order...to get the court order they would have to prove the debt. good luck!

 

Hey Grapes, anymore word on there opinion on the non status lending guidelines? I think it is the one we have really got them on.

 

Will post again soon guys when I have responses from Norwich and the information commisioner etc

 

Take care

[sandra05]

Hi everyone.

 

Got a phone call from Welcome this afternoon. New branch manager but for some one in charge he was a bit nervous sounding. Said that he has received my letter with 14 days notice to comply but is struggling as he needs to go through the charges one at a time and analysis these?

 

My total claim is for £1440 penalty for paying loan of early plus £535 for calls and fees?

 

According to his calculation there is only excess fee's on my account which total £70 which he will refund if he gets permission.

 

Told him that on my letter I stated that I wanted all correspondance by mail or email so I have written proof for future court proceedings if they do not pay up in full and he only has 3 days left. (I think he fell of his seat as the phone went silent for ages). I had to ask if he was still there.

 

He said he will put his findings in writing within 2 days so will wait patiently

[technique1966]

Nice one Sandra, I know that the manager of my local branch will be expecting my letter, after my phone call to find out about early repayment penalties. I've only got eighty quids worth of fees and the early repayment penalty but should be interesting to get there reply.

[soli2006]

Quiet on here today - is everyone OK?

[fairclaire]

hiya

 

I have worked on the safe side with welcome. Have sent them both a SAR and CCA requests. I figured this covered everything? have had 1 loan and top-up loans so send £1 for each loan agreement. Both sent in seperate requests. £10 sent for SAR. In the great scheme of welcome charges £13 is a pee in the sea!

 

They have not replied to either yet. They are just so difficult to deal with i wanted to give them NO! excuse.

 

Will update when...or if! i recieve a response

 

Good luck to all fellow welomers

[Smoothy]

I received a photocopy of the original agreement back from welcome yesterday.

That put paid to that plan!!

 

So Ive prepared SAR ready to go.

Hopefully, as with the rest of you, they wont supply full details of charges and will default on request......hopefully!

 

Smoothy

[Grapes]

The SAR is well worth it because we have found that there are lots of little gems hidden in it that contradicts what they are saying. So you may find a little gem hidden amongst the drivel

[Ronaldo2k]

Hi guys,

 

Has anyone recived a statement of CHarges from Welcome?

All I got back was a general statement but no list of charges.

 

Am I required to contact them again requesting a list of charges?

 

Regards,

 

Ron

[soli2006]

Hi guys,

 

Has anyone recived a statement of CHarges from Welcome?

All I got back was a general statement but no list of charges.

 

Am I required to contact them again requesting a list of charges?

 

Regards,

 

Ron

 

I too only received a basic statement where i have been charged 'fees', with no explanation of what those 'fees' are for. Certainly no list of charges. Also, i received nothing at all relating to the PPI. I've written to them again yesterday advising them that the information supplied under the SAR was incomplete (there's a letter format posted by Falcon [i think] earlier in the thread for this) & advising them how many of the original 40 days are remaing for them to comply fully. They have 11 days remaining of the original 40. Just sit and watch the clock now. My CCA request went out last Monday (27th Nov), so they are running out of time on that too. Tick, tock..............

[Ronaldo2k]

Just had a very nice letter from Welcome containing all my statements. It also came with a Sorry we didnt send them sooner note Just going through and it seems the interest on the car was 43.1% however, when I attempt to work out the interest (so I can Add it to the spreadsheet) I get 118. Can someone please clarify!!

 

Many thanks,

 

Ron

[soli2006]

Hi everyone. I need some urgent advice please. Welcome have responded to my CCA request by once again (just as they did with my S.A.R - (Subject Access Request)) sending me a recently completed copy of a loan agreement. It isn’t even the same one they sent last time – this one has our names on, no addresses & is both unsigned and unwitnessed. The covering letter is as follows:

 

“Thank you for your letter of 27th November 2006. I have once again enclosed a true copy of your agreement.

 

Regulation 3 of the Consumer Credit (Cancellation Notices and copies of Documents) Regulations 1983 allows for a ‘True Copy’ to be supplied, and not necessarily a complete copy of the agreement.

 

We refute your allegations that we have not complied with you request as we have supplied all documents we currently hold on you”.

 

They have effectively admitted they haven’t got an original signed agreement (“as we have supplied all documents we currently hold on you) & are claiming what they have supplied outs them in compliance with the CCA & that what they have supplied is a 'true copy'.

 

Where do I go from here please? From what I’ve read on here, they haven’t complied. I know I need to write to them again, but haven’t a clue what to say, or what legal jargon to quote. Can anybody help me please?

[sandra05]

Hello,

 

just a quick update welcome have until Monday befre LBA letter goes in.

 

I have just been reading 2004 No. 1483 CONSUMER CREDIT The Consumer Credit (Early Settlement) Regulations 2004.

Any one good at calculations there is a sample in here about calculating early repayments and I would like to know if welcome applied it to my account. I will put my details at the end if you can understand the forumula. (thanks)

 

Example 2 - longer term, high value loan

A loan of £10,000 is repayable by 180 monthly instalments of £139.51 starting one month after the relevant date. The monthly repayments include interest and all other charges included in the total charge for credit.

 

Thus total amount repayable = £139.51 x 180 = £25,111.80. The total charge for credit = £25,111.80 - £10,000 = £15,111.80.

 

The creditor receives notice from the borrower requesting early settlement immediately after payment of the 72nd instalment (i.e. after six years).

 

Assuming that no charges are excluded from the calculation of the rebate under regulation 3(2), the APR on the loan required for the calculation of the rebate is 16% per annum.

 

The creditor opts to calculate the rebate using periods of one month, giving a period rate equivalent of the APR = (1.16(1⁄12) - 1) x 100 = 1.2445% per month. The creditor also opts to defer the settlement date for 30 days under regulation 6, so that the settlement date for the purposes of calculating the rebate is the 28th day after the payment date of the 73rd instalment. Hence, for the purposes of the formula in regulation 4(1) -

 

A1 = 10,000

 

B1 = 139.51 = B2 = . . . . = B180

 

r = 1.2445/100 = 0.012445

 

m = 1

 

n = 73

 

a1 = 73 (working in periods of 1 month)

 

b1 = 72

 

b2 = 71

 

b3 = 70

 

:

 

b71 = 1

 

b72 = 0

 

Then the loan outstanding to be repaid immediately after payment of the 73rd instalment as calculated by the formula in regulation 4(1) is -

 

10,000 x (1.012445)73 - (139.51 x 1.01244572 + 139.51 x 1.01244571 + . . . . + 139.51 x 1.0124451 + 139.51 x 1.0124450)

 

= 24,363.72 - (339.90 + 335.72 + . . . . + 141.25 + 139.51)

 

= 24,666.93 - 16,441.81 = £8,225.12

 

The amount outstanding at the settlement date is then -

 

£8,225.12 x 1.012445(28⁄30) = £8,320.62

 

(assuming that the period between the 72nd and 73rd instalments is 30 days or the creditor has opted for an additional deferment period of 30 days ). The debtor will also have to pay the instalment due between the date of request for early repayment and the settlement date assumed for calculating the rebate (i.e. the 73rd repayment of £139.51).

 

Hence the total amount to be paid at the settlement date (which is 28 days after the date of request for early repayment) is £8,460.13.

 

N.B. If the period between the 72nd and 73rd instalments were not 30 days, the amount outstanding would be slightly different.)

 

For this example, the rebate is £6,606.95; this is calculated by deducting the early settlement figure of £8,320.62 from the total payments outstanding after the date assumed for calculating the rebate which is £14,927.57 (= 107 x £139.51)

******************

 

Type of agreement - secured loan (10,000)

 

standard settlement, Total amount repayable at start of loan £33518.40

rebate of acceptances fee and credit chages (£450.11)

rebate of payment protection insurance premium (£59.93)

collection fees £535.00

DEFAULT INTEREST / (INTEREST REVERSAL) (£5117.73)

interest to settlement £191.02

Less amount you have paid (£10,978.96)

settlement figure to pay £17,637.68

 

Intotal I have paid them back £28616.65 for a £10,000 in 4 years

 

I think the spreadsheet refers to the default interest / (interest reversal) but I am not sure.

 

Any help would be appreciated so I can tell welcome on Monday.

 

Thanks

 

Sandra

[sandra05]

Sorry

 

Just realised forgot to ask welcome what the collection fees (£535) were for on the cumsumer credit act 1974 settlement statement.

 

I also had to pay their solicitors £75.00 VAT £13.13 Land register £22.00 to discharge procedure?

 

All their extras soon add up

[northland]

HI Guys, yes they are covered under the FSA, just cut and pasted this from their website ;-)

Welcome Financial Services is a trading name of Progressive Financial Services Ltd, which is authorised and regulated by the Financial Services Authority.[/quote

 

Hi to everyone persecuted with Welcome Finance.

 

I received my subject access info some 7 weeks ago, the info received was insufficient and despite three telephone calls and a further two recorded letters I am no further forward. To-night I bit the bullet and I have completed the court papers which I am filing in the morning. It may well be that I have dropped a few quid but a bird in the hand is always worth two in the bush.

 

There is nothing better than a nice surprise coming up to Christmas so I would encourage anyone who is in the same position as me to get Welcome into court; in that way 2007 is going to be some year for the ex-persecuted.

 

Strike while the iron is hot!

 

Laughing all the way to the bank:) . OOPHS:razz:

 

Tony

[martinpar]

Soli, you will find that they are correct. It is not necessary to produce a copy of the actual signed agreement to comply with a CCA s77-79 request. There's been a long discussion about it on here: http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/43666-debt-collection-agencies-consumer-9.html

 

I think post 172 on p9 finally clarifies the position.

Section 77/78 was not designed to prove the debt, merely to ensure it complies with the act. However, any creditor would have a hard job satisfying a court that a debt exists without the original agreement, duly signed.

[soli2006]

Soli, you will find that they are correct. It is not necessary to produce a copy of the actual signed agreement to comply with a CCA s77-79 request. There's been a long discussion about it on here: http://www.consumeractiongroup.co.uk/forum/debt-bailiffs-advice/43666-debt-collection-agencies-consumer-9.html

 

I think post 172 on p9 finally clarifies the position.

Section 77/78 was not designed to prove the debt, merely to ensure it complies with the act. However, any creditor would have a hard job satisfying a court that a debt exists without the original agreement, duly signed.

 

 

So where do I stand? And what do I do now?

[martinpar]

Sandra, if your loan was taken out before the 2004 regulations came into force they will be working on the rule of 78, which is why it is so expensive to redeem. The new regulations basically make it illegal to front load interest, which is what people like Welcome (and most others to be fair) did. It means there is no real advantage to settling early.

[soli2006]

On another note, they have also failed to comply with my S.A.R - (Subject Access Request). I received just a statement of account, nothing else basically. I have written to them again asking for ALL documents relating to my account (PPI, list of charges, etc) - but they have already told me they have released all documents they hold on me when replying to my CCA. Where does that leave me? I'm going to see how they reply to my follow-up letter but if they reiterate the fact they have nothing more, where do i go from there? Just trying to think ahead.

[Grapes]

When I spoke to the FSA they said it would be very difficult to prove that insurances actually existed if Welcome were unable to provide the full details including copies of policies etc

[Dipply75]

Sorry guys, only have a mo'.

 

Every policy I have seen has the same policy no -

Policy No 01LASU424

 

Which Norwich still have no record of apparetnly but they are looking into it. Any of yours the same??

[technique1966]

Today, strangely, I have received a cheque for ten quid from my local Welcome office, no letter just a compliments slip. Only thing I can think of is they've refunded the S.A.R - (Subject Access Request) fee.

Well it's a start but I don't think that'll fob me off. It just seems quite bizarre how this lot operate

[demon_x_slash]

Today, strangely, I have received a cheque for ten quid from my local Welcome office, no letter just a compliments slip. Only thing I can think of is they've refunded the S.A.R - (Subject Access Request) fee.

Well it's a start but I don't think that'll fob me off. It just seems quite bizarre how this lot operate

 

If that's the case, you can do one of two things:

 

a) Sit on it and wait for the 40 days to run out,

 

or

 

b) Send them a polite little note stating thank you for your gesture of good will, but that the SAR is still active and that they have until (xx/xx/xx) to comply.

[technique1966]

If that's the case, you can do one of two things:

 

a) Sit on it and wait for the 40 days to run out,

 

or

 

b) Send them a polite little note stating thank you for your gesture of good will, but that the S.A.R - (Subject Access Request) is still active and that they have until (xx/xx/xx) to comply.

 

 

But they've already sent me all the stuff from my SAR and I've sent letters asking for various charges etc back!!!!!

[demon_x_slash]

lol Then what's the prob? You've got 'em for free

 

Nice av btw.