Secured Welcome Loan - now being chased by Lowell Group

[postggj]

Two different interest rates are the APR and what welcome use is the (AER) Annual Equivalent Rate

 

The AER simply takes into account the standard interest rate over a year and as interest paid at the end of a year would have compounded interest added onto that, it will usually be higher than the actual annual rate without compounding

 

In this way AER gives you a true picture of how much interest you are paying monthly

 

The lower the AER, the better it is for you

 

Welcome as a rule only use two interest rates if things like PPI have been added to the agreement

[StandingStill]

I see, thanks. Well, I am wondering when/if this would be Statute Barred anyway?...

 

In the mean time I have drafted this letter:

 

**********

I am in receipt of your letter 12th April the contents of which have been noted, including the provided enclosed copy “credit agreement”.

Upon inspection I consider the account to still be in dispute.

 

I do not recognise the format or content of the alleged agreement, nor can I reconcile the figures therein. I have no recollection of this account nor agreement.

 

Furthermore, and most alarmingly I have concerns over the validity of the signature/s.

********

[postggj]

When was the last time you made a payment on this account

[StandingStill]

Equifax suggests it was Nov/Dec 2008..... But I have no idea from memory and I have changed banks twice in that time

[postggj]

Was that when a payment has been recorded

[StandingStill]

The equifax credit report moves from a red "3" to an orange "1", suggesting a part payment, then it builds up to default.

[postggj]

You need an up to date statement, do you have one

[StandingStill]

No. I have asked for one in an earlier letter actually, they havent complied...

[postggj]

No surpries in that

 

Write to Lowell by recorded delivery, ask for a statement of account

 

Tell them that as they are now the creditor, they take on all the rights and duties of the creditor

 

Request a full welcome finance annual statement, not a Lowell statement

 

Request it under the Consumer Credit Directive (CCD)

 

That will wake them up a bit

Edited April 15, 2013 by squaddie

[dx100uk]

look on noddle

they usually show payment history

 

see below

 

dx

[StandingStill]

Thanks DX just signed up. Its not on there at all. Its not on Experian either.

 

Only shows on Equifax.

 

In fact my repo doesnt show on any of the agencies either. Not that im complaining.

[dx100uk]

usually they don't

 

how long ago were these events?

 

if outside if 6yrs they poss wont show....

 

I know it prying as such

 

but can you redact the file from the cra that has the debt and post it up?

 

dx

[StandingStill]

image moved to the pdf

[StandingStill]

The CRA info doesnt seem to match the Credit Agreement.... Suggests a Sept 2008 start rather than a 2007 one

[postggj]

i am not sure but i think the credit agencies only keep historical payment history for a certain amount of time, and payments that fall outside say five years will no longer be included, as long as the account is live

i gave five years as an example and i am only guessing

[StandingStill]

That would make sense actually. Otherwise how could it be 1 month overdue in Sept 2008.

 

On that basis im a way of being SB.....

[BRIGADIER2JCS]

The CRA info doesnt seem to match the Credit Agreement.... Suggests a Sept 2008 start rather than a 2007 one

 

My thoughts are that due to the useless admin at Welcome reports were only started when a problem occurred, the reporting is just updates showing the status is unchanged until Aug 2012 when the debt was passed on.

[StandingStill]

Thanks Brig, I have sent an agreement disputed letter I will see what happens from here. I wonder in your experience how do you see this one panning out?

 

After reading several other threads on here I am wondering about the legality of the acceptance fee on this agreement?

 

Apparently according the the CA:

 

"interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and the acceptance fee"

 

I may be mis-interpreting this but is it right to charge interest on an acceptance fee?

Edited April 16, 2013 by StandingStill

[postggj]

I myself have always suggested that welcome are unlawful in adopting the policy of charging interest on the acceptance fee.

 

My argument is that over a sixty month agreement for example, you have 59 payments of xyz, and one payment of xyx

 

That one payment should be the monthly payment plus the acceptance fee. That one payment is paid in the first or last contractual payment

 

I CONTEND THAT THE AMOUNT OF CREDIT AND TOTAL AMOUNT REPAYABLE IS THEN MISSTATED IF INTERST IS ALLOWED TO BE CHARGED ON THE ACCEPTANCE FEE.

 

I consider this charge to be a charge for credit and not subject to interest

 

That is just my educated opinion and it has never been tested in court as welcome, despite all their posturing, hardly ever took anyone to court when they were trading

[BRIGADIER2JCS]

Thanks Brig, I have sent an agreement disputed letter I will see what happens from here. I wonder in your experience how do you see this one panning out?

 

After reading several other threads on here I am wondering about the legality of the acceptance fee on this agreement?

 

Apparently according the the CA:

 

"interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and the acceptance fee"

 

I may be mis-interpreting this but is it right to charge interest on an acceptance fee?

 

No I think that is wrong.

 

Welcome paperwork was never great and as the business went down the pan it got steadily worse, badly trained staff and incompetent management so it's hard to judge an out come here.

[dx100uk]

did you get the sar back yet?

 

dx

[StandingStill]

did you get the sar back yet?

 

dx

 

Hi Dx, no SAR back, they asked for alsorts of ID, which I am apprehensive to give them.

 

I wonder, I had Welcome Car Finance which was settled in early 2007 which had insurances etc, would that come up on a SAR and would I have anything I could claim back?

[dx100uk]

yes and yes if you are lucky.

 

sign the sar request

 

send a copy of your ctax or util bill

 

and details of any relevant previous addresses.

 

they are entitled to ask for those

 

dx

[StandingStill]

Thanks for all the posts over the lifetime of this thread.

 

Im pleased to report back that this account has been closed. Welcome were unable to provide all information as obliged and could not therefore verify the legitimacy of the Credit Agreement provided.

 

Therefore it has been closed. Moral here: Never give up

[dx100uk]

is the cra file clear too?

 

great result!