Welcome Finance - This company needs to be banned.

[Picador]

Hi Guys

 

Welcome are at it again! Got a copy of letter they sent accepting my £5,462.61 for the discharge of security and they have had the audacity to add another letter saying it will cost me £110.13 for their solicitors to do this & that this payment will apply even if I use my own solicitor!!!??? Now my solicitor factored into my costs £30 for the discharge so why do I have to pay this? I've uploaded the document in photobucket if someone can take a look and tell me if they are allowed to do this please. God I thought I was getting rid of them

 

http://i717.photobucket.com/albums/ww175/amjestermoon/welcomedischarge.jpg

 

They are just evil.

[sam614]

anyone any idea on this,besides they are totally incompedent.

 

acceptance fee added at £75

 

taken a further 2 months to get a breakdown of the monthly fees,which were not in SAR.

 

actually says INTEREST ON ACCEPTANCE FEE £1.98 month x 48 months.

 

£95.04 WHEN I WENT TO SCHOOL:rolleyes:DO THEY NOT OWN CALCULATOR PERHAPS?

SAM:pLOWELL DETESTER

[andie_303]

anyone any idea on this,besides they are totally incompedent.

 

acceptance fee added at £75

 

taken a further 2 months to get a breakdown of the monthly fees,which were not in SAR.

 

actually says INTEREST ON ACCEPTANCE FEE £1.98 month x 48 months.

 

£95.04 WHEN I WENT TO SCHOOL:rolleyes:DO THEY NOT OWN CALCULATOR PERHAPS?

SAM:pLOWELL DETESTER

 

 

hiya Sam and welcome to the Welcome School of maths - if you can't make head nor tail of it - you can bank it's been worked out by Welcome.

 

Quick question....

 

Does your sis's agreement say anything on it about interest being charged on the acceptance fee.

 

If it's there it is normally in the paragraph under the accpetance fee bit and would say something like

 

Interest is calculated on the total amount of credit outstanding and the acceptance fee

[andie_303]

By the way all - Welcome could learn something from LTSB - it only took me 2 phonecalls and 1 letter before action and a bug fat cheques is winging it's way to me - thats how it's done Welcome!!

[pt2537]

anyone any idea on this,besides they are totally incompedent.

 

acceptance fee added at £75

 

taken a further 2 months to get a breakdown of the monthly fees,which were not in SAR.

 

actually says INTEREST ON ACCEPTANCE FEE £1.98 month x 48 months.

 

£95.04 WHEN I WENT TO SCHOOL:rolleyes:DO THEY NOT OWN CALCULATOR PERHAPS?

SAM:pLOWELL DETESTER

no they should not be charging interest on the acceptance fee, interest should be charged on the credit

 

the acceptance fee is a charge for credit and therefore should not have interest as far as i know

[andie_303]

Thank you Martin3030 will be adding a few bits was wondering if the secret commision is applicable to these as well, as it was netcars2000 that set the loan up with welcome finance but theres no record of them recieving any commision or fees from welcome on any of the documents they have supplied me with, but cannot imagine they did it out of the goodness of thier hearts so sending an SAR to netcars as well to see what welcome payed them and try to find out how they have hidden it within my loan payments.

 

Jdene the commision thing would mean you would have to go up against netcars2000 for this as it was them who should have declared the commisions.

 

Also SAR will generally not show any commisions on there just details they have aout you not necessarily any financial aspects.

[sam614]

Interest is calculated on the total amount of credit outstanding and the acceptance fee

 

 

WORD FOR WORD:D

waited 6 months for them to take her to court,since i stopped her paying.

no threats no nothing,got to much on them me thinks.

SAM

[andie_303]

no they should not be charging interest on the acceptance fee, interest should be charged on the credit

 

the acceptance fee is a charge for credit and therefore should not have interest as far as i know

 

PT - I went to Welcome with this they said that as it is in their T&C's that they are calculating interest it is ok - obviously not trusting Welcome as far as I can throw them I asked FOS and they said on the face of things without a full investigation (they can't as I am in litigation) they thought Welcome was correct - however if it's not in the T&C's it's Wilson V First County Trust and they can f**k themselves

[andie_303]

Interest is calculated on the total amount of credit outstanding and the acceptance fee

 

 

WORD FOR WORD:D

waited 6 months for them to take her to court,since i stopped her paying.

no threats no nothing,got to much on them me thinks.

SAM

 

I stopped paying 2 months ago as I'm taking them to court.

 

Thursday I got a demand saying that I was on arrears by £450!! by that point I'd only missed 1 payment of £190 so where they pulled that amount from I don't know.

 

Anyway I call them and start going nuts down the phone about my account legally being in dispute as they are going to owe me more than I owe them when this is all finished and that I will be ringing the court the next day to report this etc etc

 

The response was - oh yes sorry thats an automatically generated letter we can confirm your account is frozen and is not in arrears or having any charges applied - please disregard that SORRY!!

 

Well you could have knocked me down with a feather - Welcome doing something they are supposed to do and saying sorry - it was too much for me I had to hang up and have a long lie down to get over it

[andie_303]

http://www.consumeractiongroup.co.uk/forum/legal-issues/194162-can-i-force-company-new-post.html

 

PT2537 - could you jump in here and give me any advice if you can please??

[sam614]

when my sister told me what they had been threatning,I went into local branch and made it clear that they dealt with me,they did and i gave them hell.

 

she was getting 10 calls a day after missing 2 payments.and they knew she was not able to work as she had just had a mastactomy:mad:

 

then set about claiming on the ppi .rest is history when i discovered the extent that they had stitched her up,mainley thanks to them not being clever enough to make sure that SAR was the same as the documents she already had.

 

I SENT A LETTER TO COMPLIANCE.

enclosed copies of the male parts that they sent.a copy of her credit file.and original cca copy.

pointed out the differences.stated that the DD was called she will not pay another penny.suggested that they accept,or take her to court .didnot even get a reply.

but the loan was removed from credit file within a week.

6 months down the line not heard a peep.

balls in their court,but they dont seam to want to play.

 

I trying to persude her to claim back what she has payed,but she cant handle the stress.....I CAN AND WANT TO .

SAM:pLOWELL DETESTER

[traz39]

when my sister told me what they had been threatning,I went into local branch and made it clear that they dealt with me,they did and i gave them hell.

 

she was getting 10 calls a day after missing 2 payments.and they knew she was not able to work as she had just had a mastactomy:mad:

 

then set about claiming on the ppi .rest is history when i discovered the extent that they had stitched her up,mainley thanks to them not being clever enough to make sure that SAR was the same as the documents she already had.

 

I SENT A LETTER TO COMPLIANCE.

enclosed copies of the male parts that they sent.a copy of her credit file.and original cca copy.

pointed out the differences.stated that the DD was called she will not pay another penny.suggested that they accept,or take her to court .didnot even get a reply.

but the loan was removed from credit file within a week.

6 months down the line not heard a peep.

balls in their court,but they dont seam to want to play.

 

I trying to persude her to claim back what she has payed,but she cant handle the stress.....I CAN AND WANT TO .

SAM:pLOWELL DETESTER

go for it sam and let us know how u go on

[traz39]

i was charged interest on acceptance fee but thought that was ok it is £75 but i pay something like 113 by end of loan

[felixfly]

According to todays Observer the banks are going to roll over the debt owed by welcome, they say to expect an announcement after the bank holiday. Also the banks will swap some of the debt for a stake in Cattles.

[andie_303]

So exactly what I said would happen weeks ago - see my inside information does not lie!

[Voda]

Somehow I didn't think that Welcome would fold.

 

Also the Government wants the banks to have a share of the sub-prime market as they don't want unlicenced loan sharks to take over.

[andie_303]

Market forces: Chips are down at Cattles | Southern Cross nurses hopes | UBM is set for main event | Business | The Observer

[andie_303]

Somehow I didn't think that Welcome would fold.

 

Also the Government wants the banks to have a share of the sub-prime market as they don't want unlicenced loan sharks to take over.

 

Welcome will be liquidated - believe me

[andie_303]

I should write for the guardian - I knew this weeks ago - could have earned me some pennies

[traz39]

What a mess at Cattles, the British sub-prime lender, whose shares have been suspended amid an internal probe into a £700m black hole in its accounts. But I hear the banks will shortly agree to roll over a £500m debt facility that expires in July. With luck, an announcement will come shortly after the bank holiday, although it is premature to crack open the champagne as the banks are driving a hard bargain: they want to take a large stake in Cattles in return for writing off a portion of the company's total net debt of £2.4bn. Cattles has a useful bargaining chip, however. If the banks pull the rug, borrowers will simply stop paying their debts and the money men will be left with diddly-squat.

[Voda]

That's good Andie.

 

I hope you are right.

 

Welcome will be liquidated - believe me

[traz39]

so we can stop paying is this right

[andie_303]

I was right about the banks and the debt for asset swap and them taking a controlling stake - look about 20 pages ago you will see me saying it.

 

I know it cos I'm in contact with someone very much in the negotiation process - therefore if I knew that - I know what's coming next.

[Voda]

Andie, what are the chances of the banks pulling the rug?

Cattles has a useful bargaining chip, however. If the banks pull the rug, borrowers will simply stop paying their debts and the money men will be left with diddly-squat.

[traz39]

come on andie whats coming next do we gain anything