Welcome Finance - This company needs to be banned.

[Sol]

Hi sol is your agreement to do with a car you got on HP.. via a broker? or am i getting you mixed up with someone else? (may have been sunnie)

 

Hi, my complaint is with regards to the Acceptance Fee accruing interest and whether or not it voids the agreement.

 

I've also made a claim for PPI.

[The wife]

"Be prepared for being spoken to like an idiot; you'll only get them highlighting the paragraph on your agreement stating they can add interest to the Acceptance Fee."

 

but isn't that the point that interest can not be added at all to the acceptance fee? irrelevant of what they have written on their agreement..... or am I missing something?

[postggj]

you are totally correct the wife

 

acceptamce fee is a charge for credit, so no interest on it

 

just waiting for a reply from my pal at the fos

[tazia]

Hi,

 

Welcome Finance has me and my husband in turmoil.

We financed a car with them in july 2004 over a 5 year term everything was great until october 2005 when i fell ill with a long term illness.

We was put on an interum payment plan for 3 months at £25 a week and then was to have a review at the end of that term to see if our situation had returned to normal, during this time we also tried to make a claim through the ppi as my husband had to give up work to take care of me and also our 5 children but was turned down as they stated that it was me that was sick and not him so he was fit for work ???????. We were told it was compulsory to take the ppi insurance.

After lengthy talks early on in 2006 they agreed to draw up a new agreement for half the original monthly payments, so we signed the signed the new agreement, shortly after this we moved house but my health was and still is very poor, they contacted us to say they had lost the agreement and we needed to sign another one quote if we didn't our account would show up as arrears so in a panic we signed a second contract with them at the lower payments.

Now every 6 months or so they keep approaching us saying something is wrong with the agreement and we need to sign a new agreement,they have threatened repossession twice in the last year.

We have paid religiously every month at the lower payments, but where they haven't oifficially started the agreement we are just paying off the interest and the arrears are still on the account, the original agreement was £14,000 to this date, 5 years later we owe just under £21,000, in my possesion at the minute i have 4 copies of the new agreement that we signed and now they want us to go into the branch next week and sign a 5th agreement, i also still have the original agreement from them.

We can't continue on like this we are just throwing money down the drain basically, and just want rid of the car now we have paid over £9,000 but we still owe 1 and a half times the original agreement because of this.

Any ideas on where we could go for advice???????? please

[The wife]

my first bit of advice DONT SIGN ANOTHER FORM.

 

my second bit of advice is scan all copies of all the contracts onto photobucket.com and add them on here, some of the very knowledgeable members will be able to tell you whats wrong with your contracts if anything and they will help you after that.

 

hold on a sec, you refinanced when you were ill so the car finance was cleared??? by the second loan so you could reduce the payments???? I think you might find they can't touch your car especially as you have had it over a 3rd of the period of the original loan...... someone correct me if i am wrong please. they threaten to take the car but they need a court order after such a long time of paying, so just ignore them when they say that....(this much I do know)

Edited June 23, 2009 by The wife
question

[bobbyh99]

sub

[Sol]

"Be prepared for being spoken to like an idiot; you'll only get them highlighting the paragraph on your agreement stating they can add interest to the Acceptance Fee."

 

but isn't that the point that interest can not be added at all to the acceptance fee? irrelevant of what they have written on their agreement..... or am I missing something?

 

Yes I agree and that's the stance I've had since I made my initial complaint in January.

 

However, I know from the experience I've had to date of the type of response you're likely to receive from them regarding this.

[The wife]

Sol,

 

of that I have no doubt, I have heard the way they talk to clients when I have gone in to make payments, they like to think they know what they are talking about and make you think they know it all....arrogant d******ds

 

hopefully Postggj will have some clauses etc that we can throw at welcome telling them that irrelevant of what is written its wrong therefore our agreements are wrong, presummably making them unenforceable.

[jdene]

Hi Andy have just replied to your email will send the scaned letter shortly

regards

jdene

[postggj]

OK WELCOME

GOT YOU

 

OK PEOPLE

HEAR IT IS IN BLACK AND WHITE

ACCEPTANCE FEE IS A CHARGE FOR CREDIT, SO NO INTEREST CAN BE APPLIED ON THAT FEE

 

http://www.ccatestcase.co.uk/Walker%20vs%20SPPL-1.pdf

 

 

GOTCHA

Edited June 23, 2009 by postggj

[postggj]

Meny Thanks For All The People Working Behind The Scene

I Know Who You Are And Will Not Be Forgotten

[traz39]

so what do we do:confused:

[postggj]

Give Me A Few Days

Still Taking It All In

 

Now What This Means Is

 

As The Acceptance Fee Forms Part Of The Agreement, And As To The Judgement Also

 

Kiss The Agreement Goodby With No Come Back

 

Wait For Some More Caggers Like John Chriss, Surface Gent Etc

 

And The Site Team To Comment But This Will Cost Them Millions

 

That Is An Appeal Judgement

 

O Happy Days

[traz39]

:p:p:p:p:p

[JonCris]

In other words what postggi is saying is that the figures only balance if you add the fee BEFORE calculating % therefore you & thousands of other have been charged interest on Welcomes fee:mad:

 

As Judge Halbert states "this is an attempt to circumvent legislation and should not be encouraged"..........appeal against SPPL's charging order allowed OOPS

Edited June 23, 2009 by JonCris

[traz39]

[mojo8]

This was published by David Postings on the Cattles intranet site at 11:30am this morning.

 

Jamie, Robert and I are in daily contact with our lenders and their representatives. We have given a series of presentations to different groups and we have had a very fair hearing. We believe that all concerned would like to see Cattles pull through it's current problems. The work that we have done on reducing costs and collecting cash has enabled us to discuss the future with more confidence.

 

You may have seen an article in the press yesterday talking about a potential standstill arrangement. We have issued a statement confirming that we are working towards a standstill. If we achieve this it will be a good thing for the business. A standstill is what it says - a period when the lenders stand still and it would mean that we would have a period of stability during which to finish our planning and agree how to move forward more formally with our lenders. I would have preferred that this had not been discussed in the press and there is little more I can say now.

 

I know that many of you continue to question when we anticipate being able to publish our 2008 annual report and accounts. As I've mentioned earlier, discussions with our debt providers continue and until these are completed we will not be in a position to publish our 2008 annual report and accounts. If we succeed in entering into a standstill with lenders this may not be sufficient to allow the accounts to be signed off.

[mojo8]

A standstill agreement is usually an instrument of a hostile takeover defense, in which an unfriendly bidder agrees to limit its holdings of a target firm. In many cases, the target firm is willing to purchase the potential raider’s shares at a premium price, thereby enacting a standstill or eliminating any takeover chance. By establishing this provision with the prospective acquirer, the target firm will have more time to build up other takeover defenses.

[postggj]

Hi John

 

I Have It On Very Good Authority That Any Charge On Acceptance Fee Is Unlawful As Its A Fee, So No Interest Can Be Charged On It

 

Just Waiting On The Fsa

Fos To Confirm

[JonCris]

Correct No interest should be added to the fee irrespective of when it is payable beginning middle or end it's just a fee

[JonCris]

Posggi can you PM me with the name of your advisor;)

[postggj]

John

 

Ill Send Him An Email, Allways Nice To Ask First

 

He Works For The Fsa

[tigga_1961]

OK WELCOME

GOT YOU

 

OK PEOPLE

HEAR IT IS IN BLACK AND WHITE

ACCEPTANCE FEE IS A CHARGE FOR CREDIT, SO NO INTEREST CAN BE APPLIED ON THAT FEE

 

http://www.ccatestcase.co.uk/Walker%20vs%20SPPL-1.pdf

 

 

GOTCHA

 

OH HAPPY DAYZ postggi you truly are amazing, as with the rest of the caggers n244 on way to court this week woo woo:p

[mojo8]

strange one this is. The rep from santander that i deal with at work was telling me that they spread the acceptance fee over the term of the agreement so then interest is added to it. He told me that as long as it mentioned this in the agreement it was ok.... how does that lie with this then.

[jdene]

Brilliant hadnt even looked at the acceptance fee but its the same on mine as well, welcome got a big hangover comming soon.