Welcome Finance - This company needs to be banned.

[postggj]

Hi All

 

All I Can Say Is Wait For The Reply I Get From The Fos And Fsa

 

Mojo

 

Like Your Post On That Point

Ime Looking Into It

 

Any One Noticed Welcome Have Only Recently Added That Acceptance Fee And Interest Are On The Agreements

 

I Wonder Why

[dadofholly]

Hi All

 

All I Can Say Is Wait For The Reply I Get From The Fos And Fsa

 

Mojo

 

Like Your Post On That Point

Ime Looking Into It

 

Any One Noticed Welcome Have Only Recently Added That Acceptance Fee And Interest Are On The Agreements

 

I Wonder Why

 

Hi post

 

if we can succesfully argue this does that mean that no further payments need to be made on these agreements... but we would be unable to claim any money back?

 

 

But in the case of the documents i sent to you and andie... i would be able to claim back payments made? Just like to know so i can get my head around attack options.

[postggj]

Well The Agreements Would Be Worthless

Ill Get Back To You On Claiming Payments

You Then Start Going Into The Area Of Unjust Enrichment

[GhostDebt]

Welcome still haven't replied to our CCA request or SAR request and I can't find a copy of the alleged agreement.

However have noticed on a settlement figure we had from them it states

'Rebate of acceptance fee and credit charges' - £1,805.55

 

Sounds to me like they charged interest on the acceptance fee then...!

 

Does anybody else agree?

 

Will have to wait for the agreement to be sure though...

 

regards.

[mojo8]

Hi All

 

All I Can Say Is Wait For The Reply I Get From The Fos And Fsa

 

Mojo

 

Like Your Post On That Point

Ime Looking Into It

 

Any One Noticed Welcome Have Only Recently Added That Acceptance Fee And Interest Are On The Agreements

 

I Wonder Why

 

 

post, have a glass of wine and take a deep breath, your working like trojen on this and we cant afford to have you burn out when you are doing such a stella job and im sure everyone will back me up on that...

[bobbyh99]

Are we saying that if a "fee" forms part of the agreement then interest shouldn't be applied to it?

 

Does this only relate to the Acceptance Fee or are there any other fees which this relates to also?

 

There are many agreements which use the word "Fee" in their name, for example Mortgage Indemnity Fee! Now I know this is some kind of insurance for a lender to recoup their losses on a repo etc, but some lenders don't buy this insurance and still charge an Indemnity Fee!!

 

Others pay a premium to the insurance company and recoup this amount from the borrower, and its charged as a "Fee".

 

Any thoughts on this?

 

BobbyH

[DanDesperate]

When an agreement has "broker fee" can interest be charged on this ?

 

I have an agreement from another lender which has "funds transfer fee" which is administration but also has "broker fee"

 

The transfer fee was only £23 and the broker fee £162.50. Both were added to the total then interest charged.

[postggj]

yes

 

things like broker fee can be added, but must be declared. normally on the agreement.

if not, its called undisclosed commission payments and invalidates the agreement

 

remember

 

acceptance fee on its own is a charge for credit, so no interest should be charged

 

just awaiting confirmation

 

mind you

 

5 guests

 

hello nottingham again

[The wife]

thanks postggj,

 

on my OH agreement it shows the interest plus the acceptance fee, so they look seperate until you see a break down. as the agreement does not show the repayments before the interest is added how is the average lay person supposed to work it out without welcome saying it's seperate and not providing a proper break down?

 

we have seen it on here before where welcome will say that the interest (APR)calculator you used is incorrect, so how do we prove it?

Edited June 24, 2009 by The wife
adding something

[DanDesperate]

Understood thanks Postggj

 

On another line I have gone past my CCA request 12+2 on the 12th June. After which they have added another non-payment on my credit file. If it is in disputed can they carry on doing this (note I am 10 behind but they only changed from 3 to 4 behind this month...very strange)

[bailey49]

Hi

 

Just been reading through the threads and am hoping that someone may be able to help me, I have a loan with Welcome and unfortunately was taken into hospital recently with chest pains thankfully all was clear and my doctor thinks it was stress related ( I work in a very stressful job ) I have PPI and requested form which was received and completed by my doctor and work as requested having read threads on here am worried that this will now not be paid (now causing me even more stress!) can anyone give me advise on how to deal with this please

many thanks

[postggj]

Understood thanks Postggj

 

On another line I have gone past my CCA request 12+2 on the 12th June. After which they have added another non-payment on my credit file. If it is in disputed can they carry on doing this (note I am 10 behind but they only changed from 3 to 4 behind this month...very strange)

 

IF DEFAULT OF A CCA REQUEST, THE CREDITOR CANT DO ANY ENFORCEMENT ACTION

 

WELCOME THINK THEY ARE ABOVE THIS

 

REMIND THEM IN A LETTER TO RECTIFY THE INFO ON YOUR CREDIT FILE OR A COMPLAINT WILL BE MADE TO THE OFT FOR COMPLIANCE

[postggj]

Hi

 

Just been reading through the threads and am hoping that someone may be able to help me, I have a loan with Welcome and unfortunately was taken into hospital recently with chest pains thankfully all was clear and my doctor thinks it was stress related ( I work in a very stressful job ) I have PPI and requested form which was received and completed by my doctor and work as requested having read threads on here am worried that this will now not be paid (now causing me even more stress!) can anyone give me advise on how to deal with this please

many thanks

 

HAVE YOU MADE A CLAIM YET REF PPI

[DanDesperate]

I read that after I have gone past 12+2 I wait another 30 days before they are really knee deep in the wrong. I have sent a PM to explain why they have an impossible task

[boostykwik]

Hi ....Im totally new to this forum thing....

 

But my story is this i last year took out a loan on a vehicle with welcome finance and as of recent have become unemployed and have fallen back on my repayments....They seem to have also taken funds from an account of mine via both direct debits I had set up with them and also debit cards.....I have received a very vague list of payments for the last few months comencing from last Dec to the end of May this year...And they dont seem to tally up.....It seems to me they have been taking the payments and then it states a day or so later that payment reversal has been made.....My total amount I owe them now is in the region of 8500.00 and am paying that back at a rate of £326.00 app per month as I stated before I have fallen back on a couple of payments due to lack of work....Where do I stand and who can I speak with , with regards to this matter as I am begining to lose my patience with them as they seem to be no help at all when I speak with them on the phone.....please help many thanks...... :-|

[DanDesperate]

Sorry that reply was to postggj I wondered why the extra 30 days

[The wife]

boosty firstly cancel your DD's and tell the bank welcome are not to set up new DD's then call welcome and tell them from now on you will go in to make the payments.

 

secondly if you don't have one already request a statement.

 

do you have PPI? and your agreement?

[postggj]

Boosty

 

Why Are There Two Direct Debits

 

Cancel Any Debit Cards Now

 

Tell Your Bank You Had A Virus On Your Pc And Never Give The New Numbers To Welcome

[JonCris]

Rather then type it again heres a previous post

 

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:evil:

 

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

[Dipply75]

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.consumeractiongroup.co.uk/Walker%20vs%20SPPL-1.pdf

 

 

GOTCHA

 

Arrrghh, I cannot open this link and am dying to read it, can anyone do a quick summary for me?

 

I damn well knew it....everytime we started looking into this it became so confusing but we all knew something wasn't right, that niggle would not go away!

 

Postggj, am doffing the cap in respect again lol, you're making a habit of this

 

Lets see them try n claim this was an oversight, cause they have already ben asked that specific question numerous times and replied to various caggers in writing.......they were either refusing to investigate (naughty!) and replying with guesses () or just droning crap as usual to confuse joe public. (sneaky)

 

Which do you think they will tell the fsa lol

[The wife]

postggj,

 

there are 2 DD's for one account because they can....been there done that... hence why in my thread i don't recommend anyone use DD with welcome.

 

lets hope thats not thte same case for boosty and that we mis-read the message

[postggj]

Hi The Wife

 

Why Two Dd For One Account

For What Reason

[postggj]

Ok

 

What Is Going On

 

My Link Has Been Stopped/veto/curtail

 

If Ive Done Some Thing I Should Not Then Tell Me

 

Some Thing I Should Know Is There

[The wife]

there was no reason except a clerical error which they obviously cancelled....after we had called the bank and cancelled them. its their way of making you pay more.

their curse was internet banking, far easier to track movement in your bank account rather than waiting for a monthly statement

[The wife]

postggj,

 

the post was probably stopped because the court order said must eb kept confidential until it was passed on....