Welcome Finance - This company needs to be banned.

[violethill]

hi violet im no expert in this, dont let them restructure your loan if the ppi is incorrect the whole agreement is loo roll, wait until someone else like postggj comes along to give you advice on this tho, seems to be quiet at the mo in here

hi tigga i have no way to post my letter but im sure its the same as foresures the fos av stated that they av to pay all ppi paid including any charges and interest +8% per year oup to the date im paid + the loan should be put back to were i should be if no ppi was ever charged +200 compensation so hopefully there will be no loan left it started at 1,500 and in 4 years iv paid approx 4,000 and theres been nearly 2,000 in ppi wat you all think iv already accepted am i daft

[The wife]

having just read a thread it was said that if you re-write your loan you don't have to pay the acceptance fee again, but how can you tell if the loan is re-written?

 

lets say loan A is for £2000 and you are having problems with the repayments so they get you in to sign another loan to make the payments lower does that make it a re re-write as you gain nothing except smaller payments?

 

if that is the case what does the acceptance fee mean for re-written loans? does that invalidate it? or will they use the excuse that its a a new loan?

 

sorry had to ask 'cos it got me wondering....

[steven4064]

Basically what they do is to give you a completely new loan with an amount of credit equal to the early repayment value of the first loan. They have to do this because the terms of the second loan are different from the first.

 

The terms of the second loan will to their advantage, not yours. i am working with someone who has this. On the second loan they halved the minthly repayments but multiplied the term by 2 1/2 so the cost of credit went up from £1800 to £4500 not including what had already been paid.

[The wife]

right so if they charge an acceptance fee on this is it ok or not? I have read it is not but what does this mean for the loan and its enforceability? or does it have no effect?

[steven4064]

I don't think it would affect the enforceability. In the case I am working on, they didn't charge an acceptance fee.

 

However, what they did do was to include the insurance premiums. What I mean is this -

 

On the first loan the total amount of credit was shown as being made up of a cash advance and insurance. They have two signature boxes for the two bits but they don't split the monthly payments and cost of credit which somme of us think they ought to because the tow bits are different categories of credit as defind in the cCA 1974 and so it is a multiple agreement (s18 of the CCA 1974). IMO (not everyone agrees) this makes the original agreement unenforceable.

 

The second agreement just has a single amount "credit to settle loan". The two categories of credit have been lost completely - IMO thatmakes the second agreement unenforceable too (no doubt others will not agree )

 

However

[The wife]

and with no proof of the settlement figure for loan A, the rebate for insurances and interest...you pay back far more than you took out plus interest on the previous loans acceptance fee and interest on the interest...very beneficial to the consumer.......not!!

 

but proving it is unethical and immoral let alone illegal is impossible. is there anyway you can get hold of all the info regarding the insurance rebates etc?

 

with the apparent re-written loan we have (currently in dispute) they have added an acceptance fee, I guess i am going to have to SAR the company with regards to all loans held and not just the "new" one that appeared.

[dadofholly]

Guys can i just ask a stupid qustion but need it confirmed.

 

If i was to receive from welcome via an SAR proof of commision payments that was not declared to me... is this bye bye to agreement?

[steven4064]

dadofholly

 

Yes, except that you won't get proof of commission payments via an SAR. Unfortunately. They are greedy, not stupid.

[dadofholly]

dadofholly

 

Yes, except that you won't get proof of commission payments via an SAR. Unfortunately. They are greedy, not stupid.

 

Guess again

 

have sent u pm on this

[welcome finance warrior]

Guys can i just ask a stupid qustion but need it confirmed.

 

If i was to receive from welcome via an SAR proof of commision payments that was not declared to me... is this bye bye to agreement?

 

It seems this is a very arguable issue at the moment

 

see the previous post by POST GGI, I too want a definitive answer on this...but may not get one, are you sure the bar stewards haven't workied it into the agreement because if they have then they could argue it is declared...

 

...i think...

[dadofholly]

It seems this is a very arguable issue at the moment

 

see the previous post by POST GGI, I too want a definitive answer on this...but may not get one, are you sure the bar stewards haven't workied it into the agreement because if they have then they could argue it is declared...

 

...i think...

 

Definatley not worked in ... the amount is too high... staggeringly high.... would stick out like a sore thumb.

[JonCris]

Also please don't forget to add at a reciprocal contractual compound interest rate to any rebate THEN deduct it from the loan

[brassed-off-2]

Hi Peops

 

It has take me 5 months in all to get my hands on copies of all the statements for our original loan and the 5 so called re-writes,from inception to date, never seen any copies of settlement figures etc..6 loan agreements in all, 1st 2 definately missold ppi, 3rd incorrect montly apr written on original copy, 4th and 5th stll looking, 6th not signed by welcome, have been sent same unreadable crap on 3 seperate occassions, not forgetting to mention the forged signature on the statement of price!!!

 

Anyway my question to all you knowledgeable folk out there, apart from the usual unlawful capitalisation,adhoc,letter and phonecall charges....can welscum charge us "setlement penalty interest" even though we were never made aware of this due to lack of settlement invoices/statements?

 

THE WIFE...I URGE YOU TO GET ALL THE PAPERWORK FROM THEM FOR EVERY LOAN/RE WRITE...IT MAKES VERY INTERESTIN READING!!!!

[jdene]

Hi steven4064 with regard to your earlier post

''Yes, except that you won't get proof of commission payments via an Subject Access Request. Unfortunately. They are greedy, not stupid.''

 

You will be please to hear that they are sometimes very stupid lol they sent me the definitive proof with my SAR postggj and Andy both have a copy and so dose the FOS now as well, just sitting back waiting for the windfall whats the weather like in the med this time of year lol.

jdene

[Dipply75]

Anyone get any copies of the securities for secured loans? Have been doing lots of learning for my mum (another fight lol) and there is some interesting reading. You are apparently able to request a copy of the document you would have signed to get the security just like a CCA request....and it must be in a prescribed form also

 

Apologies if I am pointing out old news though!

[brassed-off-2]

Anyone get any copies of the securities for secured loans? Have been doing lots of learning for my mum (another fight lol) and there is some interesting reading. You are apparently able to request a copy of the document you would have signed to get the security just like a CCA request....and it must be in a prescribed form also

 

Apologies if I am pointing out old news though![/quot

 

this is new to me Dipply....please explain some more...do you mean legal charge??

[brassed-off-2]

Anyone get any copies of the securities for secured loans? Have been doing lots of learning for my mum (another fight lol) and there is some interesting reading. You are apparently able to request a copy of the document you would have signed to get the security just like a CCA request....and it must be in a prescribed form also

 

Apologies if I am pointing out old news though!

e

 

Dipply...please divulge your info!!!

thanks

b-o-2

[traz39]

FT.com / Financials - Cattles bondholders plan to step up pressure on debt talks

[EBOY]

Thanks Traz,

What a bright start to the day. Welcome are getting pulled in all directions. It's just a matter of time until they snap. It's a race to see who gets the money first, so don't delay with your claim.

[traz39]

Mines In Just Waiting;)

[postggj]

update 210709

 

FT.com / Financials - Cattles bondholders plan to step up pressure on debt talks

 

Cattles bondholders plan to step up pressure on debt talks

 

By Anousha Sakoui

Published: July 21 2009 03:00 | Last updated: July 21 2009 03:00

 

Bondholders of Cattles have been working on a plan to seek repayment, potentially increasing the pressure on negotiations over a restructuring of the subprime lenders' debts.

Holders of the outstanding bonds due in 2017, on which the company recently defaulted on interest payments, have been working on plans to send a so-called acceleration notice to HSBC, the trustee of the bonds, according to people familiar with the matter.

A notice of acceleration is a request for repayment. More than 25 per cent of holders of the 2017 bonds, the necessary minimum needed, have backed the move.

A spokesman for Cattles declined to comment.

 

 

thank pgh for this

 

seems the fat lady is warming up again

[rob20042513]

hi,

 

could someone please take a look at my thread need advice

 

thanks

 

Welcome: where to go now

[Dipply75]

Morning brassed off

 

Will see if I can copy and paste the relevant sections, read and interpret for yourself

 

May be this afternoon though, sorrY!

[Millymo]

Hi everyone - Our complaint regarding interest on acceptance fee has been with the FOS since March and we have been appointed an adjudicator. I have advised the adjudicator that I will pass on details of the previous cases regarding acceptance fee.

However, where would I get copies of these judgements - I know Post put something on the forum a while back but it was removed. Can anyone help me get this information as hopefully it could help our case.

Many Thanks

[jamesf104]

Hello all. I have been reading this forum since April and joined the other day. Have learned so much, thanks to everyone. Can someone advise me what are implied terms re. these Welcome contracts. I know what the prescribed terms are but cannot find reference to implied terms. Both my daughters contracts did not have the cost of credit brought out which is wrong, is this an implied term? I would have thought this was an important piece of info to have on the agreement, but its missing and I know it should be there according to CCA1974. Incidentally the first agreement was dated Aug 02 then wrapped into anther loan agreement in May 03. The muppets really saw them coming!