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Welcome Finance CCA.... SAR ...
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I took a loan out in early 07 with Welcome Finace. Wanted 500 but the sales man who came round kept dangling the 2000 carrot in front of me and like a prat i took it
Anyway that went to crap a few months later due to me taking the 2k instead of what i could afford so in Jan 08 i was told to go to a branch to Re-write the loan. There i was told i would pay back just 2000 and no interest due to circumstances, they had already had a few payments of £105pm on the original loan.
Then lost my job....and it started again so went to the local CAB for advice. they wrote Welcome Finance a letter asking to stop interest but as you see attached they obviously have not.
Ive uploaded photos of some of the documents i recieved from the SCA. The reason i asked for it was to find out how much ive ACTUALLY PAID BACK to WF since i took out the original loan on 07......still dont know as there is no info.
Problems i see in these docs are
1. I though it was a re-write but it seems they opened a new loan with a new acceptance fee and new interest.
2. She said no interest they just want their money back but it shows total to pay around 3.7k
3. She also said id be paid in about 3 years when i asked at the re-write but the docs i have here are now saying 72 months???...Why would i ask if it was in black and white?
Can anyone more knowledgable have a browse and tell me whats wrong here... http://s584.photobucket.com/albums/ss284/carlbcfc/
Im also in a position to offer them £641 in a full & final settlement as my circumstances are not getting any better. Is that a good idea?
Anyway that went to crap a few months later due to me taking the 2k instead of what i could afford so in Jan 08 i was told to go to a branch to Re-write the loan. There i was told i would pay back just 2000 and no interest due to circumstances, they had already had a few payments of £105pm on the original loan.
Then lost my job....and it started again so went to the local CAB for advice. they wrote Welcome Finance a letter asking to stop interest but as you see attached they obviously have not.
Ive uploaded photos of some of the documents i recieved from the SCA. The reason i asked for it was to find out how much ive ACTUALLY PAID BACK to WF since i took out the original loan on 07......still dont know as there is no info.
Problems i see in these docs are
1. I though it was a re-write but it seems they opened a new loan with a new acceptance fee and new interest.
2. She said no interest they just want their money back but it shows total to pay around 3.7k
3. She also said id be paid in about 3 years when i asked at the re-write but the docs i have here are now saying 72 months???...Why would i ask if it was in black and white?
Can anyone more knowledgable have a browse and tell me whats wrong here... http://s584.photobucket.com/albums/ss284/carlbcfc/
Im also in a position to offer them £641 in a full & final settlement as my circumstances are not getting any better. Is that a good idea?
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Comments
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everyone gone home today?0
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Did you actually sign the agreement or have you blanked that out?0
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Blanked it out, they even got my address wrong.
I was under the impression i was re-structuring the loan...but then ive been charged a new acceptance fee on a new loan with silly interest0 -
Didn't you read all that before you signed it and question it then?0
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I didnt realize it was opening a new loan.0
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Hi Carl, when you re-write a loan with WF, you are effectively in a new agreement and therefore, they do charge another Acceptance Fee.
Having looked at your agreements, the Statement of Price (the one showing the monthly breakdown) shows that you are paying interest on the Acceptance Fee, there's a few people challenging this, myself included, as it is a mandatory fee and therefore can't be making profit from it (Wilson v First County Trust).
I would recommend that you send a letter to their head office, with a photocopy of the SoP and highlight the Acceptance Fee and that you would like an explanation of this. Advise them of the Wilson v First County Trust case in the House of Lords as well.
My case is currently being investigated with the FOS, so you may have a bit of a journey in front of you as they flatly deny this.0
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