Another Welcome Finance problem

lou1251

Received a letter last week to say that an adjudicator is now looking at my complaint. :j It's happened quicker than I'd expected! But, I've missed calls on my mobile from him while I was at a funeral on Friday and yesterday whilst at work. Wonder why he's calling though, as everything that will happen next was all explained in the letter. They're basically waiting on a response from Welcome. I'll give him a call tomorrow, find out what's up.

lou1251

Haven't had time to call, but I did receive a letter for FOS.

The adjudicator agrees with Welcome on the figures they gave me and he is "urging" me to accept the offer.

He says the figure is based on what I paid on the first loan and that I did receive a rebate when I settled it with the second loan. But really I'm still paying the insurances and interest off as the remaining amount is the second loan

Noticed that the figure I have for the second loan is exactly £75 higher than the one he has. Acceptance fee?? Also the remaining amount left and the figure for the second loan are the same. If I'd got a rebate, it would be less.

He's also said that he doesn't see a problem with the way I took out the second loan. He said I signed an agreement so I must have agreed on the terms. I can't actually remember signing a second agreement, all I remember is a form stating I didn't want insurances. I don't have a copy of the agreement and never have.

Nothing at all has been said on the non-existent insurances.

From what I've been reading on another forum, it seems that the FOS are just trying to get their workload down and dealing with complaints quickly now. They've told others that the company doesn't have to explain how they come to working out their refunds. I'm not the only one with the non-existent insurance and apparently they don't have to explain this either!!

Sol00

Hi Lou, did you ever see this second agreement to confirm if anything was signed by you?

lou1251

Sol00 wrote: »

Hi Lou, did you ever see this second agreement to confirm if anything was signed by you?

No, never seen the second agreement. All I remember is the form with list of insurances and I confirmed I didn't want any. I have a copy of this, but no agreement. Just two copies of my first one.

Sol00

Well in that case demand to see the second agreement; without this they cannot enforce collection in the first place. I would ask for your case with the FOS to be appealed to an ombudsman as well making sure you state the fact that you believe this agreement had never been signed by you.

lou1251

Just had a look at my credit report, I haven't checked it since May and everything was fine back then, all green blobs.

Now, I was checking my report to get the final amount for my first loan when it was settled and the amount for the second, I had done this before, but I've lost my notes. Welcome have taken away the amounts that the 2 loans were for AND there are 8 yellow blobs for the account I have now!!! It's down as two payments late!

Now, there was a delay in getting my direct debit set up at the beginning of the year. Every xmas, they change the date as I get paid early, then it goes back to normal after xmas. I gave them my details when they requested them and again when they asked a month later, so it's their fault, I gave them my details, they just didn't set it up. So a few payments were missed, but they didn't hassle me about this or charge me; I got my statement last month and there are no charges.

I've made all payments since June. This is when it was finally sorted, BTW!! In October I actually made two payments because I get paid 4 weekly so was paid twice that month and my direct debit comes out the day I get paid.

I am fuming and trying not to phone them up and go nuts!!!! :mad:

Am I better to write to them asking to sort this?

di3004

lou1251 wrote: »

Just had a look at my credit report, I haven't checked it since May and everything was fine back then, all green blobs.

Now, I was checking my report to get the final amount for my first loan when it was settled and the amount for the second, I had done this before, but I've lost my notes. Welcome have taken away the amounts that the 2 loans were for AND there are 8 yellow blobs for the account I have now!!! It's down as two payments late!

Now, there was a delay in getting my direct debit set up at the beginning of the year. Every xmas, they change the date as I get paid early, then it goes back to normal after xmas. I gave them my details when they requested them and again when they asked a month later, so it's their fault, I gave them my details, they just didn't set it up. So a few payments were missed, but they didn't hassle me about this or charge me; I got my statement last month and there are no charges.

I've made all payments since June. This is when it was finally sorted, BTW!! In October I actually made two payments because I get paid 4 weekly so was paid twice that month and my direct debit comes out the day I get paid.

I am fuming and trying not to phone them up and go nuts!!!! :mad:

Am I better to write to them asking to sort this?

Hi there

Yes perhaps you would be better off sending a letter to get this all sorted out, ask them to deal with this for as soon as possible, good luck with this lou.;)

Sol00

lou1251 wrote: »

Just had a look at my credit report, I haven't checked it since May and everything was fine back then, all green blobs.

Now, I was checking my report to get the final amount for my first loan when it was settled and the amount for the second, I had done this before, but I've lost my notes. Welcome have taken away the amounts that the 2 loans were for AND there are 8 yellow blobs for the account I have now!!! It's down as two payments late!

Now, there was a delay in getting my direct debit set up at the beginning of the year. Every xmas, they change the date as I get paid early, then it goes back to normal after xmas. I gave them my details when they requested them and again when they asked a month later, so it's their fault, I gave them my details, they just didn't set it up. So a few payments were missed, but they didn't hassle me about this or charge me; I got my statement last month and there are no charges.

I've made all payments since June. This is when it was finally sorted, BTW!! In October I actually made two payments because I get paid 4 weekly so was paid twice that month and my direct debit comes out the day I get paid.

I am fuming and trying not to phone them up and go nuts!!!! :mad:

Am I better to write to them asking to sort this?

Lou, have you asked for your case to be appealed to an ombudsman?

lou1251

Sol00 wrote: »

Lou, have you asked for your case to be appealed to an ombudsman?

No, I'm just trying to get my head round it all. I'm quite confused now and wondering if they're right.

The adjudicator explained that he understands how I've come to my own figures which I've based on the breakdown sheet I got when I took out the first loan.

The loan was taken out in February, I contacted my office in October to lower payments, I hadn't missed any, and that's when the second loan was set up to pay off what was remaining of the first.

He explained that I am only due the PPI premium (minus the rebate I supposedly received) and the interest that I paid up til the date of termination, plus 8%. I would have received the full amount of interest had I continued to pay the loan for the full 24 months.
He says I am due the full amount of the life assurance premium plus interest paid til termination plus 8%. Again, if I'd continued paying the loan, then I'd have received all the interest as stated on the breakdown.

This is where I get confused. The second loan, which I am still repaying, was to pay off the remainder of the first, so then doesn't that mean that in fact I am still paying off the insurances and the interest??

I hope you know what I mean!

Sol00

lou1251 wrote: »

No, I'm just trying to get my head round it all. I'm quite confused now and wondering if they're right.

The adjudicator explained that he understands how I've come to my own figures which I've based on the breakdown sheet I got when I took out the first loan.

The loan was taken out in February, I contacted my office in October to lower payments, I hadn't missed any, and that's when the second loan was set up to pay off what was remaining of the first.

He explained that I am only due the PPI premium (minus the rebate I supposedly received) and the interest that I paid up til the date of termination, plus 8%. I would have received the full amount of interest had I continued to pay the loan for the full 24 months.
He says I am due the full amount of the life assurance premium plus interest paid til termination plus 8%. Again, if I'd continued paying the loan, then I'd have received all the interest as stated on the breakdown.

This is where I get confused. The second loan, which I am still repaying, was to pay off the remainder of the first, so then doesn't that mean that in fact I am still paying off the insurances and the interest??

I hope you know what I mean!

Ultimately, you need to find out if WFS have set up a new agreement and, if so, request a copy of it. If this doesn't exist, it can't be collected.