Welcome Finance- is this true?

janey17

Hi all
Have read somewhere that with regards to the acceptance fee (75), the fact that they charge interest on it is unlawful.

I have just looked at my one and only recent statement of demands and needs and have noticed the breakdown suggests that I am paying £3.75 per month for this, which equates to £135 and not the original £75 which I thought was to be accepted on to the loan. Having looked at the back of the agreement it states that 'the acceptance fee is for credit counselling providing long and short term plans for the course of the loan. Phoned the local branch, the adviser insisted it was for Administration and refuted the idea of credit counselling- he was extremely flustered. Noticed that the acceptance fee for the car was not applied a year later in 2007????

Have also noticed that they have added capitalisation- interest each month too!

Have recently sent them a complaint regarding misselling of lifecare and accident plan for the joint loan ( where my husband had this applied only) so will have to wait.

Thanks in advance every one!!

di3004

janey17 wrote: »

Hi all
Have read somewhere that with regards to the acceptance fee (75), the fact that they charge interest on it is unlawful.

I have just looked at my one and only recent statement of demands and needs and have noticed the breakdown suggests that I am paying £3.75 per month for this, which equates to £135 and not the original £75 which I thought was to be accepted on to the loan. Having looked at the back of the agreement it states that 'the acceptance fee is for credit counselling providing long and short term plans for the course of the loan. Phoned the local branch, the adviser insisted it was for Administration and refuted the idea of credit counselling- he was extremely flustered. Noticed that the acceptance fee for the car was not applied a year later in 2007????

Have also noticed that they have added capitalisation- interest each month too!

Have recently sent them a complaint regarding misselling of lifecare and accident plan for the joint loan ( where my husband had this applied only) so will have to wait.

Thanks in advance every one!!

Hi there

Do not know much about this company myself, also check out on the other threads "Welcome Finance", and hopefully someone will post up soon to help you with this matter, good luck.;)

But it you want to reclaim for being mis sold the PPI, check this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Follow the reclaiming procedures with the templates etc and give us a shout if you require help with this.;)

janey17

Thank you very much di3004!

di3004

janey17 wrote: »

Thank you very much di3004!

Your Welcome......:A

oops no pun intended lol.
Good luck anyway and in regards of reclaiming PPI, just give us a shout.;)

Sol00

Welcome have charged interest on all Acceptance Fees, mine included.

I've got a complaint with the FOS currently about this, but I think I know the outcome as I've been told it's OK as long as it's included in the Total Charge for Credit, or something along those lines. I might advise that this wasn't pointed out to me at the time of signing the agreement, but I'll wait until the time to decide.