Welcome finance - cca request

gavin2121

Hi All,

I've read a few threads regarding borrowers requesting a CCA from the lender thus giving them 12+2 days to reply or the loan becomes DEFAULT... but no one mentions what happens next??

I have requested my CCA from welcome finance and included a £1 postal order to cover the admin cost in providing this information (as advised by CCCS)

In 14 days time, if Welcome fail to reply to my request with all the relevant financial information.... what happens??

The loan becomes default? Does this mean i pay nothing??

Sol00

No. What it means is that you can stop paying, but if they provide a valid CCA after the 14 days, then you have to resume payments.

gavin2121

Thanks for your reply...

I'm a little confused as to the point of the CCA then.... does this open the door to me disputing the account details such as secured and term?

costapkt

They should either supply the CCA or if they can't should send you a letter saying that they are trying to obtain it.You can send account in dispute letter if you do not get one in the 14 day period. But I would let sleeping dogs lie. Just stop paying them until they produce CCA. Then check it to see if it is enforcable. If they cannot produce a CCA the debt is still there , but cannot be enforced in a court of law.

costapkt

gavin2121 wrote: »

Thanks for your reply...

I'm a little confused as to the point of the CCA then.... does this open the door to me disputing the account details such as secured and term?

Obtaining the CCA proves the Debt exists.If you get it back then you can check that everything is hunky dory with it .

gavin2121

My original complaint (6 months ago) was that the loan turned out to be..

A, Secured on our home and
B, The 5 year term was actually 120 months (10yrs)

We found this out when we missed a payment after 3 years and were contacted by Welcome staff who pointed out the remaining 7 years and total amount payable of £34,000 for a £12,000 loan....

All communication from my side has been in writing however, Welcome are very quiet on the letter front... choosing to call every other day to request payment.

If they fail to produce the CCA, will the door open for me to carry my complaint to court to have both the Term reduced and more importantly the house removed as security???

costapkt

IF they cannot produce CCA, then as far as I know they have no proof the Debt exists, but might put you in a better position to negotiate with them ie. A full & final settlement figure. Have heard on other Forums that Welcome can be difficult to deal with. Try not to talk to them on phone insist on all contact be in writing.

Do not know enough of going to court, perhaps someone out ther will come along and help.

costapkt

Have you still got your copy of Credit Agreement ? If you have, go through it with a fine tooth comb. Especially for the period of loan, and total amount payable. It should say amount of loan, total interest, rate of interest and total amount payable. Then how much per month.

skintmumofone

Hi I have had a lot of problems with WF too in the last 6 months. I missed 3 payments last August due to changing banks and WF not applying my DD etc I managed to sort this out but they missed a dd from my account and have hammered me in interest and bank charges making my loan of £15,000 nearly £19,000. I have paid this for 2 yrs albeit the 4 missing months and I have a claim re the PPI and Charges with the FOS at the moment, am supposed to pay £264 a month for this but have been paying £320 but found out that they increased the % and I ended up paying an extra £20 a month so realistically will never get the arrears cleared as they will continue adding the daily etc interest and default charges to my account. I have had no joy with them admitting they mis-sold the PPI even tho I didnt need it at the time but felt if I didnt take it wouldnt get the loan. Am patiently waiting on some good news from the FOS lord only knows I could do with it......good luck weith your complaint Gavin2121 and let me know if you think I can do anything else to help my case.

costapkt

Keep trying for the PPI, this can take several letters and many months of waiting.
You are not obliged to take out PPI on a loan. If Welcome told you different then you have been missold.

gavin2121

Hi Costapkt,

I have a copy of the agreement. The biggest problem with the layout is that nothing stands out as a single figure. At 1st glance all seems to be average... i.e. total amount payable at £17,000... but if you read some of the finer details.. you have to add box A & B together, minus box C and times box D.... = £34,000.

Payments were £280 per month... x 60 months (5yrs) = 17,000.... all seems correct given that they're a sub prime lender bla bla bla....

Now try secured at £280 x 120 = £34,000:mad:

All communication has been in writing.. at least from my end. They have failed to respond to 7 letters bar 1 (my 1st) to which they started the letter "final response to your complaint". I have basically claimed that we were duped in to signing for an agreement that differed from what we purchased verbally (classic case of sign here,here,here and here). I have requested that our agreement be revised to at very least reflect 5 years (although verbally all they did was take the 10 year total payable and divide that by 5 years making the payments double)