Welcome Finance Please help

sadiejp

Hi hoping you can help i have just reclaimed PPI from Welcome and have just received a statement

On 30-07-2008 my balance was at 3834.16

On 31-12-2009 my balance was at 4578.35

i have missed a few payment but during this period have paid 11x 202.78 and 1 x 150.00 = 2380.58

Despite this my balance has increased with the difference being a mass of charges for telephon/letter or outside call fee, fee assesment,credit card declined fees and capitalization.

can Welcome Finance do this and secondly can i get these charges reversed.

Also this debt is crippling me are the likely to accept a token gesture each month

Sorry for the rant but 2010 is the year i sort out all my finances

Thanks

di3004

sadiejp wrote: »

Hi hoping you can help i have just reclaimed PPI from Welcome and have just received a statement

On 30-07-2008 my balance was at 3834.16

On 31-12-2009 my balance was at 4578.35

i have missed a few payment but during this period have paid 11x 202.78 and 1 x 150.00 = 2380.58

Despite this my balance has increased with the difference being a mass of charges for telephon/letter or outside call fee, fee assesment,credit card declined fees and capitalization.

can Welcome Finance do this and secondly can i get these charges reversed.

Also this debt is crippling me are the likely to accept a token gesture each month

Sorry for the rant but 2010 is the year i sort out all my finances

Thanks

Hi there
Bumping this up for you, I am useless at calculations.....:o, but hopefully someone will be along soon to have a look for you.;)

Good luck.

gazgaz_2

The Wife and I are in a similar position...:-(
After paying around £4000 of our loan over the last 2 years we seem to owe them more than we borrowed.
What is 'capitalization' all about?

twinkledust

I'm not too good with calculations either but I'm sure someone will can help just keep the post bumped

I've just sent my first letter away to welcome also. We settled with them after paying £271 per month for just under 3 years for £15,000 loan and our settlement figure was still around £20,000 so I know how you feel with this company.

Keep fighting, don't give up without winning the battle

chickencurry

Hi,
Can I reclaim my "capitilisation" charges from a loan taken out with Welcome finance in 2003 which I am still paying through a debt collection agency? The amount of interest is staggering although they did stop charging it in 2008 after I begged them too. Can I reclaim anything? I have got a statement of my account showing all the interest. I was told I had to have PPI and medicare insurances when I took out the loan or it wouldn't be accepted. I have previously wrote to Welcome about reclaiming PPI and the insurances but they wrote back enclosing copies of the original agreement all highlighted showing that the insurances were stated as optional on the paperwork, although I wasnt told this at the time of signing and I was desperate. At the time of taking out the loan Welcome werent regulated by FOS so can I do anything??

di3004

chickencurry wrote: »

Hi,
Can I reclaim my "capitilisation" charges from a loan taken out with Welcome finance in 2003 which I am still paying through a debt collection agency? The amount of interest is staggering although they did stop charging it in 2008 after I begged them too. Can I reclaim anything? I have got a statement of my account showing all the interest. I was told I had to have PPI and medicare insurances when I took out the loan or it wouldn't be accepted. I have previously wrote to Welcome about reclaiming PPI and the insurances but they wrote back enclosing copies of the original agreement all highlighted showing that the insurances were stated as optional on the paperwork, although I wasnt told this at the time of signing and I was desperate. At the time of taking out the loan Welcome werent regulated by FOS so can I do anything??

Hi there

Yes you can, try pursuing the insurer instead.

Please can I ask what year you taken this out with Welcome?
They were to what I know of governed by GISC before the FSA taken over in Jan 2005.

I would maybe in your case contact the FOS and let them know the problem your having here, check with them with Welcome were regulated, if they were not covered when you taken this out, then ask the FOS if it would be worth you writing to the insurer instead then.

Some of us in the same situation are going the insurer direction, as apparently the FOS have also suggested going this direction too.

If you have the policy details the name of the insurer should be supplied on them, you write to them the same way as you done so with Welcome, the insurer would have been governed, so if the insurer writes back and says no, at least you can go to the FOS with this one, where they will consider to investigate this for you.

Good luck.

chickencurry

Hi,
I took the loan out in 2003 and do have all the relevant paperwork... I think! Its being collected at the moment by Roxburghe debt collection agency and they aren't much better than Welcome.
I will have a look at the paperwork later on tonight and try to find out who the insurers were for the PPI and Medicare etc.
Thankyou for now, I will let you know what happens xx

di3004

chickencurry wrote: »

Hi,
I took the loan out in 2003 and do have all the relevant paperwork... I think! Its being collected at the moment by Roxburghe debt collection agency and they aren't much better than Welcome.
I will have a look at the paperwork later on tonight and try to find out who the insurers were for the PPI and Medicare etc.
Thankyou for now, I will let you know what happens xx

Hi there
your welcome.

I would as well ask the FOS if these were covered by GISC when you taken this out, if this is the case then the FOS will be able to investigate this for you, so do check this out first, if they were not, then yeah write to the insurers as another avenue to take, good luck. XX;)

chickencurry

di3004 wrote: »

Hi there
your welcome.

I would as well ask the FOS if these were covered by GISC when you taken this out, if this is the case then the FOS will be able to investigate this for you, so do check this out first, if they were not, then yeah write to the insurers as another avenue to take, good luck. XX;)

Hi,
all the insurances were underwritten by norwich union. I will write them a letter along the same lines as the one to Welcome I guess about being missold. Got to be worth a try! x

di3004

chickencurry wrote: »

Hi,
all the insurances were underwritten by norwich union. I will write them a letter along the same lines as the one to Welcome I guess about being missold. Got to be worth a try! x

Defo worth a try, go for it, good luck X;)
But before you do..........
Still check with the FOS though to check if Welcome were covered or not, as it may save you another letter.

new_to_the_game

hi sadiejp,

I know how you feel, I have a HP car loan with them and didnt realise I was being charged for letters and tel conversations etc until due to the changes in the law that all financial companies have to supply us with yearly statements. I questioned WF on this and due to my salary date change advised WF of the same and altered the collection date with what I thought was no problem, only to find they had been charging me every month for late payment, capitalization and interest etc. I asked for them to reverse these as the collection date change was agreed and no information for late fees etc would come into it.
After a little battle with them and their total refusal to reverse them, I threatend them with action through the FOS, and after setting the wheels in motion proceeded with my promise. I had my complaint escalated to the so called highest authority at WF and as I was negotiating with them and very succesfully having the charges reversed, within a couple of days, they contacted me to say they had received conformation from the FOS of the complaint and that they would show me the total reversal of the charges on the account and would I stop any further action through the FOS, I did make them sweat a bit due to the fact they tried unsuccesfully to fob me off.
I have since read on the internet that 'Cattles' who own Welcome Finance are now in the process of winding the WF business and taking over the loans through their own branches. Although part of me is extremely happy about this, I have every simpathy for the Genuine employees who will lose their jobs, Not the nasty pieces of work who have no morals when dealing with clients. WF may be on its last days, but I'm afraid the brand and tactics will probably still be there through 'Cattles'.

Heres to a better future for all.:D

And any one from WF or 'Cattles' whom are reading these forums, why can't you understand, sometimes clients get into difficulties, and if you had a lower interest rate and a little more patience, as a company you might have had a larger clientel and returning customers. Sometimes in business you have to give a little to get a lot, and as the majority of clients who would come to you would usally have gone through every other company and then had to use you as a last resort, (myself included):(, but 50%+ on an unsecured loan thats a far cry from anyone else:eek:. A few % above say the High street lenders and banks rate (even double) and you would have been laughing all the way to the bank :rotfl:(pardon the pun) and most of your clients would probably recommend you, and look at what business you would have probably created instead of the greed in your eyes:mad:. but thats too late now so your owners are doing away with you, maybe Cattles may rethink the interest rates and lower it to something more respectable (although I doubt this as they are probably just as greedy).:mad:

Anyway, sorry I'm getting off the subject, I just needed to get my rant over, and hopefully 'Cattles' might look at it. Lol.

Regards everyone, and keep fighting them, they have brought on their own downfall and thanks to their owners, are putting them out of their misery.

Chopper