Welcome finance, Possible forgery??!!???

angie1001

Hello all,

I put up a post a month or so ago regarding welcome finance. The advice i received advised me to ask for a subject access report.
I have just received it and am completely in shock that i apparently own a Audi A3! It was a Fiat Punto we bought!!?? What on earth is going on?

Also on the statement we have been charged capitalisation? whatever that is? HPDI fees? Add hoc fees? no idea what all this means.

We also got a loan from Welcome and the loan started at £3661.60 in 2004 and is now sitting at £2895???? for every payment of £70 about £50 was taken off in interest!!!!! and yet more capitalisation? and Add hoc fees equating to £20 per month, so really every payment we have been made has been taken back in charges!?

This surely cant be right, i really need sum good advice on what to do next. I have also stopped all payments until the dispute has bee resolved.

Please help!

Tubbss

Hi
Capitalisation is monthly interest, ad hoc fees are collection charges, HPDI - hire purchase default interest (interest accrued on arrears, although called default interest it does not necessarily mean that they have defaulted you).

As for the loan you need to advise how long the loan was over, rates etc and are there arrears?

Wutang_2

angie1001 wrote: »

I have also stopped all payments until the dispute has bee resolved.

not a brilliant idea...!

angie1001

Tubbss wrote: »

Hi
Capitalisation is monthly interest, ad hoc fees are collection charges, HPDI - hire purchase default interest (interest accrued on arrears, although called default interest it does not necessarily mean that they have defaulted you).

As for the loan you need to advise how long the loan was over, rates etc and are there arrears?

Hi there thanks for replying,

Why would i have to pay collection charges? We have always paid by direct debit. Also the HPDI fee is being taken every month regardless? Im soo confused.

What do you think about the agreement? It seems they have sent us a credit agreement for a car that we have never had? but our signatures are on it??? I know we didnt sign that!

The loan agreement was over 84 months at £70.85 per month at 16.10% apr but it also says a rate of interest per annum 15.4%? Im looking at the statement they have sent and their is no defaults on it that i can see.

Also do you think it is wise to stop paying them? Or should i continue making payments?

Thanks Angie x

AMILLIONDOLLARS

You said that you have stopped all payments. Were the instalments being taken out of an account owed by yourself or Partner? Are you sure that your partner has nothing to do with this car purchase. You don't sound too sure about whether this loan is fraudulent or not as you describe it as "possible forgery".

All sound odd to me.

Just re-read your first post. Could be that the paperwork is wrong ie a typograpical error, so instead of Fiat it states Audi A3, sounds like the more likely thing to have happened. Does the price you agreed, along with the interest tie up for the Fiat?

AMD

angie1001

AMILLIONDOLLARS wrote: »

You said that you have stopped all payments. Were the instalments being taken out of an account owed by yourself or Partner? Are you sure that your partner has nothing to do with this car purchase. You don't sound too sure about whether this loan is fraudulent or not as you describe it as "possible forgery".

All sound odd to me.

Just re-read your first post. Could be that the paperwork is wrong ie a typograpical error, so instead of Fiat it states Audi A3, sounds like the more likely thing to have happened. Does the price you agreed, along with the interest tie up for the Fiat?

AMD

The Hp was in both my husband and my name and dont know if you quite understand what im saying. I asked for a subject access request because of advice we received on here. We asked for a signed copy of the original Hp agreement. A signed copy came through today but it was not for our car? It looks like our signatures have been put there fraudulently by the company!
Nothing adds up money wise. And upon looking closer at the agreement they have sent the chassis number of the car is 012345 and the engine number is 0987654!? Im totally shocked, what the hell.
I think i need some serious help!

Aarrgh x

Tubbss

Hi
Do you have ANY arrears on the car (even agreed arrears or where payments may have been put to the end of the loan?), if so, the HPDI is the monthly interest charged on these arrears. These are not been "taken" - they are added to the account each month.

On the personal loan, it would appear to me that this is a rewrite (to perhaps reduce monthly payments) as Welcome did not do a loan over this period of time or at this rate.
You would not see on a statement if a default has been added, you need to look to see if a full payment has been made each and every month - if there are any missing payments you will incur default interest on these untill they are repaid. The £3661 was the amount financed and not the amount payable - this is £5951 providing no missed payments / collection charges etc.

In my opinion you should maintain payments - the chances are you went to Welcome as other lenders would not lend to you, as more and more sub-prime lenders are closing their books to new customers you dont want to worsen your credit file as you would find it increasingly difficult to obtain loans etc as ALL lenders are becoming more and more stricter when it comes to lending.

Have you contacted Welcome regarding your issues (head office 0115 9849200)?

hope this helps

angie1001

Tubbss wrote: »

Hi
Do you have ANY arrears on the car (even agreed arrears or where payments may have been put to the end of the loan?), if so, the HPDI is the monthly interest charged on these arrears. These are not been "taken" - they are added to the account each month.

On the personal loan, it would appear to me that this is a rewrite (to perhaps reduce monthly payments) as Welcome did not do a loan over this period of time or at this rate.
You would not see on a statement if a default has been added, you need to look to see if a full payment has been made each and every month - if there are any missing payments you will incur default interest on these untill they are repaid. The £3661 was the amount financed and not the amount payable - this is £5951 providing no missed payments / collection charges etc.

In my opinion you should maintain payments - the chances are you went to Welcome as other lenders would not lend to you, as more and more sub-prime lenders are closing their books to new customers you dont want to worsen your credit file as you would find it increasingly difficult to obtain loans etc as ALL lenders are becoming more and more stricter when it comes to lending.

Have you contacted Welcome regarding your issues (head office 0115 9849200)?

hope this helps

I think you may be right about the loan and i will call Welcome tomorow with regards this, maybe see if i can get a settlement.
The loan is not really the problem its the HP we did miss a couple of payments years ago but have been all up to date for a long time. What i dont understand is how our signatures are on an agreement for a car that has never belonged to us? How can this be legal?

Ang x

Xbigman

They have reconstituted your agreement and made a mistake. You should write to them making a complaint that the paperwork is incorrect. They should then supply the correct paperwork.

Your actual problem is that you missed a few payments some years ago and you did not clear them. This means interest and charges have been piled on for years and the loan is barely getting reduced. It is not in Welcomes interest to sort this out because they want you to keep paying forever.

You can fight this, which you have started to do with an SAR, but the simplest and usually cheapest way out is to get a settlement figure and take out another loan to pay it. I say its the cheapest because Welcome will keep piling on charges forever and getting shot of them ASAP will eventually be cheaper.
Regards



X

kurjam

angie1001 wrote: »

I think you may be right about the loan and i will call Welcome tomorow with regards this, maybe see if i can get a settlement.
The loan is not really the problem its the HP we did miss a couple of payments years ago but have been all up to date for a long time. What i dont understand is how our signatures are on an agreement for a car that has never belonged to us? How can this be legal?

Ang x

did you ring welcome and get any joy with them ??