Welcome Finance and their Incorrect Credit Agreement

stefone

Hi

Just want a little bitmore info before I pursue further.

Beentrying to reclaimback PPi from these guys, after 18 months nothing.

Have been refusing to surrender requested documents under DPA until got ICO involved and they were repramanded.

After sifting thorugh all the info they sent I found out something that to me makes me feel like they were trying to hide something.

I had one loan with them in 2007, almost paid this off and then took out a second with them in late 2008. They settled the remaining outstanding money from 1st agreement and added this onto the 2nd new agreement. Never asked questions, they showed me settlement figure and included this on new agreement. Now the funny bit is once I received all the information they held on me I went through each piece carefully.

I found out 2 bits of information that shocked me.

First the settlement figure letter they gave me had no date originally but I found enclosed a letter from theirown internal paperwork that had 2 settlement figures on there. They first one was the one that matched the offer they gave me when taking out the new agreement, this as crossed out with a signature next to it. Underneath was a second settlement figure over £300 less with the date next to it which was same date I took out new loan. After looking through I found out that the settlement figure they used was on another sheet with a date in september on it. (settlement figure on december new agreement had spetemeber early settlement calculation) I took out new loan in december. After speaking to trading statndards who taught me how to caculate early settlement It came to light that the lesser settlement figure was infact correct and the one used on my new agreements which has had all interest etc calculated on it, monthly payments arranged and paid was infact old and incorrect.

this means they have drawn up new agreements been taking money from me saying I owe this much when infact this is compete nonsense. I have sent in a letter months ago and never ever got a reply.

I stopped paying immediately and since this they have now registered my account as default and passed details to a supposed DCA who have also registered a new credit account on my credit file and also marked this as default.

Currently still trying to get back PPI which they are refusing but it went belly up as claims handler firm went bust so with help of FOS been doing it on my own.

does anyone know what grounds I have or whether this agreement is enforceable, from what I have gathered they knew this which I can only imagine is the reason as to why they would not submit my information to me until fined by ICO

Thanks in advance (apologies for long speil)

Clive_Woody

stefone wrote: »

Hi

I stopped paying immediately

I suspect this is where the issue lies.

Malky

Never ever stop payments on anything until any problems have been rectified. As you have found out, you are asking for trouble.

Apples2

PPI aside, you have Royally trashed any chance of getting sensible credit for the next 6years.

Bad Bad decision to take it upon yourself to stop paying.

stefone

So for 8 months I have been fighting this, trading standards are invovled but to date nothing. Would you pay back something you knew you shouldnt.

Including interest accounted ont op over loan term it equates to over £1200 included as total payable.

So you lot above would carry on paying knowing this to be the case.

Not sure if anything todo with the financial trouble they were in but the DCA sent me a letter saying they would accept a complete settlement with 60% knocked off if I was to pay now.

Does this not seem odd.

Over the years theyowe me £2500 in PPI which still going through carry on of gettingback and now my credit agreements are found to have an extra £1200 as the total amount repayable that I shouldnt be paying back to them. Including PPI and incorrect settlement figure fiasco once calcuatedmy settlement figure they owe me money

stefone

Apples2 wrote: »

PPI aside, you have Royally trashed any chance of getting sensible credit for the next 6years.

Bad Bad decision to take it upon yourself to stop paying.

Read the CCA and you will note that as its been determined that the entire credit agreemtn is incorrect that they details they have supplied to CRA are now void and have to removed. This is from Trading Standards and also after convening with FOS o was in my right to stop paying.

PNPSUKNET

but are you still not going to owe something...

andyg99

stefone wrote: »

So for 8 months I have been fighting this, trading standards are invovled but to date nothing. Would you pay back something you knew you shouldnt.

Including interest accounted ont op over loan term it equates to over £1200 included as total payable.

So you lot above would carry on paying knowing this to be the case.

Not sure if anything todo with the financial trouble they were in but the DCA sent me a letter saying they would accept a complete settlement with 60% knocked off if I was to pay now.

Does this not seem odd.

Over the years theyowe me £2500 in PPI which still going through carry on of gettingback and now my credit agreements are found to have an extra £1200 as the total amount repayable that I shouldnt be paying back to them. Including PPI and incorrect settlement figure fiasco once calcuatedmy settlement figure they owe me money

Does anyone have any experience of Welcome accepting a settlement figure like this if the account is up to date and has never had a payment missed?

Hax

stefone wrote: »

So for 8 months I have been fighting this, trading standards are invovled but to date nothing. Would you pay back something you knew you shouldnt.

Including interest accounted ont op over loan term it equates to over £1200 included as total payable.

So you lot above would carry on paying knowing this to be the case.

Knowing how bad a ruined credit record is and valuing my now recovered record, then yes, I would have kept on paying and worried about the recovery of the extra money and PPI as a separate issue. End of the day, you have stopped paying them and have therefore defaulted on the account. Whether or not the agreement is "correct" is a separate issue to be resolved.

As for the settlement figure, you say that was agreed by the DCA - I believe that DCAs often "buy" the defaulted debt for less than it's worth and are therefore willing to accept a settlement figure which is substantially less than the total outstanding debt.