Welcome finance help re: CCA and interest charges etc.

stupidd

Hi all,

So thanks to my dad gettin some endowments through I've managed to pay off almost all of my debts (around 10k) and I now just owe him, which is awesome as hes doesnt charge interest.

However welcome finance wouldnt give me any kind of discount so I am still payin them.

Basically I feel I have paid them enough now. I borrowed 2,500 in 2007 for 36 month. I have the credit agreement and would love to find out if it is unenforceable.

However the problem I have really is I was with byrom and keeley from early 2008 until late 2009 and was paying welcome finance 85ish a month. Then I ditched byrom and keeley because they were useless thieves :P and since then i have been payin 105 a month. I still owe them aroun 4000. which is just ludicrous. I have a few statements somewhere, but not many and it seems they just add on money left right and centre. I also remeber they took me to court, without telling me. I just got a letter sayin it went to court and I lost!


SO a few examples of the charges




12-09-08 OPENING BALANCE £4637.61
17-10-08 Payment -£87.06
12-11-08 CAPITALISATION +£949.59
10-12-08 COURT FEE +£306.33
10-12-08 CAPITALISATION +£306.33
12-12-08 COURT FEE +£306.33
12-12-08 CAPITALISATION +£306.33
13-12-08 CAPITALISATION +£207.79
15-12-08 PAYMENT -£87.06
13-01-09 CAPITALISATION +£233.97
02-02-09 PAYMENT -£87.06
13-02-09 CAPITALISATION +£145.52
26-02-09 PAYMENT -£87.06
13-03-09 CAPITALISATION +£0 (bless them!)

Closing Balance £6438.90

So basically Byrom and keeley had me believing they had stopped interest. I admit I kinda had my head buried in the sand, believing it was getting sorted out. This is the only statement I can find at the moment, but I'm sure there are still some around.

On the credit agreement it says total amount of credit £3657.16 aPR is 58.17%
on that statement at the top is £3732.16 which i assume includes the £75 acceptance fee that is mentioned.

This just seems to be ridiculous. I mean I've been paying them every month for over 3 years, although probably missed a few payments here and there because I was stupid. But I still owe them nearly double what I borrowed. And the sickest thing is, I got the loan to pay off a credit card, and got it with YES loans, who i stupidly thought were actually a lender, but it turned out they're a broker. So I applied for £5,500 and wound up with £2,500.

It's at the point where when I look at this, aside from being embarrassed at how stupid I must have been to even take out this loan, I feel like just ringing them and saying I'm not paying them any more and to take me to court!

I had PPI too which was missold and Apparently I got it back...


So, sorry for the tl;dr, but is it worth gettin a solicitor or something to look at all this or getting a SAR to see exactly what I've paid and what I supposedly owed...


Any help greatly appreciated

bottleofred

Hi Stupidd and welcome to the forum,

I've never dealt with welcome finance, but the rate does look extremely high. I'm not sure about the credit agreement being unenforceable or whether you've been missold the ppi, but I would certainly try to get the money to settle the account asap due to the high interest. I'm sorry I can't be of more help, but hopefully someone with more knowledge than me will be along soon with more advice.

stupidd

Hi bumpin this to see if i can get any help.

Ater this happened I got the ppi reclaimed due to a letter from FSA and the loan knocked down to 1700. in march i changed banks and completely forgot to transfer the DD. I realised after a couple of months, but they had not contacted me so i decided to test the water and see what would happen (i know... genius!)

worked out ok until december, when i got a letter from LRC saying they had taken over management of my case nd to stop paying irvin and mitchel (who i wasnt paying anyway after being instructed to pay welcome finance years ago)

they also mention that "as you are aware on 21/12/2012 (date of letter) we obtain Judgement against you and the current outstanding balance is £1,704"

does this mean they took me to court AGAIN? without tellin me?

they also mention i need to offer a payment plans "to discharge the security our client holds against your property, which will remain in place until such time as it has been paid in full."

I dot have any property, nd it was an unsecured loan. I have since bought a car from a family member, but how do they know about that? Im terrified they will take it becuase I will lose my job.

I never contacted them over christmas as i had no money anyway and kno from experience that it is pointless trying to deal with these people withough making an offer, but today i got another letter from "thier solicitors" Young and Pearce

Final Demand just says the amount owed and filure to ensure they have recieved payment by 16th jan will result in further action.



I dont kno what to do now. I have filled out their online income and expediture form and offered £85 a month. I would offer more but i kno i will only default again if I do.

Do these guys have legal authority to chase me for this or are they chancing their arm? Can they take my car? What judgement have the got?


any help would really be greatly appreciated (((