missold welcome finance secured loan

mucker2308

any advice would be really appreciated....

My partner took out a loan for £10000 in 2004 with welcome finance, they would only give him the loan if his previous partner also signed the agreement. Payments were around £250 per month at first. Around a year later they split up and he was left to continue to pay. He rung WF another 6 months later asking for help with payments as he was paying it alone and they lowered it by half. This continue for around a year. They then contacted him saying they needed to have a meeting. Two people then come round and said they couldnt locate his ex partner and the payments would have to increase to original. My partner could not afford this and explained, they said the only other option was to sign another agreement and it would stay at £130 but would take his ex partner off the agreement. he had no choice but to do this as he would have had his property taken. When looking into the matter of mis sold ppi they rejected our complaint (even though they said it was on the loan but different agreement number) and wrote there findings of the situation, which they said they were KIND enough to decrease the interest ( even though initially borrowed £10k total repay £16800 with £1800 ppi and now 7 years on and he has paid £11000 there is still a debt of £32000 tr!!) and also they could not find details of the restructuring of the loan, and still had his ex partners details on file and would resolve the error??????

surely they have broken the data protection act for her details still being on record e.g. she could have rung up and got details etc??? and they cannot find the contract details of the restructuring? isint it no contract no agreement?? we are hoping for it to be written off or a big piece taken are we too expecting too much?

We are currently looking into the matter with the FO but any advice would be much appreciated as we still dont know how to address the matter.

Hope someone can help us

many thanks

Annisele

So, you say the original joint loan was repaid and your partner took a new loan in his own name, and the firm says that there was no such restructuring? Is that right?

If so, do you have documentary evidence of the new agreement?

magpiecottage

None of this seems to make sense.

However, it is somewhat academic. The loan was taken out in 2004 and consumer credit only came under FOS jurisdiction in 2007. In any case, Welcome Finance is bust so FOS cannot deal with complaints against it.

mitchell12

I took out a welcome finance loan secured against my house back in 2003, i cant remember how much for and what the repayments were at the time but when i moved in 2005 i paid it off in full. Although im sure the repayments were scandalous i dont seem to recall it being too bad and no problems came about at the time. Anyway when i moved in november 2005 i decided to take out another loan secured against my house for the amount of 11,000 and to date i owe 12,300, how ridiculous is this? I pay a monthly payment of 237.49 and only 38.94 a month comes of the balance so thats a capitalisation fee which is also known as interest of 197.57 a month and 0.98 default sum fee interest a month. Can anyone help and give me some advice as this is just not right, i needed the money at the time but i do not ever recall agreeing to an interest rate of 19.68% because i would never have signed to that, i was desperate but not that desperate. Because i can not afford to settle the debt i have calculated that by paying my monthly amount of 237.49 im only clearing about 512.00 off the debt a year and paying them 2,400 a year in interest, and because i cant see my financial situation changing soon so taking the worst case senario its going to take me another 23 years to pay the debt off so thats a massive profit of interest for welcome of over 55,000 pounds and thats not including the money iv already paid since november 2005. Also after reading other complaints im now not sure if iv had ppi applied to the loan, i declined it at the time but it sounds like they dont listen. Is there anything i can do as this loan is draining me,is it leagal? any advice would be greatly appreciated.

roonaldo

mitchell12 wrote: »

I took out a welcome finance loan secured against my house back in 2003, i cant remember how much for and what the repayments were at the time but when i moved in 2005 i paid it off in full. Although im sure the repayments were scandalous i dont seem to recall it being too bad and no problems came about at the time. Anyway when i moved in november 2005 i decided to take out another loan secured against my house for the amount of 11,000 and to date i owe 12,300, how ridiculous is this? I pay a monthly payment of 237.49 and only 38.94 a month comes of the balance so thats a capitalisation fee which is also known as interest of 197.57 a month and 0.98 default sum fee interest a month. Can anyone help and give me some advice as this is just not right, i needed the money at the time but i do not ever recall agreeing to an interest rate of 19.68% because i would never have signed to that, i was desperate but not that desperate. Because i can not afford to settle the debt i have calculated that by paying my monthly amount of 237.49 im only clearing about 512.00 off the debt a year and paying them 2,400 a year in interest, and because i cant see my financial situation changing soon so taking the worst case senario its going to take me another 23 years to pay the debt off so thats a massive profit of interest for welcome of over 55,000 pounds and thats not including the money iv already paid since november 2005. Also after reading other complaints im now not sure if iv had ppi applied to the loan, i declined it at the time but it sounds like they dont listen. Is there anything i can do as this loan is draining me,is it leagal? any advice would be greatly appreciated.

you've highjacked someone elses thread.

_Andy_

mitchell12 wrote: »

I took out a welcome finance loan secured against my house back in 2003, i cant remember how much for and what the repayments were at the time but when i moved in 2005 i paid it off in full. Although im sure the repayments were scandalous i dont seem to recall it being too bad and no problems came about at the time. Anyway when i moved in november 2005 i decided to take out another loan secured against my house for the amount of 11,000 and to date i owe 12,300, how ridiculous is this? I pay a monthly payment of 237.49 and only 38.94 a month comes of the balance so thats a capitalisation fee which is also known as interest of 197.57 a month and 0.98 default sum fee interest a month. Can anyone help and give me some advice as this is just not right, i needed the money at the time but i do not ever recall agreeing to an interest rate of 19.68% because i would never have signed to that, i was desperate but not that desperate. Because i can not afford to settle the debt i have calculated that by paying my monthly amount of 237.49 im only clearing about 512.00 off the debt a year and paying them 2,400 a year in interest, and because i cant see my financial situation changing soon so taking the worst case senario its going to take me another 23 years to pay the debt off so thats a massive profit of interest for welcome of over 55,000 pounds and thats not including the money iv already paid since november 2005. Also after reading other complaints im now not sure if iv had ppi applied to the loan, i declined it at the time but it sounds like they dont listen. Is there anything i can do as this loan is draining me,is it leagal? any advice would be greatly appreciated.

1) Start a new thread
2) Edit your post into easy to read sentences, it's basically just noise at the moment.

percypiggy

I'm fighting something similar with Natwest, in 2009 I wanted to restructure various debts £10,000 that i had built up and went to my local Natwest branch to discuss.

The lady I spoke to looked into all the details and told me if I opened an Advantage gold account @ £12 a month i would get a preferential rate on my loan of 7% and that i could cancel the account after 3 months return to my regular banking account and would still keep the preferential rate of 7%. I couldn't really afford to do this at the time but thought I'll get a cheaper rate so agreed.

we discussed various repayment terms (i wanted to pay it off earlier than i could afford 3,4,5 year terms) and ended up at 5years.

In July of this year I looked at the loan statement I had received and noticed that the APR on the account was actually 15%!!!

I went to a couple of branches including the one where i opened the loan and neither investigated the matter at all. I then wrote to their response team and after an initial investigation all they could say was we have spoken to the individual and she assures she would have discussed the actual terms i was entitled to with me and that i had signed the agreement and would have had a 14 day cooling off period.

She didn't otherwise i would never have taken out the extra advantage gold account if i wasn't going to get the 7%, what she did talk alot about was her young son and fledgling marriage neither of which was relevant to my life situation at the time nor interested in. I was a desperate mid 20's women looking to get some control of a dire financial situation.

I want Natwest to honour the 7% and have told them i am not satisfied with their investigation so far they are re-looking into it, i haven't heard from them in over 10 working days now. i guess the next step is FO.

It just seems like another form of miselling as no doubt a loan agreement and a new account signing for targets gets things moving.

anyone else heard of anything like this before?

thanks

_Andy_

percypiggy wrote: »

I'm fighting something similar with Natwest, in 2009 I wanted to restructure various debts £10,000 that i had built up and went to my local Natwest branch to discuss.

The lady I spoke to looked into all the details and told me if I opened an Advantage gold account @ £12 a month i would get a preferential rate on my loan of 7% and that i could cancel the account after 3 months return to my regular banking account and would still keep the preferential rate of 7%. I couldn't really afford to do this at the time but thought I'll get a cheaper rate so agreed.

we discussed various repayment terms (i wanted to pay it off earlier than i could afford 3,4,5 year terms) and ended up at 5years.

In July of this year I looked at the loan statement I had received and noticed that the APR on the account was actually 15%!!!

I went to a couple of branches including the one where i opened the loan and neither investigated the matter at all. I then wrote to their response team and after an initial investigation all they could say was we have spoken to the individual and she assures she would have discussed the actual terms i was entitled to with me and that i had signed the agreement and would have had a 14 day cooling off period.

She didn't otherwise i would never have taken out the extra advantage gold account if i wasn't going to get the 7%, what she did talk alot about was her young son and fledgling marriage neither of which was relevant to my life situation at the time nor interested in. I was a desperate mid 20's women looking to get some control of a dire financial situation.

I want Natwest to honour the 7% and have told them i am not satisfied with their investigation so far they are re-looking into it, i haven't heard from them in over 10 working days now. i guess the next step is FO.

It just seems like another form of miselling as no doubt a loan agreement and a new account signing for targets gets things moving.

anyone else heard of anything like this before?

thanks

START A NEW THREAD !!!!!!