Horrendous Settlement Figure off Welcome

smashedbooboo

Sorry i mean 15.00 each phone call and 25 for each visit. Go figure, Thats 45.00 per day just for ringing me. And still charge even though they did not speak to me. I have sent off for a copy of my agreement and i also sent a sar. Funny not heard a word from them for six weeks

rog2

smashedbooboo wrote: »

Sorry i mean 15.00 each phone call and 25 for each visit. Go figure, Thats 45.00 per day just for ringing me. And still charge even though they did not speak to me. I have sent off for a copy of my agreement and i also sent a sar. Funny not heard a word from them for six weeks

Surely these charges are 'disproportianate' and, therefore 'unlawful'. Can they not be claimed back in the same way as unfair bank charges?

Silvafox

Thanks for all the posts, judging by the interest I will definately keep this thread updated. Waiting for the entire statements before I go see someone then I may know a bit more.

We originally thought we'd just pay them what they have asked for just to get the charge removed and then persue it at a later date but the more I thought about it, the more it wound me up, therefore decided to look into now.

No doubt they'll drag their feet with sending the statments too. Also am wondering if its worth trying to bypass their 'local' office that I always end up at and try and go to someone higher in the company?

smashedbooboo

Oh yes indeed they can, But so far they have not replied to my request for true copy of agreement and neither the SAR, So for one they are now in default for not supplying agreement and in another couple of days the will be commiting a criminal offence, So i will be reporting them to all the relevant bodies. I have also stopped paying them until they come with goods. I reckon i have about 1500 to come back from them. Sorry hope i have not hijacked your thread hun. Just thought you might like to know what your up against.

Crown

Hi, Sorry to hear your trouble.

These Secured loan companies make me feel sick as my mum ended up taking loans out with these type of companies and run her mortgage up over a course of 15 Years from 47k to £110,000 :eek:

The problem is as you say they dont hold a gun to your head and under the pressure of losing a home or other commitments people get in over there heads and it all spirals out of control.

I'll be interested to see what the outcome of this is as although its a extortionate rate it was one that was agreed and signed for. Also since you have been making payments it acknowledges the debt so would they still need to show the paperwork?

Good luck

Silvafox

Crown wrote: »

Hi, Sorry to hear your trouble.

These Secured loan companies make me feel sick as my mum ended up taking loans out with these type of companies and run her mortgage up over a course of 15 Years from 47k to £110,000 :eek:

The problem is as you say they dont hold a gun to your head and under the pressure of losing a home or other commitments people get in over there heads and it all spirals out of control.

I'll be interested to see what the outcome of this is as although its a extortionate rate it was one that was agreed and signed for. Also since you have been making payments it acknowledges the debt so would they still need to show the paperwork?

Good luck

You're completely right and I agree.

Just wanted to try and check the settlement figure is correct anyway as it doesn't really add up even on a high APR deal. I have my suspicions about the PPI not being removed too.

We will pay whatever we have to, and if thats £23k then so be it. Just trying to make sure we don't pay even more than we should thats all. Its a horrid feeling.

I will keep it updated anyway.

Polovski

My friend had an unsecured loan with them at 50 odd %, she recently rang them and bugged them over the charges for late payments and charges for 'administration' - phone calls etc. They offered her £250 off the loan but seeing as her charges were well in excess of £1500 i told her to tell them no and to ask for the address so that she could request statments and start action towards claiming all charges back - they put it through to a higher manager and in less than a week they had taken £1600 off the balance of her loan.

It may be worth phoning them first to see if they will remove the 'admin charges'. Otherwise claim in the same way as you would claim against a bank. Good luck

I_Heart_NYC

Welcome Finance should not be allowed to even exist. They are quite possibly one of the worst companies! They prey on people's misfortune and will do anything to make themselves money. I have the unpleasant experience of currently owing to them too... NEVER EVER AGAIN...

What makes me mad is that why dont High Street Lenders help people like us who have to use these cowboys?!? Why not have a specialist team in their loan department - okay instead of offering a 6% APR, perhaps offer people with adverse credit a little above, not like 50%!!! and just research into the person's credit history, ask them why they had difficulties etc... If banks/lenders took the time to talk to people, instead of dealing with us like the plague, i am sure others, like myself, would not get into this much trouble and actually fear the sound of a ringing telephone!!! :mad:

Silvafox

Dug out the original paperwork at weekend. The loan's APR was actually around 26% and I've read all of the small print on the rear and everything that came with it, and Rule of 78 isn't mentioned anywhere at all.

Surely it would have to say Rule of 78 if thats the system they use for calculating early settlement? If its the case that this rule isn't used to work my figure out then how can this figure be so high still?!

At least I now have enough to take and show someone. I still keep reading about things altering after 31st May 2007 but can't get a definative answer as to whether it will alter my figures? If I ask Welcome I don't trust them to tell me the truth anyway!

Maybe I should just ask for a new settlement figure after May 31st?

Just to recap on exact figures:

Loan taken out October 2004 for £15k secured at 26% APR
No arrears
Paid back around £10k
Cancelled PPI which was added at beginning for about £4k around 14 months ago and got £2800 knocked off balance
Settlement figure of £23k still!

We are being rogered big style. Will hopefully see someone at the CAB next week. Will keep it all updated.

GirlRacer_2

Keep us posted on how you get on.