Help Welcome Finance - Hire Purchase and Loan Agreements

willowthewisper

Hi, wondering if someone can offer some advise, My husband back in the 2000 had the misfortune to use Welcome Finance to buy a car. i know i know not his brightest moment. But anyway.
after writing to the company and sending a SARS request we finally got the account statement through. THere are loads of errors, the Annual interest rate said 0 % on one statement then 36!% on another the duration said 99 years on one and then 36 months on another.. but more importantly on the statements in April 2004 the account clearly states "pay off" and the account sum of £0.
They then have over the course of three days show that "principle credit adj" for several thounds pounds and then in Sept 2004 theres a "pinciple debt adjustment" Anyway we've written several letters to welcome and after 3 months basically got a final response letter saying go away, so i took it to the financial ombudsman. They called me today to say that as the activity on the account is in 2004 its outside their jurastiction * sorry can't spell* and they can't look at it.
Welcome clearly have sent us the statements through and they clearly show that they have been taking payments to the sum of aroun £8331 since 2004 from the date that their statement clearly shows the account was settled. When I spoke to the FOS, they said that we could take them to the small claims court? just wondered if anyone has gone through this process with them? should we try somethign else? and I don't suppose anyone has a link to a compound monthly interest calculator in excel? Any advise suggestions welcome.

We also have three other claims another for inonsitant account management ( they have told us that the account is closed yet my husband is still making payments and the account is still acuuring interest) and two PPI claims..
They are so shoddy, imorral and unethical. any advise with dealing with this company would be welcome.. please be gentle this is my first post.

Wywth

willowthewisper wrote: »

Hi, wondering if someone can offer some advise, My husband back in the 2000 had the misfortune to use Welcome Finance to buy a car. i know i know not his brightest moment. But anyway.
after writing to the company and sending a SARS request we finally got the account statement through. THere are loads of errors, the Annual interest rate said 0 % on one statement then 36!% on another the duration said 99 years on one and then 36 months on another.. but more importantly on the statements in April 2004 the account clearly states "pay off" and the account sum of £0.
They then have over the course of three days show that "principle credit adj" for several thounds pounds and then in Sept 2004 theres a "pinciple debt adjustment" Anyway we've written several letters to welcome and after 3 months basically got a final response letter saying go away, so i took it to the financial ombudsman. They called me today to say that as the activity on the account is in 2004 its outside their jurastiction * sorry can't spell* and they can't look at it.
Welcome clearly have sent us the statements through and they clearly show that they have been taking payments to the sum of aroun £8331 since 2004 from the date that their statement clearly shows the account was settled. When I spoke to the FOS, they said that we could take them to the small claims court? just wondered if anyone has gone through this process with them? should we try somethign else? and I don't suppose anyone has a link to a compound monthly interest calculator in excel? Any advise suggestions welcome.

We also have three other claims another for inonsitant account management ( they have told us that the account is closed yet my husband is still making payments and the account is still acuuring interest) and two PPI claims..
They are so shoddy, imorral and unethical. any advise with dealing with this company would be welcome.. please be gentle this is my first post.

Maybe the statements do have errors on (or maybe you originally agreed to a period of interst free credit?)

What does the original laon agreement say?
How much did you borrow, and how much have you paid to date?
When do the company say you will finish paying off the loan (assuming you keep up the required payments)? Were all the payments kept up to date?

If the company have said you have no valid claim, and the FOS have told you they won't help you, your only remaining course of option open to you if you still believe you have been wronged is to take the matter to court. If your husband is still repaying the original loan as you claim, that should be possible.

But what was the company's final statement on your claim (other than you have the right to go to the FOS)?

willowthewisper

thanks for our reply.

No period of interest free, and they can't supply the original agreement as they state " since the account has been closed for some time we no longer hold the credit agreeement"

The intial fig he borrowed was £7,000 but he has paid back to date circa £16,000!

No my husband fell behind with a few payments, but is making regular payments now, but out of principle he is paying a nominal amount as we believe it to be closed.

They company didn't investigate it we just got a standard letter for all 4 complaints we raised with them so I think that may have been to deter us from progressing but you can clearly see on the statement that the account was paid off!.

They just said that our complaint was not upheld, interestingly though we keep getting letters from them saying that they are looking into our complaint and need another 8 weeks which ends on the 4th Sept.

I'm working out the compund interest on the payment figures at the moment, I'm going to send another letter to them today as the orginal complaint had several points, which states my next course of action which will be the small claims court.

Honestly I've asked a couple of people who've seen the statements and it clearly says the account was paid off.

I'm not going to let this drop as I believe that he has already paid this account off.. their own statements show that he has paid it off!
I'm in the proccess of putting all the paperwork together to take it to the small claims court it will cost a max of £300, and its a matter of principle. There is some recompense I found out from the very helpful guy at the FOS that every claim you take to the FOS can cost the company you claim again £500.. so its cost them £2000 already.

If anyone else has had dealings with the company i'd be interested. we still have 3 complaints with the FOS
1 for account management issues again this is pre 2007 and two PPI claims I suspect that they will say the same about these three complaints but I'm going to see it through to the end and if that means taking them to court so be it. Organisations shouldn't be allowed to behave this way which is probably why they are no longer trading

Wywth

willowthewisper wrote: »

thanks for our reply.

No period of interest free, and they can't supply the original agreement as they state " since the account has been closed for some time we no longer hold the credit agreeement"

The intial fig he borrowed was £7,000 but he has paid back to date circa £16,000!

No my husband fell behind with a few payments, but is making regular payments now, but out of principle he is paying a nominal amount as we believe it to be closed.

They company didn't investigate it we just got a standard letter for all 4 complaints we raised with them so I think that may have been to deter us from progressing but you can clearly see on the statement that the account was paid off!.

They just said that our complaint was not upheld, interestingly though we keep getting letters from them saying that they are looking into our complaint and need another 8 weeks which ends on the 4th Sept.

I'm working out the compund interest on the payment figures at the moment, I'm going to send another letter to them today as the orginal complaint had several points, which states my next course of action which will be the small claims court.

Honestly I've asked a couple of people who've seen the statements and it clearly says the account was paid off.

I'm not going to let this drop as I believe that he has already paid this account off.. their own statements show that he has paid it off!
I'm in the proccess of putting all the paperwork together to take it to the small claims court it will cost a max of £300, and its a matter of principle. There is some recompense I found out from the very helpful guy at the FOS that every claim you take to the FOS can cost the company you claim again £500.. so its cost them £2000 already.

If anyone else has had dealings with the company i'd be interested. we still have 3 complaints with the FOS
1 for account management issues again this is pre 2007 and two PPI claims I suspect that they will say the same about these three complaints but I'm going to see it through to the end and if that means taking them to court so be it. Organisations shouldn't be allowed to behave this way which is probably why they are no longer trading

1. He would have been provided a copy of the loan agreement when he agreed to it. He should refer to that.

2. If the account is closed, then it miust be paid off. Why is he still paying??? :huh:
But if he's only repaid £16k in over 6 years continuous payments regarding a £7k loan made over 6 years ago, I suspect it wasn't settled over 6 years ago.

3. Service providers only get charged by the FOS if the matter progresses to investigation. AS your claim appears to have been rejected because it was timed out, then the service provider would not have been charged.

4. And if the account was closed over 6 years ago (5 years in Scotland) then I'm afraid you've no chance in court either. (But you could reclaim the payments since closure made in the last 6(5) years)

Corporal Jones! :cool:

willowthewisper

The loan is from 2001 my husband doesn't keep statements!! but they sent it in a Sars request the agreement doesn't tally with the statement.

The account statement clearly states pay off and the figure which returns the balance to 0 but then they have added account adjustment 8 months later which include credits and debits. They have told me the account is still live my husband is still paying into the account and if he were to stop paying then they'd soon start chasing for money they think that he owes .

This is my agreement, if the account has been paid off as the statement shows... Why do they state that the account is live. It would be lovely to have the money back but honestly just for them to acknowledge that the account is closed and settled in full and update my husband credit file is all I want!

So if they are saying the account is still live I can take them to court.
Surely we have a clear case so I figure we'll send it in and see what happens ! Just want it written off