Welcome Finance

silverback18

I have a secured loan with Welcome Finance, I find the way this company works a bit strange, they do not seem to like to do anything in writing, always over the phone, I wanted an update on my account, just wanted to know what charges have been put on to the account and also the date the loan will be paid off at the current rate I am paying, quite simple request I thought, however, Welcome Finance want me to pay them for this information, is this allowed, surely I am entitled to this information, they have stated the following

1) £1.00 (per account) will entitle you to a statement of account and a copy of your loan agreement under the Consumer Credit Act.
2) £10.00 for a full Data Subject Access Request, where we provide all information held by Welcome Financial Services Ltd.

If this is permitted its a disgrace, why should I have to pay them for information that should be freely available to me.

Apples2

Doesn't seem unreasonable to me.

Your original credit agreement had all that info on it already. As you have broken that agreement you have thrown it all to pot.
You could be changing your payments every month, should someone be on the phone re calculating each time?

I'm sure they could give you an outstanding balance over the phone but you are expecting an awful lot from them due to you own failures

silverback18

I beg your pardon, how rude, you know nothing of my circumstances, yet you seem to believe everything is my fault, I simply require figures from Welcome IN WRITING, not over the phone, as that does not give me proof, also I had charges that were left on my account after my PPI claim which paid a large chunk off the balance, but they left some charges on there, telling me they could not use the PPI money to clear them, which is total nonsense, as it was MY money that they had stolen from me

Apples2

Your circumstances are irrelevant.

A copy of the CCA costs £1 and a full SAR costs £10. This is entirely normal, They all work like this.

If they couldn't directly apply the PPI refund toward the charges, why don't you simply give it straight back to them when you receive(d) it?

silverback18

It was all given to them, but they did not pay off all the charges, they paid it off the outstanding balance and left the charges

Apples2

You need to post some figures.

How much PPI was refunded?
How much was applied to the balance?
What was the balance outstanding?

If you don't know these figures, you need an SAR which costs £10, the industry norm.

poppasmurf_bewdley

It's not a disgrace that you have to pay for this information.

It's perfectly normal to have to do so. Even my bank will charge me if I ask them to produce extra statements over and above what they are already doing.

The trick is to keep a track of, and operate, your account in such a way that you don't need these extra statements. You will have had notification explaining each and every charge that has been put on your account at some stage, eg. something like: "You will be charged a fee of £20 every time we return a Direct Debit", or "You will be charged interest of *% on all overdue amounts."

Apples2

poppasmurf_bewdley wrote: »

The trick is to keep a track of, and operate, your account in such a way that you don't need these extra statements.

Indeed, and in doing so avoid additional charges being piled onto your account.

jellie

silverback18 wrote: »

I beg your pardon, how rude, you know nothing of my circumstances, yet you seem to believe everything is my fault, I simply require figures from Welcome IN WRITING, not over the phone, as that does not give me proof, also I had charges that were left on my account after my PPI claim which paid a large chunk off the balance, but they left some charges on there, telling me they could not use the PPI money to clear them, which is total nonsense, as it was MY money that they had stolen from me

It isn't total nonsense as your charges were incurred when you didn't make the required payments, the balance is higher because you had PPI added so the PPI refund is not related to the charges, whereas the balance is.

Anyway, what difference does it make whether the PPI refund was taken off the balance or cleared the charges? The same interest is being applied to both.

The charges would have been listed on the last statement you received.