Welcome Finance advice required

Tomsk194

I took out a secured loan in 2007 with Welcome Finance £10k. They rang me recently to ask me to increase my monthly payments from £280 per month to £350 as I will not be able to pay itoff by 2017. Due to me switching jobs my payday changed and as my money has been paying welcome 7 days later in the month since 2009 they didn't inform me that I have been accruing monthly costs since my change of job, despite me infiorming them of my new pay date over the phone. I have never received anything in writing from them to tell me this and they refuse to send me my original credit agreement. Whereas I was looking forward to being free of them in a couple of years time, they claim that I owe them £14k, above the amount I originally borrowed. Anyone had anything like this before? Any knowledgeable people who can give me some advice please?

bigadaj

You can raise it as a complaint and then go to the ombudsman.

Also you can submit a subject access request which means they have to supply you with all the correspondence and records they hold on the account, you abb! to pay £10 for this though, well up to but normally it's that.

happy_bunny_2

Send them a CCA request and a cheque for £1.

They are obliged to send a copy of the agreement and statement of account.

For older statements, as said, SAR.

Simplest way to sort it, is send a written complaint state that if not resolved in 8 weeks it's going to the FOS and you will be asking for compensation if you gave to do this. Get proof of posting and state in the letter you have fine so. In case they ignore.

They can't easily ignore complaints.

tberry6686

Did you ask them to change your payment date and did they agree. If not then I don't see the reason for a complaint or going to the ombudsman as welcome would be correct as you would have had late payments every month although I would have thought that they would have written to you about this numerous times by now.

If welcome did agree to change the payment date then get a complaint in.

Apples2

Good luck proving you informed them over the phone five years ago.

The SAR should reference any calls made, and when.

Simply informing them over the phone is a World away from having a mutual agreement to change the date though.

Tomsk194

Hi all - thanks for takibng the time to respond to my concerns. I can confirm that I did inform them over the change in paydate over the phone (obviously no record held by me) but they did change the DD paydate with my bank straight away so were obviously aware.

Also, I will now request the suggested documents and start the process of a formal complaint.

Thanks once again.

AMILLIONDOLLARS

If PPI is attached to the loan, you may have a case for misselling. Have you looked into this? Suggest that you visit the PPI misselling thread.

AMD