Nightmare with Welcome Finance!!

smilygirl

Hi Big Bro

Sorry to hear your having problems, what i do know is that Capitalisation is their word for interest although they will say it's not, also I believe you can legally apply to have the unilateral notice removed in England (Scottish law is different and a bit of a !!!!!!) If you look on land registry website for details they should have a download form for this.

I'm having a lot of trouble with them even though they refuse to reply to me, it's with the FLA and FOS now as I cannot unfortunately get legal aid, so I'm hoping this will go some way to sorting my mess, I am tryiing to sell my flat but unfortunately WF have a second charge which they have to discharge, even though it is only legal if they "advance more funds to me" which they haven't they advanced funds to themselves by rewriting the loan to include their charges I could not afford!

Everything they do is bloody illegal I think and the sooner someone like the OFT shut them down the better, especially in this economy.

I'm no expert but in facing this problem I have learned a few things, keep challenging them, it does get very wearing but that's what they count on.

They are still avoiding me, which means I'm in a stalemate although oddly enough I received an annual statement in the post last week!!!! My first ever and apparently they are legally obliged to do this under consumer credit act 2006...why have I not received last years and for those of you aware of an SAR which they have completed with me, without including 'annual statements' or ANY supporting documentation of a default ever, you will know that they have broken Data protection, yet more to add to my list, and even more ridiculous my 'annual statement' actually only gives the month of September....what happened to the rest of the year? Annual does include 12 months does't it???!! or am i in a time warp.

I think their time will be up soon and thank god for all the people speaking agaist them as that's the only way they will get gone.

Good luck to everyone in sorting the mess they get you into. :eek:

Ezee_3

BigBro_1980 wrote: »

Hi,
.
In 2003 my dad took out a loan with Welcome Finance (am unsure if he had a loan previous to this). The amount according to the paperwork that I have seen is £17,317.03 (which seems like an odd amount and I suspect it is a loan on top of a loan... I digress).


The current balance is £21,078.03!! Up by approx £4k!!

Having looked through the 'statement', there are a number of things I don't understand...

There are a number of "Capitalisations" - which I am assuming are additions to the loan.

There are payments, which are then reversed and then a fee added on top (£20)?

There are multiple fee assessments (from £2 to £25) and none of these make sense to me.

I believe the loan was for a car... which my dad couldn't fill, so he changed it to a different loan (£17k). The concern I have now is that I have had a look at the charges sheet on our house title deeds... and in September 2006, a Unilateral Notice was added to our charges for a legal charge in 2003.

I have no clue what to do... I don't know where to start... I suppose there will be an end to this somewhere, I just don't know where.

Does anyone have anything that I can at least start with...

Thanks (and apologies for the scatter gun approach).

right i used to work for this company so i can probably give you a few pointers

ok 17,317.03... probably inclides payment protection if its come out at a random number like that or it was an advance + settling an old loan

right capitilasiation... interest is caharged monthly on the outstanding balance... this is the capitilisation

payments reversed then the £20 charge... spunds to me like a bounced direct debit then the £20 fees which is charged for a bounced dd (added to the £30 the bank probably charged it soon mounts up)

fees... well 25 is probably a visit to the house... if i remember £20 for bounced dd's £10 for collection phone calls... basically lots of different things...

ask for the paperwork but if it was a secured loan then he would have signed a legal charge... although it is my understanding that welcome can only go on as a second charge... so did he have a mortgage?... also if he did and its in joint names then the other person would also have needed to either be on the secured loan or alternativley have signed a waver to say that thet were aware a secured loan was beig taken out???... should always be done but ive known it not be in the past

Extant

smilygirl wrote: »

They are still avoiding me, which means I'm in a stalemate although oddly enough I received an annual statement in the post last week!!!! My first ever and apparently they are legally obliged to do this under consumer credit act 2006...why have I not received last years

Because the Consumer Credit Act 2006 was only fully implemented on October 1st of this year.

Also, as for the original poster, I am by no means a legal expert, but I would have thought this would come under unfair relationships between creditors and debtors, and would be worth seeking actual, qualified legal advice about.

RECLAIM>ALL

Recently settled my outstanding loan, totall borrowings over 3year was 3k. Paid back over 9k every month on time to these mutants. Currently reclaiming miss-sold PPI's. Have asked for copy of agreements for all i have borrowed plus statements of payments, even contacted head office who said they'd send these out 6weeks ago still no paperwork even tho i am legally entitled to these under data protection act. Going to take tomorrow afternoon off work and sit in reception ringing the bell they have on the counter every 10mins until i get these. Will keep you posted on progress. This company and there under-handed tactics has to be stopped at all cost!!! Once PPI's has been resolved i will start legal proceedings against welcome, all advice would be gratefully appreciated as to how to fight them. Lets stand together against this kind of rip off!!!:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

jamboree001

Hi,

I totally agree with you about this outfit. They are not to be trusted.

I am about to attempt to reclaim the PPI they missold me but I am not going to hold my breath.

Thankfully, I settled my loans with them in 2003. I always had to go straight to their office in order to deal with them as it was impossible to get hold of them by letter or phone.

They were the most unscrupulous company I have ever dealt with and their bully boy tactics were second to none.

I was 18 when I took out my 1st loan with Welcome for £500 and I ended up paying back around 4K. I managed to find one decent person who worked there and he shook his head in disbelief when I described how they had dealt with me.

I remember the sheer felling of helplessness when dealing with these people. They need to be stopped!

Starbug

They are a bunch of @#&$ to be fair.

I had car finance with them several years ago due to my miss 'spent' youth problems I had i think it was £5750 over 4 years, which amounted to a total of £14000 roughly at the end of the loan. I eventually VT'd as i qualified for a company car at work after a pretty decent pay review. I paid the amounts requested, gave the car back as it was just to much hassle and i wanted to get rid of the £295 pm payments as quickly as possible. The final payment was for £227 yet they still took the full amount. After weeks of chasing they told me i needed to claim a direct debit indemnity and then pay the £227. So i claimed it back from the bank and posted off a cheque which didnt get processed for THREE months!! I then look on my nice newly repaired credit file (for like 2-3 years now) and they have added 3 missed payments, like its my bloody fault!!! So i am in the process of a) claiming back my miss-sold PPI, b) firing rockets up managers !!!!!! till i get my credit file fixed.

Sol00

smilygirl wrote: »

Hi Big Bro

Sorry to hear your having problems, what i do know is that Capitalisation is their word for interest although they will say it's not, also I believe you can legally apply to have the unilateral notice removed in England (Scottish law is different and a bit of a !!!!!!) If you look on land registry website for details they should have a download form for this.

I'm having a lot of trouble with them even though they refuse to reply to me, it's with the FLA and FOS now as I cannot unfortunately get legal aid, so I'm hoping this will go some way to sorting my mess, I am tryiing to sell my flat but unfortunately WF have a second charge which they have to discharge, even though it is only legal if they "advance more funds to me" which they haven't they advanced funds to themselves by rewriting the loan to include their charges I could not afford!

Everything they do is bloody illegal I think and the sooner someone like the OFT shut them down the better, especially in this economy.

I'm no expert but in facing this problem I have learned a few things, keep challenging them, it does get very wearing but that's what they count on.

They are still avoiding me, which means I'm in a stalemate although oddly enough I received an annual statement in the post last week!!!! My first ever and apparently they are legally obliged to do this under consumer credit act 2006...why have I not received last years and for those of you aware of an SAR which they have completed with me, without including 'annual statements' or ANY supporting documentation of a default ever, you will know that they have broken Data protection, yet more to add to my list, and even more ridiculous my 'annual statement' actually only gives the month of September....what happened to the rest of the year? Annual does include 12 months does't it???!! or am i in a time warp.

I think their time will be up soon and thank god for all the people speaking agaist them as that's the only way they will get gone.

Good luck to everyone in sorting the mess they get you into. :eek:

:rotfl: Annual statements?!?!? I took my loan out in November 2005 and I have never received any statement from this lot!

I was 'bullied' into agreeing payments I can't afford last week, over the phone. Firstly the guy made out he was dealing on behalf of WF, even though I know full well he works for them; secondly, he kept asking for my card details, as though that was somehow going to magically make me agree to his 'wonderful offer' and thirdly, he knew full well my financial situation and was obviously well aware Christmas was 3 weeks away.

I'm hoping to get this loan written off due to them adding the 'acceptance' fee onto my loan, thus accruing extra income for them. :rolleyes:

lissy24

Unfortunately my brother is also having a problem with this disgraceful (or clever?!) company. He took out a loan for 1500GBP and he says that so far he has paid them back !800 over about 2 years and he is only halfway through his payments.

I am trying to help him out by getting this particular debt paid off and then help him sort out all his other debts but this one is priority.

They are using all the tactics other people have been talking about in this forum. They keep fobbing him off saying they have't received his letters and they never received his change of address. At last he has now sent them a letter by recorded delivery stating his change of address again and requesting his settlement figure.

After reading all these posts I'm worried what the figure is going to be that they are going to 'make up' and try and get away with.

Just want to say thank you to those that have given advice in this forum. I get the impression that my brother shouldn't even wait to give them a chance he needs to let them know immediately that he's making a complaint to the financial ombudsman and follow it through asap.

If there is any other advice re this, it would be very much appreciated.

Thanks,

Lissy

GINA_2

:rolleyes: Honest 7

I too have ongoing problems with Wf, take a leaf out of Madmackhunters book and don't give up on yourself.
If you are unemployed and in receipt of benefits do what I had no choice in doing seek a solicitor. Beleive me most of them know about Cattles and WF and theres no sympathy for these monkeys whatsoever.:o

geoffky

BURGER wrote: »

I took out a secured loan with welcome finance in 2001. The loan was for £10,000. Due to meeting my partner of 4 years we have decided to sell my property and move in together (Happy Days). UNTIL!!!!! I contacted welcome finance regarding the secured loan and the redemption figure to settle the loan. CHECK THIS OUT !!!! I had a loan for £10,000 and have made regular payments on time of £274 per month. To date i have paid back over £13,000. My settlement figure for the loan is still a whopping £14,376 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!. :eek: ARE THEY HAVING A LAUGH!!! can anyone help in this situation i have picked up some helpful hints of this forum and appreciate the help. Does anyone know if this is legal ??

However when i told them that there would only be £4000 equity in my property they have told me that they will not accept this to settle the account. HOW ABOUT THIS!! They want me to take out a personal loan to cover the interest costs which i would incurr futher interest on top of the interest!! and would work out to approx £45,000. ALL THIS FOR £10,000. Help please anyone

[EMAIL="Darrenjakeman@hotmail.com"]Darrenjakeman@hotmail.com[/EMAIL]

i would go to my trading standards or mp