Is Welcome Finance going bust?

juliesmiles

Hi Sol00

I have already challenged Welcome regarding reclaiming of PPI and I received a cheque from them for £393.04 which refers to my original agreeement. They did not agree to repay anything on the top up/2nd agreement. This morning I received a letter from them which is as follows:

I write further to your letter and please accept my apologies for they delay in my reply.

We are now in a position to cancel your existing loan account and replace this with a new account, which will not contain any additional insurances or the associated interest. We are also in a position to refund the payments made towards the PPI policy that you have already made.

This new loan agreement will effectively be backdated to the start date of your existing loan account. This will allow us to place you back into the position you would have been ins, should you not have purchased the additional insurance products.

Therefore, the new loan documentation will reflect the terms and conditions of the original loan, but without the insurance products or associated interest. For example, the loan term, amount borrowed and acceptance fee (where applicable) noted in the new documents will remain unchanged. Any charges such as the acceptance fee shall only be charged once. However, they will need to be shown in the new legal documentation.

Any payments that you have made towards the original loan shall be credited towards the new agreement. This means that the number of payments you have already made shall reduce the balance on your new account.

In order to complete this process, I have arranged for our Insurance Cancellations team to issue new paperwork direct to your home address, as the alterations to the agreement will require replacement signatures and your acceptance to the new terms and conditions of the loan.

I do note that you may wish to receive specific refund figures at this stage. However, this will depend entirely on how many future payments you make towards the loan agreement. Therefore, I am unable to provide you with a specific refund figure until this process has been completed.

Should you not receive the relevant paperwork, please contact myself at the above address. I shall then arrange for the paperwork to be re-issued to you accordingly.

Should we not receive the signed paperwork from you within four weeks from the date of issue, we shall close the complaint accordingly and assume that the mater is resolved.

Should you remain dissatisfied with our final response, you can escalate your complaint to the Financial Ombudsman Service within six months of the date stated on our final response.

I have also listed below for you further details of payments made on my account and what the figures show on the agreeement. This now has me totally baffled. Does their new offer now mean that the total charge for credit of £3773.62 is now going to be written off. If so will this mean that added together with the amounts I have paid, that this should clear the debt??????? I'm truly grateful for any advice/help you can offer.

WELCOME FINANCEORIGINAL LOAN AMOUNT - £1500.00PAYABLE OVER 24 MONTHS - 24 X £137.79 = £3306.96 DATESOURCEAMOUNT29/08/2006D/D137.7927/09/2006D/D137.7927/10/2006D/D137.7927/11/2006D/D137.7927/12/2006D/D137.7929/01/2007D/D137.7927/02/2007D/D137.7927/03/2007D/D137.7927/04/2007D/D137.791240.11 TOP UP LOAN - £1445.08 (OR SO I THOUGHT)PAYABLE OVER 36 MONTHS - 36 X £225.26 = £8109.3629/05/2007D/D225.2626/06/2007D/D225.2626/07/2007D/D225.2628/08/2007D/D225.2626/09/2007D/D225.2626/10/2007D/D225.2626/11/2007D/D225.2627/12/2007D/D225.2628/01/2008D/D225.2626/02/2008D/D225.2626/03/2008D/D225.2628/04/2008D/D225.2627/05/2008D/D225.2626/06/2008027/07/2008028/08/2008028/09/2008028/10/2008CASH230.00PAID IN NORTH SHIELDS OFFICE28/11/2008001/12/2008D/D230.00ACTUALLY NOV PAYMENT28/01/2009027/02/2009031/03/2009CASH230.00PAID IN NEWCASTLE OFFICE3618.381240.114858.49DETAILS ON AGREEMENT:Total Amount of Credit:£4,335.78Amount of Credit to settle loan£1,554.92Amount of Credit for Insurers£1,335.78Amount of Credit for Cash Advance£1,445.08Amount of Credit £2,890.70(Insurers and settle loan)Amount of Credit£3,000.00(Cash Advance and settle loan)Payment Protection Insurance£1,160.78Personal Accident Plan£175.00Total Cash Price£1,335.78Total Charge for Credit£3,773.62Acceptance Fee£75.00Interest Charge£3,698.62

Sol00

Julie, WFS are famous for rewriting agreements and I believe this is part of the reason they're in the mess they're in now.

Personally I wouldn't sign any new documentation and I'm puzzled as to why they'd want you to. Perhaps there's an error in your existing agreement that could cause them problems?

I know Welcome rewrite agreements when people run into financial difficulty, but I've never heard of it being done for PPI reclaiming.

If I were you, I'd send another letter to them advising that you do not agree to signing any new agreement, however, your existing complaint still stands and you want it to be resolved asap.

juliesmiles

Sol00 wrote: »

Julie, WFS are famous for rewriting agreements and I believe this is part of the reason they're in the mess they're in now.

Personally I wouldn't sign any new documentation and I'm puzzled as to why they'd want you to. Perhaps there's an error in your existing agreement that could cause them problems?

I know Welcome rewrite agreements when people run into financial difficulty, but I've never heard of it being done for PPI reclaiming.

If I were you, I'd send another letter to them advising that you do not agree to signing any new agreement, however, your existing complaint still stands and you want it to be resolved asap.

Thanks Sol00

I'm going to get a letter of to them tonight. Do you think I should put in it that I want a cheque to be sent to me for the payments towards the PPI as per their letter?

GINA_2

Julie Whatever you do DO NOT SIGN your name, just type it and send it, believe me they have ways of copying your signature and 'implanting' it to your agreement. Eye wf with suspicion and contemp always.
good luck, don't let them brow beat you with words.

Sol00

I agree with Gina, don't sign the letter.

Yes you can and should ask for a cheque as the PPI is totally separate from the loan and they shouldn't take it off the balance.

GINA_2

Hi SoLOO, Hope you are fine,Have you heard from wf recently?
I still haven't heard from FOS or wf come to that.
Sent them numerous letters offering to pay minimal amount, still they dont reply.
Now if they don't reply in the 17 days I give them I send everything off to FOS with documentation and proof of posting.
If they want to take me to court, I have plenty of back up to say and prove I tried to negotiate with them, but they are the ones who are un-co-operative .:rolleyes:

darryl1980

darryl1980 wrote: »

Hi all,
Just persevere you will all get there eventually. I am waiting for my refund from welcome, they have had 3 weeks so far from agreeing to the FOS decision. I am looking forward to having some money

Hi all,
I am still waiting for my money, dispute went into fos in april 2008, got decision in march 2009, welcome agreed to pay mid april and still waiting for the cash. i spoke to FOS today who advised that welcome finance had been in contact on the 11th June and confirmed the amount of compensation for distress and inconvienience which is being paid on top of my refund for PPI. Fingers crossed I should have the money in the next few days. Hopefully it will come on or before saturday, it would make a lovely birthday present.
All i would say everyone is keep going you will all get there eventually. Best of luck!

skintmumofone

I still havent heard anything from FOS or WF for that matter.

Totally baffled as to their reply saying no to the charges and no to the PPI. Must think I came up the Clyde in a banana boat lol :rotfl:

Have so many PPI claims at the FOS they are probably sick of seeing my name on their desk hehe.

Not giving up tho am determined to get my PPI AND the charges back they have stung me with, shower of cheating scumbags:mad::mad:

Sol00

GINA wrote: »

Hi SoLOO, Hope you are fine,Have you heard from wf recently?
I still haven't heard from FOS or wf come to that.
Sent them numerous letters offering to pay minimal amount, still they dont reply.
Now if they don't reply in the 17 days I give them I send everything off to FOS with documentation and proof of posting.
If they want to take me to court, I have plenty of back up to say and prove I tried to negotiate with them, but they are the ones who are un-co-operative .:rolleyes:

Have a bit of an update.

Received an email from my adjudicator on Thursday advising that she feels it should be passed on to a more specialised department. She hasn't went inot detail as to why, as soon as I find out I'll update.

natalishious

hi i had a loan out from welcome finance with protection,they have now gone bust,does anyone no if i have to repay anything,as iv only had one letter 6months ago saying i owed £3000 but they will take £1900 if its repaid in 21 days,they no longer take this from my account iswell,so does this mean i dont have to repay anything no more then or wat someone reply please,thankyou