Problem with Welcome Finance

nicola_j69

Hi,
Could do with some good advice. Approximately three and a half years ago I took car finance with Welcome (silly I know but desperately needed new car as had new job and needed to travel considerably further than before). When the documents came through and I realised how much I was paying for insurance on the loan I refused to sign for the insurance and was asked to come into the office and sort out paperwork to that effect. I had agreed to pay off the £3600 over 4yrs. They had calculated payments at £157.79 over 48mths this was including shortfall insurance (which I kept), interest on amount borrowed, PPI and PPI interest. I signed the documents in the office and was told to carry on paying the same monthly amount and I would pay off the loan quicker. I paid them £157.79 for 38mths and then as I was looking to remortgage I phoned asking for the outstanding balance. After numerous calls I was told they had records of all the above amounts (cancellation of PPI, attending office etc) but it seemed the PPI had not actually been cancelled by their Head Office. Advisor was v.embarrassed and said he would get bck to me. He did not and I couldn't get any further on telephone so wrote to Head Office-no reply. I then stopped the DD writing to them to tell them so, stating I had no desire to withhold any monies owed but until someone could respond to me and let me know how much I owe they could receive no further payments. This was 2mths ago still no reply. WHAT CAN I DO?
Any advice greatly appreciated!! (Sorry to have waffled on!!)
Thanks
Nic

crazyfj

Send the head office a letter asking for a final response, if they do not reply then complain to FSO

standupguy

Did you keep a copy of your letter to their Head Office?
If yes and it is dated, do a follow up letter re your complaint but telephone the Head Office first. Keep copies and dates and notes of all calls

If not, best start again and keep copies.
There are very strict rules about how Finance companies operate as they are regulated by the FSA - they have to have a full complaints procedure in place with a final option for you to take the case to the Financial Ombudsman service if you are not satisfied with their final response.

If you decide to take it to the FO (financial ombudsman) then it costs Welcome at least £400 for the FO to review the matter and come to a decision. There is no cost to you.

You will see then that it is in the interests of the Finance company to sort out your complaint quickly.

Your complaint can be either verbal or in writing - this is the date the clock starts running.

I would telephone their Head Office and ask to speak to their Legal and Compliance manager and detail your complaint- ensure they understand this is a formal complaint which you are prepared to take to the Financial ombudsman service.
Remember to take notes of the conversation. It may be best to follow up in writing.

If they cannot come to a satisfactory conclusion with you in 24 hours then they have to acknowledge your complaint in writing within 5 days.

They then have 4 weeks to come back to you.

After 4 weeks they have to give you a full response to your complaint or advise for the reason in delay.

They then have a further 4 weeks - at which time they must give a final response - otherwise you then have the right to take this matter to the Financial Ombudsman.

I would also ask them for a full copy of all notes held on your account on their computer accounting system - you have a right to see this under data protection rules. You may find it very helpful

You have a serious and genuine complaint that needs to be dealt with properly

Good Luck!