Welcome Finance Unable to Supply CCA

[Ciaran39]

Hi,

I have requested my CCA from Welcome Finance as I believe that they have/are changing the terms of my agreement. I believe the interest rate is incorrect and am sure that they charged insurances and PPI. They have replied stating that there is no CCA available but they have sent a brief breakdown of what "would have comprised your agreement", this states no insurance premiums or PPI and the interest rate appears to be incorrect to what we originally paid.

The loan was taken out in 2008 and was for £17500, we have repaid £23000 so far and Welcome are saying the total loan cost is £62530.20 of which £44210 would be interest which I would dispute, what should my next steps be?

Thanks in Advance

[Kafka]

Re: Welcome Finance Unable to Supply CCA

Your next step is to send a SAR to Welcome to require them to provide all the personal info they hold on you. That will reveal the financial issues and show what they have charged or plan to charge. It will also include a statement that Welcome don't like supplying. In my case they added on a lot of bogus 'fees' hundreds at a time, which weren't part of any agreement. That's how the balance never seems to go down.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Thanks Kafka,

I suspected that I should do that but as the account is now in dispute do I continue with payments? I suspect there are charges etc that have now been rolled into the interest rate!!!

[Kafka]

Re: Welcome Finance Unable to Supply CCA

I was going to ask the state of the account. Rather than stir problems it would be easier if you could make payments while you decide what to do, otherwise you could end up on the sharp end of their action. SAR allows 40 days for response, but I think you'll find it very interesting and worth every penny of the £10.

[Guest]

Re: Welcome Finance Unable to Supply CCA

Is this a secured or unsecured loan ?

Until they comply with the 77 request they cannot enforce of course.

This is post 2007 so unenforceable under section 127 (3)does not apply, however you do need to see the terms applied to the executed agreement.

An SAR is an excellent idea.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Hi, it is a secured loan The loan payments are up to date and in order and I haven't defaulted on the account....yet.

[Guest]

Re: Welcome Finance Unable to Supply CCA

Have you checked with the LR to see if the charge has been registered ?

Did you submit a forma section 77 request with the £1 payment, what exactly did they send back ?

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Hi Andy, I sent the full CCA request along with a postal order but Welcome Finance have said, " unfortunately we no longer hold a copy of the loan agreement for a/c ******* and therefore are unable to provide yo with a copy. Please find below the information that would have comprised your agreement with Welcome Finance." There is then a brief breakdown of Key Financial Information and Other Financial Information followed by a statement on the rear of the letter that says, " Please accept my apologies for any inconvenience caused> However I would advise you that according to case law ans under the Consumer Credit Act, your loan agreement is still valid and payments must still be maintained. Should you have any queries, please contact us on the telephone number below."

I'm pretty sure that when a company can't supply the CCA they have to state that they understand the loan is none enforceable so as not to mislead their customers.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Oh, they have also kept the postal order, cheeky beggars!!!

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Andy, how do I check the LR/?

[dogtired]

Re: Welcome Finance Unable to Supply CCA

Subscribe

[Guest]

Re: Welcome Finance Unable to Supply CCA

Andy, how do I check the LR/?

##

http://www.landregistry.gov.uk/publi...erty-ownership Costs £3 instant

[Kafka]

Re: Welcome Finance Unable to Supply CCA

I'm surprised they don't have the agreement given that its secured and only 6 years old. The paperwork is often much better with secured loans and most lenders became much more diligent about keeping good records after the bank charges movement from about 2006.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Yes I am too, they either have it and are attempting to hide something or they didn't have one in the first place, I wonder if they would be allowed to produce it having said on headed paperwork that it doesn't exist??

[Guest]

Re: Welcome Finance Unable to Supply CCA

Hi Andy, I sent the full CCA request along with a postal order but Welcome Finance have said, " unfortunately we no longer hold a copy of the loan agreement for a/c ******* and therefore are unable to provide yo with a copy. Please find below the information that would have comprised your agreement with Welcome Finance." There is then a brief breakdown of Key Financial Information and Other Financial Information followed by a statement on the rear of the letter that says, " Please accept my apologies for any inconvenience caused> However I would advise you that according to case law ans under the Consumer Credit Act, your loan agreement is still valid and payments must still be maintained. Should you have any queries, please contact us on the telephone number below."

I'm pretty sure that when a company can't supply the CCA they have to state that they understand the loan is none enforceable so as not to mislead their customers.

No they can reconstitute an agreement and be compliant with section 77, as long as the particulars are correct and are the ones which were on the agreement you signed.

Welcome moved to the "KEY information" type of agreement in late 2005,it was the ones before that they mostly had problems with, however if you feel that you did not sign an agreement or that there was some other irregularity on execution you can use their inability to produce an original and put them to proof that they complied with section 61.