Welcome Finance Unable to Supply CCA

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

So its a bit of a catch 22 situation then as I would never know if what they presented was a true representation of the original and I would always contest that it wasn't. I have a schedule of an agreement but the loan value is incorrect and there are insurances and PPI cover on it, I'm sure Welcome Finance charged for PPI and other things and as we have paid the the loan amount + interest so we are not denying we ever had the loans but more so the terms of the loan would be in dispute.

[Guest]

Re: Welcome Finance Unable to Supply CCA

well you ave a perfectly legitimate,at reason to use the full force of the section 77 request, that is it purpose after all, to enable the debtor to check he is paying the amount that he contracted for.

Can you challenge it using your other repayment records, bank statements perhaps.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

I can prove absolutely every penny I have paid but would not know what the interest rate would be or what charges would be levied on the account, they really could state anything but clearly have no documentation to substantiate. I will make the sar request tomorrow and see what that throws back.

[Guest]

Re: Welcome Finance Unable to Supply CCA

Well if you know your repayments and the term, the amount borrowed we can work out the APR you are paying, see if it matches what they say.

[dogtired]

Re: Welcome Finance Unable to Supply CCA

You are aware that Welcome "lost" a lot of data some time ago.
Agree with the others you really need a full SDAR and check and double check everything do not trust them an inch.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

I've worked out the APR and it matches my payments x 180 months @ 25% APR but there are no charges, the total loan amount is wrong. Saying all of that they still have no proof an agreement was made at these terms. I was daft/desperate enough to pay.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

They have basically taken what I have paid a month and quoted that as the APR rate whether right or wrong.

[Guest]

Re: Welcome Finance Unable to Supply CCA

Yes the point is that if you know the actual sum you were paying, the amount you borrowed and the term contracted you could work out what the actual APR should be on the contract.

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

We borrowed £17500 over 180 months and the repayments were £347.39, this works out at 25.6% APR. they have quoted on their summary that we borrowed £17850 with a £235 acceptance fee and an APR of 25%

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Found an APR calculator

[righty]

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.

I think you'll find that not having the agreement isn't true. They don't want to supply it because many are unenforcable which if correct could mean you being repaid in full with interest. Suggest you request other members if they have an agreement issued about the same time and see if it compares with your old one

[Guest]

Re: Welcome Finance Unable to Supply CCA

Probably the same one I use, I get 25.6% also. They are only allowed to understate the APR by .1%(tcc regs) so it is marginally out, it may indicate that some charge or other is misplaced on the agreement

[Ciaran39]

Re: Welcome Finance Unable to Supply CCA

Hi all, I am revisiting this post as things have now moved on, I received the Sar request information. The loan was accepted on 22nd November 2007 and I have 3 different interest rates on different paperwork. When I requested the CCA information Welcome confirmed in writing that they do not have any such document, they sent out a document that states "Please find below information that would have comprised your agreement with Welcome Finance". The interest rate stated on that document is 25%, on the Sar info the interest rate on the first statement is 22.2%. Welcome still cannot provide any information on a valid CCA and have been ringing us everyday for 2 months. I sent a letter back to them reaffirming that they have entered criminal default as of 26th July 2014. Welcome have now replied pretty much ignoring everything we have said and sent to them with a letter that we are now in default and they should receive payment by 18th September or legal action will be taken. What should my next step be? How will I know of any court date set?

[dogtired]

Re: Welcome Finance Unable to Supply CCA

Hi,
Sounds like typical Welcome to me they passed ours around currently with Mackenzie Hall got a thread on this and had lots of help see here, there is a lot but basically they still cannot come up with the proof.
You can contact them regarding the phone calls , if you haven't all ready there is a template on site.

http://www.legalbeagles.info/forums/...806#post467806

[righty]

Re: Welcome Finance Unable to Supply CCA

If the debt is in dispute its very important to keep a record of their phone calls & any letters demanding payment