Welcome Finance

[FeeYoshi]

Hi All

I hope I'm posting in the right place... My Partner took out a loan with welcome finance back in 2003 and then refinanced in 2004 due to being unable to keep up the payments, and I've been going through all our finances to try and sort it all out... I've requested all the documents from them, and it just looks a bit of a mess. My concerns are as follows;

* she has been charge 4535 in insurance on a load that totals 12031 all together, she doesn't recall taking or being given the option for insurance.
* there is no signature from welcome finance on the initial agreement.
* in total not including the ppi 11000 has been added as finance charges. on a loan initially of 6800
* there has been 675 in interest charged to the account

I could go on, but i wont..lol.. We have not made payment on the agreement for around 6 months due to financial difficulty, and would be happy to hand the car back, however when trying to discuss this with them, they are asking a lot in a final payment in a lump sum, they have even offered to cut 500 off if we pay now, which we cant, and they have also offered to cut what we owe in half and keep the car if we can pay now.

Any help to start resolving this or decrypting this mine field would be most appreciated.

:tinysmile_hmm_t2:

[TANZARELLI]

Re: Welcome Finance

Hi All

I hope I'm posting in the right place... My Partner took out a loan with welcome finance back in 2003 and then refinanced in 2004 due to being unable to keep up the payments, and I've been going through all our finances to try and sort it all out... I've requested all the documents from them, and it just looks a bit of a mess. My concerns are as follows;

* she has been charge 4535 in insurance on a load that totals 12031 all together, she doesn't recall taking or being given the option for insurance.
* there is no signature from welcome finance on the initial agreement.
* in total not including the ppi 11000 has been added as finance charges. on a loan initially of 6800
* there has been 675 in interest charged to the account

I could go on, but i wont..lol.. We have not made payment on the agreement for around 6 months due to financial difficulty, and would be happy to hand the car back, however when trying to discuss this with them, they are asking a lot in a final payment in a lump sum, they have even offered to cut 500 off if we pay now, which we cant, and they have also offered to cut what we owe in half and keep the car if we can pay now.

Any help to start resolving this or decrypting this mine field would be most appreciated.

:tinysmile_hmm_t2:

Hi FeeYoshi and welcome to Beagles.

Your post is in the right place so don't worry about that.

1) Firstly have you sent a SAR (Subject Access Request) under the Data Protection Act?

If not then its advisable to do so as it can turn up some useful information.

2) Can you post up a scan of the initial agreement minus any personal details such as name address, agreement number and other such identifying info?

3) When exactly was the loan taken out in 2003?

4) What was discussed at the time of the loan inception in regards to PPI?

5) Was the PPI sold as a condition to having the loan?

Sorry for all the questions but there will be more and the more info you can give us reating to the loan and how it was sold will allow us to help you and your partner more successfully.

[FeeYoshi]

Re: Welcome Finance

Hi FeeYoshi and welcome to Beagles.

Your post is in the right place so don't worry about that.

1) Firstly have you sent a SAR (Subject Access Request) under the Data Protection Act?

If not then its advisable to do so as it can turn up some useful information.

2) Can you post up a scan of the initial agreement minus any personal details such as name address, agreement number and other such identifying info?

3) When exactly was the loan taken out in 2003?

4) What was discussed at the time of the loan inception in regards to PPI?

5) Was the PPI sold as a condition to having the loan?

Sorry for all the questions but there will be more and the more info you can give us reating to the loan and how it was sold will allow us to help you and your partner more successfully.

Hi TANZARELLI

I will have to wait to answer some of the questions due to the paperwork being at home, but this is what i know for now;

1) We havent sent an official request, but have requested the statements and initial agreements, which after a lot of pushing we recieved...

2) The best i can do for a scan is a photo, but i will try and put one up tonight.

3) Will have to check

4) My partner doesnt recall PPI being discussed at all.

5) As above

Do you think it is still worth asking for a SAR (if so could you point me in the right direction for a template letter?) If so, could we ask that the account be put in to despute due to the random added interest?? I am just concerned of them taking further action whilst we are trying to sort this out??

Thanks

[TANZARELLI]

Re: Welcome Finance

http://www.legalbeagles.info/forums/showthread.php?t=70

Here is the SAR template letter.

[FeeYoshi]

Re: Welcome Finance

Do you think it is worth putting the account in to despute at the same time as wrighting about SAR??:tinysmile_hmm_t2:

[FeeYoshi]

Re: Welcome Finance

Hi FeeYoshi and welcome to Beagles.

Your post is in the right place so don't worry about that.

1) Firstly have you sent a SAR (Subject Access Request) under the Data Protection Act?

If not then its advisable to do so as it can turn up some useful information.

2) Can you post up a scan of the initial agreement minus any personal details such as name address, agreement number and other such identifying info?

3) When exactly was the loan taken out in 2003?

4) What was discussed at the time of the loan inception in regards to PPI?

5) Was the PPI sold as a condition to having the loan?

Sorry for all the questions but there will be more and the more info you can give us reating to the loan and how it was sold will allow us to help you and your partner more successfully.

Hi Again..

Sorry my details were incorrect b4.. the policy was taken out in sept 04 and refinanced in may 05.

I have attached the files... i hope there ok.

Thanks again.

[TANZARELLI]

Re: Welcome Finance

Right, I would firstly ask (within the SAR) for a few particular items:

1) Copies of any Demands & Needs Assessment undertaken in relation to the PPI

2) Copies of all computer logs in relation to you as a data subject

3) Copies of any and all recorded telephone conversations

4) Copies of the PPI policy wording schedule (I doubt you will get this but its worth a punt)

5) Copies of all corespondences to and from you and Welcome Financial Services Ltd.

It might be worth making some payment to them if you are able. How much is your usual monthly payment?

Does your partner remember if the PPI was sold as a condition for the loan agreement?


One good point is that WFS were members of GISC (General Insurance Standards Council) from 27/02/2003 therefore this means that because they went on to become regulated by the FSA in Jan 2005 following their GISC membership the FOS will look into your claim for any form of mis-selling in regards to the PPI. This is refered to as retrospective jurisdiction.

This means you wont need to go to court unless you disagree with the decision/ruling of the FOS.
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Your partner really need to think about the point of sale and in particular the PPI.

For example was there any form of assessment in relation to your partners suitability for the PPI?

Were you given suitable information about the policy prior to accepting it?

Did you recieve a policy wording schedule?

Were you aware you could source it from an external insurer if you so wished?

Would your partner have been eligable to claim on the policy?

What was your partners employment status at the time the PPI was sold?

Were you aware you had the right to cancel the policy within a prescribed cooling off period?

Did your partner have any pre existing medical conditions which would have meant the policy would have been worthless?

There are other points also.

[FeeYoshi]

Re: Welcome Finance

Thanks 4 that... we aren't really in a position to make a payment as its 179 a month... which is why i ask about putting the account into dispute over the ad hoc interest charges
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There was no assesment in relation to the PPI, all she remember is being told that this section is your PPI.

There was no extra info given regarding the PPI.

There is no wording schedule that i can see.

No she was not made aware she could source it from an external insurer if you so wished

She was in full time employment.

Were you aware you had the right to cancel the policy within a prescribed cooling off period? No

Did your partner have any pre existing medical conditions which would have meant the policy would have been worthless? No

[TANZARELLI]

Re: Welcome Finance

OK.

Have you sent any letters to WFS about non payment or tried to discuss this with them at any point?

Have your recieved any letter from them regarding the non payments?

Also are there any default charges on the account relating to the missed payments? If so how much?

You can request a refund for the charges levied to the account.

You can also claim that your were mis-sold the PPI due to not being given an option to chose it, also that you never recieved any information regarding the policy (ie the policy wording schedule - usually sent out by Direct Group(I think thats who sends it but need to check)). Also that you were not given the option to source the PPI elsewhere, and that ou were not aware of your right to cancel plus there was no demands and needs assessment undertaken to assess your suitability for the PPI.

You can place the account in dispute, however you are obligated to make payments but if you cant make them it might be worth discussing a reduced payment agreement with WFS. The reason I say this is that non payment will be recorded on your credit file and the account may default aftr 8 missed payments. If you can in anyway avoid this now by negotiating a reduction it is better than having the account default.

I have been disputing a number of unsecured loans with WFS two of which had mis-sold PPI linked to them and the third was linked as it was a reduction in payment but resulted in a new agreement being drawn up the oe prior to this was a top up loan from the initial loan.

I disputed the account and still am to this day, I also sent a notice pursuant to section 10 of the DPA for them to cease processing my data which they (kind of) did until recently although they also placed inaccurate info on my credit file on mltile occassions.

I would get the SAR of first if you are able to as you need as much info regarding this loan as possible.

Then place the account in dispute and request a refund of charges plus a refund of mis-sold PPI giving your reasons for this.
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Also it might be worth completing an Income and Expenditure form to show you are unable to make the payments at the present rate.