Hello/Welcome Finance

[mum2002]

Hi everybody, am new to all this stuff, but am really hoping that I can get some help with a car loan issue through Welcome Finance. Will post more later.
Look forward to chatting with you:tinysmile_grin_t:

[di30]

Re: Hello/Welcome Finance

Hi and welcome to Legal Beagles.

We look forward to hearing from you, and will help all we can.

Just wondered, is it Payment Protection Insurance (PPI) related?


Just to give some info in advance, this business are now in default, and if in regards of the above, and if eligible, depending when you taken this out or who the actual broker were (so if Welcome sold you the account), you can make a reclaim through the Financial Compensation Scheme (FSCS).

If this is the case, read the details below about the business as well.

http://www.fscs.org.uk/what-we-cover...cial-hn0qripj/

[mum2002]

Re: Hello/Welcome Finance

I recently requested a SAR from Welcome and have received it back now.
Where do I go from here????
Thanks

[di30]

Re: Hello/Welcome Finance

Hi

What year was the loan taken out?

And it was actually sold by Welcome Finance wasn't it?

If so and the loan was taken out from 14 Jan 2005, you will need to make a reclaim through the FSCS, details applied on my above post.

The FSCS will want copies of any relevant paperwork you have to enclose with the reclaim form that they will send you once you made contact with them.

So basically we need to know first the year the loan was taken out, cheers.

[mum2002]

Re: Hello/Welcome Finance

Hi, thankyou for your quick reply. The loan was taken out 26th june 2004 and then due to financial difficulties and being pressurised from welcome a new loan was wrote in sept 2005. On my original documentation it says that Welcome Financial services are helping me with my purchase from Car Credit UK LTD-Chiswick.
If you need me to go into further details, please ask.
Thanku

[di30]

Re: Hello/Welcome Finance

Hi, thankyou for your quick reply. The loan was taken out 26th june 2004 and then due to financial difficulties and being pressurised from welcome a new loan was wrote in sept 2005. On my original documentation it says that Welcome Financial services are helping me with my purchase from Car Credit UK LTD-Chiswick.
If you need me to go into further details, please ask.
Thanku

Hiya

Your welcome (no pun intended) lol :beagle:

Right then, so if Welcome arranged the 2nd one which I assume was a loan advance you will need to contact the FSCS and arrange for them to send you a form. Details posted in my first post above.


So just making sure again, you used a broker for the first loan and they passed you on to Welcome as the lender? is that correct?

You will need to pursue the broker for the first loan and treat these as separate complains, if mis sold on both loans of the PPI.

If the broker of the first loan (who set up and sold the loan) was not regulated by the FSA or GISC, you could contact the Financial ombudsman Service (FOS) and ask on your best direction to take from here with that loan ppi complaint.
They will check if the business were regulated )as they can only investigate complaints if they were regulated by the stated regulators).

The FOS will probably suggest the Underwriter/insurer of the policy if the business were not regulated at the time you taken out the loan, and will investigate the relationships and involvement of all broker, lender and insurer/underwriter of when the policy was sold to you, as I assume these would have been regulated.

So you check within the SAR of any details of the underwriter also classed as an insurer of your policy, its likely they will reject, but if they do then complain to the FOS.

If no details of the underwriter/insurer are enclosed then contact Car Credit who should have these details.

Hope this helps.

[mum2002]

Re: Hello/Welcome Finance

Hi,
How will I know if it is a loan advance? Have looked through paperwork and cannot see any sign of this wording.
Also i have just realised that Welcome have not sent me all information.
No, I dont think that Car Credit UK are a Broker, they seem to be just the dealer who use Welcome for their finance, although on a 'dealers offer, warranty and invoice', there is a section that states "we are the holders of a valid licence as a credit broker under the consumer act". My gut feeling is that they work for Welcome (or worked).
Thanku

[di30]

Re: Hello/Welcome Finance

Hi

A loan advance is a further loan with the same lender, they may not actually word this as a loan advance, but did you take out a further loan with Welcome?

[mum2002]

Re: Hello/Welcome Finance

Hi, there is no evidence of this and as far as i am aware I did not take out a further loan with them.

Im thinking as well, that maybe I should start from the very beginning as there are any other issues with WFS.

I originally went to Car Credit UK in Chiswick in June 2004 with the view to look at getting a car but not to definately buy one. I took my 2 year daughter with me, believing that I would only be there for an hour tops. After looking at their limited range of cars, I did find one that I liked, but still did not want to sign anything there and then. The sales people there however had different ideas and wore me down, keeping me in their offices for around 4-5 hours which is horrendous with a young child. They made everything sound fantastic and that I was getting a great deal. I was tired and had had enough by the point that they even offered to drive me to the bank for a deposit if £75. To sum up that day, it was a blur and looking back, I do not at any point remember being informed that the total amount payable would be just over £8000, for a saxo! If I had known this there is definately no way that I would have been backed into a corner to purchase vehicle.
I was working part time and thought that the payments would be managable, but soon after I had to leave my job and I struggled to keep up any payment. In fact, I had only paid a small amount when this happened. The branch near where I live began to telephone me and send me letters and also made visits to my home. I felt extremely threatened by these people and being on my own found it hard to deal with as I was struggling with other debtors too. I received a default notice at the end of Sept 04 and after being pushed and pushed I went into my local branch and was told that the only way out was for me to sign a "Agreement modifying a hire-purchase agreement".
This lowered the payments by a little but was still not going to be visable and I tryed to make this point but there was no compromise. Having not worked in finance and being very scared of the consequences I signed. I did not manage to keep up these payments and I even wrote to WFS asking for them to end my hire purchase as I could not keep up payments, but this was never accepted or responded to, so eventually the branch agreed for me to pay £15 for a few months and then I was able to slowly increase this amount to £30 which I have religiously paid for the last few years and WFS have never stopped accepting this money. In 2010, I then started to receive letters showing capitilisation fees and hpdi fees being added on which was sending the amount I owed through the roof and when I questioned this I was informed that these should have always been added on and that they wanted more money. I sent them an I&E and then they continued to pester me requesting that I needed to pay more money and that if I didnt then they would repossess my car. In all honesty, I wish that they had because it has been a lot of trouble for me. They are constantly harrassing me and I do not know where to go from here as I know that I cannot afford the payments that they wish to receive from me and also that the debt will never be paid off as they keep adding on fees. I am a single mother with two children and although this is not an excuse, I cannot keep going on with this company hounding me.
Please help.