Welcome Finance Agreement

[NEIL6534]

Hi, a newby here! another Welcome Finance victim!!!

Would be happy to receive any help on tackling these guys.

Here is the gist of it;
Took out a loan in early 2008, then had probs making the payments. Then in 2009 Welcome invited me to their office to work things out.
It seems that they settled the previous loan and got me to sign a new loan with lower monthly payments. In all 120 monthly payments of £39.00.

Anyway the agreement I signed does not advise directly the total amount I would be paying back, so I had known I doubt I would have signed it.

The agreement does show total amount of credit and total amount of interest.
However the £75 admin is not included in what they have clearly stated as the total amount of credit - but the £75 admin does have interest applied per month.

The agreement does say they will charge 320 for any unpaid cheques, but twice they have charged me £25.00.

I feel that I may have taken this loan out in desperation, and that the old loan may have been settled but by taking the new loan I have now paid interest twice.

I did ask for copies of all docs they have on me but they sent a letter saying as far as they are concerned my complaint is closed.

Any help would be greatly appreciated.

Neil
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The agreement does say they will charge £20 for any unpaid cheques, but twice they have charged me £25.00.

[NEIL6534]

Re: Welcome Finance Agreement

Just noticed that the agreement I and Welcome signed has the incorrect spelling of my surname - I am doubtful but does this make a difference?

[labman]

Re: Welcome Finance Agreement

The spelling error would not make a difference. Is there any chance you could post up the agreement with ALL personal information removed?

Incidentally, were you pressured into taking this loan at all? I have heard of people being kept in their offices for a matter of several hours until they sign the agreement.

[Guest]

Re: Welcome Finance Agreement

Hi
As lab man says the error in spelling will not make any differnce regarding unenforceablity.

In fact unenforceablity on a post 2007 agreement is nigh impossible anyway.

Having said that it is worth looking at the agreements and assesing them in terrms of fairness.

HOw much was your first agreement for
HOw much was the second agreement for and was it used purely to pay off the first or was it to raise extra capital as well.
What was the APR on both agreements.

Peter

[NEIL6534]

Re: Welcome Finance Agreement

Many thanks for the replies so far guys & girls...I will post up the agreement in the next few days.
I have a small amount of info on the first loan but Welcome did not send me the copies of all info and docs they have on me as per my request to them. They did send me a letter saying my complaint was not upheld but did not advise me to send any money to them for the docs.

Yes I feel that I may have well been pressured into signing this new agreement as I would have never signed any loan with a repayment term of 10 years no matter how much it was for.

[labman]

Re: Welcome Finance Agreement

If there are any other Welcome customers reading this thread to whom this has happened, perhaps they could post up as there does seem to be a bit of a pattern emerging here with a few things I've seen.


If your situation follows the pattern I'm seeing, the documentation you are missing is a copy of the second agreement and a full statement of account from inception among possibly others?

[NEIL6534]

Re: Welcome Finance Agreement

Hi Labman thanks for the reply, do I have to send a payment off to Welcome to get copies of all docs they have on me and any other related material such as phone calls made to me and letters sent as well as details of the meetings?

[labman]

Re: Welcome Finance Agreement

Let's have a look at the agreements first. However, if you know there are unfair charges on the loan, you can send a SAR to them enclosing £10 - they then have 40 calendar days in which to send you all data they hold about you.