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Secured Loan, Welcome Finance

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  • #61
    Re: Secured Loan, Welcome Finance

    I will have to check again . Silly o clock and must go to bed.

    Originally posted by charitynjw View Post
    Imho

    It should do.

    Are you saying that the CCA 1974 isn't mentioned on your copy of the agreement?
    Never give up, Never surrender.
    • 1 thank

    Comment

    • #62
      Re: Secured Loan, Welcome Finance

      Got up to go to the bathroom and had a look at agreement.
      Yes it is regulated under the act of 1974.
      So if THEY are skint how can they keep offices open?
      FCA is Financial Conduct Authority but what is CONC please.

      Originally posted by charitynjw View Post
      They are probably feeling a bit vunerable (& skint!), given their capitulation re the long-standing dust-up with PWC (£1.5bn claim?).
      The out-of-court can't have been cheap.
      & they've also got the (newish) FCA CONC to contend with.
      Never give up, Never surrender.

      Comment

      • #63
        Re: Secured Loan, Welcome Finance

        Originally posted by dogtired View Post
        Got up to go to the bathroom and had a look at agreement.
        Yes it is regulated under the act of 1974.
        So if THEY are skint how can they keep offices open?
        FCA is Financial Conduct Authority but what is CONC please.
        Hi dt

        When the FCA took over from the FSA/OFT, it took on all extra responsibilities, including the registration & overseeing, of Consumer Credit Act 1974 (CCA) matters.

        CONC, part of the Perimeter Guidance manual (PERG) is the guidance to all firms who are, or should, be registered with the FCA re CCA 1974.

        http://www.fca.org.uk/static/documen...ated-guide.pdf

        Hope this helps.

        (Btw CONC is supposed to be much more strict on firms than the previous regime)
        CAVEAT LECTOR

        This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

        You and I do not see things as they are. We see things as we are.
        Cohen, Herb

        There is danger when a man throws his tongue into high gear before he
        gets his brain a-going.
        Phelps, C. C.

        "They couldn't hit an elephant at this distance!"
        The last words of John Sedgwick
        • 2 likes

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        • #64
          Re: Secured Loan, Welcome Finance

          So,I as I understand it Welcome are still regulated even though they are, in effect, no longer trading.
          Have I [MENTION=4027]Ruby[/MENTION] and all the others got any grounds for a complaint to them? (FCA).
          The link is going to take some reading!

          Originally posted by charitynjw View Post
          Hi dt

          When the FCA took over from the FSA/OFT, it took on all extra responsibilities, including the registration & overseeing, of Consumer Credit Act 1974 (CCA) matters.

          CONC, part of the Perimeter Guidance manual (PERG) is the guidance to all firms who are, or should, be registered with the FCA re CCA 1974.

          http://www.fca.org.uk/static/documen...ated-guide.pdf

          Hope this helps.

          (Btw CONC is supposed to be much more strict on firms than the previous regime)
          Never give up, Never surrender.
          • 1 thank

          Comment

          • #65
            Re: Secured Loan, Welcome Finance

            Originally posted by dogtired View Post
            So,I as I understand it Welcome are still regulated even though they are, in effect, no longer trading.
            Have I @Ruby and all the others got any grounds for a complaint to them? (FCA).
            The link is going to take some reading!
            Lol!

            FYI
            https://www.handbook.fca.org.uk/handbook/MCOB/1/6.html

            I'll dig up some details re CONC

            I'll be back!

            CAVEAT LECTOR

            This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

            You and I do not see things as they are. We see things as we are.
            Cohen, Herb

            There is danger when a man throws his tongue into high gear before he
            gets his brain a-going.
            Phelps, C. C.

            "They couldn't hit an elephant at this distance!"
            The last words of John Sedgwick
            • 2 likes

            Comment

            • #66
              Re: Secured Loan, Welcome Finance

              HI dt

              https://www.handbook.fca.org.uk/handbook/DISP/1/

              Look down the list - find 'Specialist sourcebooks' & hit the 'expand' button to find CONC.
              CAVEAT LECTOR

              This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

              You and I do not see things as they are. We see things as we are.
              Cohen, Herb

              There is danger when a man throws his tongue into high gear before he
              gets his brain a-going.
              Phelps, C. C.

              "They couldn't hit an elephant at this distance!"
              The last words of John Sedgwick
              • 2 likes

              Comment

              • #67
                Re: Secured Loan, Welcome Finance

                Lots to take in!
                Hope we have grounds to cmplain mine is from 2002.
                Never give up, Never surrender.
                • 2 likes

                Comment

                • #68
                  Re: Secured Loan, Welcome Finance

                  Originally posted by dogtired View Post
                  Lots to take in!
                  Hope we have grounds to cmplain mine is from 2002.
                  Hi dt

                  That puts in CCA 1974 s127.3 territory, lol!

                  Have you hit them with a s77 request? (It'll cost you £1)

                  - - - Updated - - -

                  Originally posted by dogtired View Post
                  Lots to take in!
                  Hope we have grounds to cmplain mine is from 2002.
                  Hi dt

                  That puts in CCA 1974 s127.3 territory, lol!

                  Have you hit them with a s77 request? (It'll cost you £1)
                  CAVEAT LECTOR

                  This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                  You and I do not see things as they are. We see things as we are.
                  Cohen, Herb

                  There is danger when a man throws his tongue into high gear before he
                  gets his brain a-going.
                  Phelps, C. C.

                  "They couldn't hit an elephant at this distance!"
                  The last words of John Sedgwick
                  • 2 likes

                  Comment

                  • #69
                    Re: Secured Loan, Welcome Finance

                    Originally posted by dogtired View Post
                    Lots to take in!
                    Hope we have grounds to cmplain mine is from 2002.
                    CCA s127.3 is applicable

                    Have you hit them with a s77 request? (It'll cost you £1, though, lol!)

                    (Twice for emphasis lol! .................ok, I c*cked up.....thought it hadn't posted first go!)
                    CAVEAT LECTOR

                    This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                    You and I do not see things as they are. We see things as we are.
                    Cohen, Herb

                    There is danger when a man throws his tongue into high gear before he
                    gets his brain a-going.
                    Phelps, C. C.

                    "They couldn't hit an elephant at this distance!"
                    The last words of John Sedgwick
                    • 2 likes

                    Comment

                    • #70
                      Re: Secured Loan, Welcome Finance

                      No, not yet!
                      Another letter of complaint sent this morning so will do that if they continue to play silly Bs .
                      Your cracking up? Think I have ran out of Polyfilla!


                      Originally posted by charitynjw View Post
                      CCA s127.3 is applicable

                      Have you hit them with a s77 request? (It'll cost you £1, though, lol!)

                      (Twice for emphasis lol! .................ok, I c*cked up.....thought it hadn't posted first go!)
                      Never give up, Never surrender.
                      • 1 thank

                      Comment

                      • #71
                        Re: Secured Loan, Welcome Finance

                        Originally posted by Bazza View Post
                        Thank-you charitynjw

                        My loan is a secured personal loan for approx £15,000 in which is CCA 1974 regulated.

                        I received a letter from Welcome Finance Nottingham last week advising that as from 21st March 2016 of the implementation of the Mortgage Credit Directive (MCD) and therefore my secured loan account will called a mortgage.

                        They refer / state details in relation to a second charge mortgage but this loan already sits behind a previous second mortgage (charge) so therefore would this still apply and be a third mortgage ?

                        I will also read up on the link provided.
                        Further to my comments above, does that mean that any CCA 1974 regulated agreement complaints will have to be sent to Welcome before 21st March 2016 ?
                        • 1 thank

                        Comment

                        • #72
                          Re: Secured Loan, Welcome Finance

                          Originally posted by dogtired View Post
                          No, not yet!
                          Another letter of complaint sent this morning so will do that if they continue to play silly Bs .
                          Your cracking up? Think I have ran out of Polyfilla!
                          Hi dt

                          If it were me, I'd do it anyway!

                          They will then have 12 days (+ 2 for post) to come up with a compliant copy of the agreement, & the T&Cs plus any variations, & a statement of the account.

                          If they can't do that, the alleged debt is unenforceable until they do.

                          I realise that it may be so anyway; this just reinforces the position.
                          CAVEAT LECTOR

                          This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                          You and I do not see things as they are. We see things as we are.
                          Cohen, Herb

                          There is danger when a man throws his tongue into high gear before he
                          gets his brain a-going.
                          Phelps, C. C.

                          "They couldn't hit an elephant at this distance!"
                          The last words of John Sedgwick
                          • 2 likes

                          Comment

                          • #73
                            Re: Secured Loan, Welcome Finance

                            Not come up with anything so far have they?!
                            Worth a try though

                            Originally posted by charitynjw View Post
                            Hi dt

                            If it were me, I'd do it anyway!

                            They will then have 12 days (+ 2 for post) to come up with a compliant copy of the agreement, & the T&Cs plus any variations, & a statement of the account.

                            If they can't do that, the alleged debt is unenforceable until they do.

                            I realise that it may be so anyway; this just reinforces the position.
                            Never give up, Never surrender.
                            • 2 likes

                            Comment

                            • #74
                              Re: Secured Loan, Welcome Finance

                              Just a little update from my end .....

                              Welcome are now in default for failing to provide any CCA to date. I have had the same circular letter as you guys talking about the new regs coming out this month but tbh I just threw the letter in the bin.

                              Without the CCA they are up the creak without a paddle ........

                              I have just posted them a letter bringing to light that they are in default and have made them a cheaky offer, will keep you all updated.
                              • 3 likes

                              Comment

                              • #75
                                Re: Secured Loan, Welcome Finance

                                Originally posted by Ruby View Post
                                Just a little update from my end .....

                                Welcome are now in default for failing to provide any CCA to date. I have had the same circular letter as you guys talking about the new regs coming out this month but tbh I just threw the letter in the bin.

                                Without the CCA they are up the creak without a paddle ........

                                I have just posted them a letter bringing to light that they are in default and have made them a cheaky offer, will keep you all updated.
                                Hi Ruby,

                                Was yours a Secured Fixed-sum Personal Loan ? Or was it variable if you don't mind me asking ?

                                Let me know what response you get re your cheeky offer as I am still awaiting a response to mine.

                                Cheers

                                Bazza
                                • 1 thank

                                Comment

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