Secured Loan, Welcome Finance

[dogtired]

Re: Secured Loan, Welcome Finance

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

Imho

It should do.

Are you saying that the CCA 1974 isn't mentioned on your copy of the agreement?

[dogtired]

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.

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.

[charitynjw]

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.

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)

[dogtired]

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!

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)

[charitynjw]

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 @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!

[charitynjw]

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.

[dogtired]

Re: Secured Loan, Welcome Finance

Lots to take in!
Hope we have grounds to cmplain mine is from 2002.

[charitynjw]

Re: Secured Loan, Welcome Finance

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 - - -

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)

[charitynjw]

Re: Secured Loan, Welcome Finance

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!)

[dogtired]

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!

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!)

[Bazza]

Re: Secured Loan, Welcome Finance

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 ?

[charitynjw]

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!

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.

[dogtired]

Re: Secured Loan, Welcome Finance

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

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.

[Ruby]

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.

[Bazza]

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.

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