Secured Loan, Welcome Finance

[Ruby]

Re: Secured Loan, Welcome Finance

I can't check my T & C's as they did not send any. As mentioned before all I got from them is a single sided piece of paper.

What I find truly shocking is how Welcome were able to lay claim to our property on the back of this shambolic paperwork. Land Registry must be also held accountable for no due diligence.

[dogtired]

Re: Secured Loan, Welcome Finance

Welcome, as you know, could not organise a ****up in a Brewery.

[dogtired]

Re: Secured Loan, Welcome Finance

side 1.pdf
side 2.pdf


Had a reply today it has to be seen to be believed so attached.
Note that the Customer Relation's person says they returned my Postal Order they did not.
How can they "enforce" such rubbish no dates no address

[Bazza]

Re: Secured Loan, Welcome Finance

They are unbelievable Dogtired.

Anyway I received an e-mail from FOS on saturday regarding my complaint with Welcome in which has been with them awaiting an Ombudsman to look at, with the following comments.

"We have received the information you have provided and have attached this to your case. I wanted to confirm that we are aware that Welcome Finance may be entering into a formal insolvent liquidation process and as such, we are talking to them at the moment to find out what this means for our consumers. We will be in contact once we are in a better position to give you an update."

Now what really annoys me is that they have had my case for nearly two years now and I eventually get this sent.

Can anyone elaborate on the situation or is this just the standard wording from FOS for Welcome complaints ?

[charitynjw]

Re: Secured Loan, Welcome Finance

[ATTACH]23576[/ATTACH]
[ATTACH]23577[/ATTACH]


Had a reply today it has to be seen to be believed so attached.
Note that the Customer Relation's person says they returned my Postal Order they did not.
How can they "enforce" such rubbish no dates no address

They are unbelievable Dogtired.

Anyway I received an e-mail from FOS on saturday regarding my complaint with Welcome in which has been with them awaiting an Ombudsman to look at, with the following comments.

"We have received the information you have provided and have attached this to your case. I wanted to confirm that we are aware that Welcome Finance may be entering into a formal insolvent liquidation process and as such, we are talking to them at the moment to find out what this means for our consumers. We will be in contact once we are in a better position to give you an update."

Now what really annoys me is that they have had my case for nearly two years now and I eventually get this sent.

Can anyone elaborate on the situation or is this just the standard wording from FOS for Welcome complaints ?

Hi guys

Make sure they don't pay it into your accounts.

The £1 should be used for statutory purposes only.

Btw (me being nosy, lol!), did your interest rate historically go down as well as up, or did it just trend upwards?

[dogtired]

Re: Secured Loan, Welcome Finance

The letter says they had returned the postal order but it wasn't in the envelope.
Got two " notice of sums in arrears " on Saturday if that is supposed to be statement of accounts they are taking the ****!
Writing to them again with the heading of "letter before court action"
Regarding the interest, a bit complicated
Never denied having a loan at another address, taken out in 2002 as a "secure personal loan" we did have difficulties and a relation helped us out towards the end of the same year and we paid a lump sum.
At the start of the next year we had a phone call saying that they had had problems with computers and we would need to return a new form they would send us.
Remember doing this and we continued to pay by DD, which did go up.
It wasnt until we moved in 2004 and they nearly lost us this house they messed up, they said they would "accept " a full and final" of £8000.
The solicitor dealt with that and we thought that was that.
We had been here about a month and we started getting phone calls and letters saying that there had been a mistake and that we still owed money.
Did not know any better so payed them again.
Then did CCA to discover the loan numbers were different.
Then did SDAR and again different numbers and from that it also appeared that they never actually registered this house with the Land Registry.
We stopped paying just over seven years ago they have admitted more than once they cannot find an aggreement for the loian number we apparently still have an outstanding balance of over £11000.
They got two DCAs involved one of which payed a CCA into the alleged balance the other eventually returned it to them as they coukd not supply any compliant documents.
It was when I, and it appears @Ruby and others got these letters about changes to "secured personal loans" we wrote to them again.
Could we really get anything back from these clowns?
Not sent letter yet so will wait for your advice, if they are finally going what is going to happen to the likes of us? I am sure we are only the tip of the iceberg.

Hi guys

Make sure they don't pay it into your accounts.

The £1 should be used for statutory purposes only.

Btw (me being nosy, lol!), did your interest rate historically go down as well as up, or did it just trend upwards?

[charitynjw]

Re: Secured Loan, Welcome Finance

Hi dt,

Did your solicitor pay the full & final (ie you pay sol, sol arranged the F&F for you & pays WF, presumably with accompanying letter), or did you pay direct?

[Bazza]

Re: Secured Loan, Welcome Finance

The letter says they had returned the postal order but it wasn't in the envelope.
Got two " notice of sums in arrears " on Saturday if that is supposed to be statement of accounts they are taking the ****!
Writing to them again with the heading of "letter before court action"
Regarding the interest, a bit complicated
Never denied having a loan at another address, taken out in 2002 as a "secure personal loan" we did have difficulties and a relation helped us out towards the end of the same year and we paid a lump sum.
At the start of the next year we had a phone call saying that they had had problems with computers and we would need to return a new form they would send us.
Remember doing this and we continued to pay by DD, which did go up.
It wasnt until we moved in 2004 and they nearly lost us this house they messed up, they said they would "accept " a full and final" of £8000.
The solicitor dealt with that and we thought that was that.
We had been here about a month and we started getting phone calls and letters saying that there had been a mistake and that we still owed money.
Did not know any better so payed them again.
Then did CCA to discover the loan numbers were different.
Then did SDAR and again different numbers and from that it also appeared that they never actually registered this house with the Land Registry.
We stopped paying just over seven years ago they have admitted more than once they cannot find an aggreement for the loian number we apparently still have an outstanding balance of over £11000.
They got two DCAs involved one of which payed a CCA into the alleged balance the other eventually returned it to them as they coukd not supply any compliant documents.
It was when I, and it appears @Ruby and others got these letters about changes to "secured personal loans" we wrote to them again.
Could we really get anything back from these clowns?
Not sent letter yet so will wait for your advice, if they are finally going what is going to happen to the likes of us? I am sure we are only the tip of the iceberg.

I can only imagine that the loans will be sold onto someone else dogtired.

I'm also disappointed in the way the Financial Ombudsman has handled both of my complaints especially only being recently told that after a certain court ruling that they were investigating Welcomes possible responsibility re unfair relationship and then telling me that it was still awaiting an Ombudsman to review.

Nearly two years my complaints have been with them and now receiving the latest notification re liquidation is the icing on the cake !

I would be interested to know what will happen now regarding Welcome and my outstanding loan. I have also received a statement of account and sums of arrears letter but no formal response to any of my further enquiries and request for previously discussed settlement offer.

[dogtired]

Re: Secured Loan, Welcome Finance

@Bazza a duplicate letter arrived today with my postal order!
Decided to post the letter making it into a letter before court action.
Lets see how they like it!
We did go to FOS but all Welcome wanted was to sign a new aggrement minus the PPI despite our evidence that they had messed up FOS could not help any further.

[Bazza]

Re: Secured Loan, Welcome Finance

@Bazza a duplicate letter arrived today with my postal order!
Decided to post the letter making it into a letter before court action.
Lets see how they like it!
We did go to FOS but all Welcome wanted was to sign a new aggrement minus the PPI desdpitecour evidence that they had messed up FOS could not help any further.

Cheers dogtired and keep me posted.

I am just interested regarding Welcome's situation and loans going forward.

I was concerned that they decided to change my secured CCA regulated loan to a second mortgage, yet no sight of any new agreement etc ?

[dogtired]

Re: Secured Loan, Welcome Finance

No expert @Bazza! I would like to know the same and how they can do such a thing when they are insolvent.
Any ideas @charitynjw?

Cheers dogtired and keep me posted.

I am just interested regarding Welcome's situation and loans going forward.

I was concerned that they decided to change my secured CCA regulated loan to a second mortgage, yet no sight of any new agreement etc ?

[Bazza]

Re: Secured Loan, Welcome Finance

Hi guys

Make sure they don't pay it into your accounts.

The £1 should be used for statutory purposes only.

Btw (me being nosy, lol!), did your interest rate historically go down as well as up, or did it just trend upwards?

Hi Charitynjw

On checking my statement of account, mine actually went up and never went down.

When I checked my original Subject Access details once received, they did not submit any default notices, any correspondences relating to increase and missing annual statements from 2008 to 2011.

After numerous requests for details, they were eventually received in which seemed like recently generated copies (not dated) and this also formed part of my complaint with FOS in addition to PPI mis-sale.

It's so frustrating as I put together an arch lever files worth of evidence with my complaint in which had been totally ignored by the adjudicator a couple of years ago. Now it transpires via recent correspondences from FOS that my case was still awaiting referral to an ombudsman.

[seduraed]

Re: Secured Loan, Welcome Finance

[QUOTE=Bazza;629404]Thanks Ruby and yes that's their customer contact address.

I have just noticed that the phone numbers have updated so looks as if though my local branch may have closed.

I did make them a cheeky offer myself in which they originally declined but then kept sending text's to call back to discuss further.

Maybe worth a try as I had approx £8,500 outstanding and made a full and final offer of £1,000. I am still awaiting a response in writing so will let you know.[/QUOTE

]
I think they might take £2000
I think they

[charitynjw]

Re: Secured Loan, Welcome Finance

Cheers dogtired and keep me posted.

I am just interested regarding Welcome's situation and loans going forward.

I was concerned that they decided to change my secured CCA regulated loan to a second mortgage, yet no sight of any new agreement etc ?

IMHO they are trying to pull the wool over everyone's eyes by making it look like the loans are secured on land/property.
This would make their 'asset' (the loan) much more valuable for resale (assignment)

No expert @Bazza! I would like to know the same and how they can do such a thing when they are insolvent.
Any ideas @charitynjw?

Hi Charitynjw

On checking my statement of account, mine actually went up and never went down.
The rate is usually tied to the BoE base rate or LIBOR, both of which go up & down.
Have a look at THIS (I'm not saying definite, just possible)
Also, do some research on rate swaps (several videos to watch)
Market conditions should fluctuate - but if they 'remain' static or just trend upwards, it's win-win for W.


When I checked my original Subject Access details once received, they did not submit any default notices, any correspondences relating to increase and missing annual statements from 2008 to 2011.

After numerous requests for details, they were eventually received in which seemed like recently generated copies (not dated) and this also formed part of my complaint with FOS in addition to PPI mis-sale.

It's so frustrating as I put together an arch lever files worth of evidence with my complaint in which had been totally ignored by the adjudicator a couple of years ago. Now it transpires via recent correspondences from FOS that my case was still awaiting referral to an ombudsman.

####

[dogtired]

Re: Secured Loan, Welcome Finance

Sorry missed this earlier.
Solicitor according to final invoice.
She and us found Welcome frustrating to deal with they were supposed to send an agent to her office but they never turned up so in order to get things done she paid the £8000 out of the equity.

Hi dt,

Did your solicitor pay the full & final (ie you pay sol, sol arranged the F&F for you & pays WF, presumably with accompanying letter), or did you pay direct?