Welcome Finance - Unenforcable?

[Bankstormer]

Re: Welcome Finance - Unenforcable?

Bankstormer, while you may be adept at using forums and the etiquette not everyone else is.

This was Ripped Offs first post on this forum and quite possibly any forum.

It serves no purpose to not only shout (Use of Caps) but type in red also to a newcomer.
This is hardly in the spirit of the community of the forum, and gives people a bad impression of yourself.

In future, rather than shouting at people, why not click the report button and ask a moderator to move the post.

I do appologise,

I too am reletively new to this kind of thing and was not aware that typing in CAPS was so rude, also i only typed in red so it would stand out.

No offence was intended.
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Hi there

Can you please detail the figures please as the agreement is illegible.

while this fails to comply with Regulation 2 CCCNCD Regulations 1983, it is not enough to kill the agreement

if you can set out the main points, like,

Credit £400000

Total Charge for Credit £ 5000000

Total Amount Payable £9999999


Repayments 90 months at £4000000 per month

then i can run the figures and check them out

also let me know if there was any PPI etc

Cash Advance: £2,800
Homecare 24 (Insurance) £125
Lifecare 24 (Insurance) £175
Optional !?! PPI £1030.52

Total amount of credit: £1430.52

Acceptance Fee: £235
Mortgage Indemnity Fee: £308

Total amount of loan: £4675.52

Interest is charged @ 36.6% APR

60 MONTHLY PAYMENTS OF £137.72

The loan is made on the security of a legal charge on his property.

he has missed several payments on the loan.

[pt2537]

Re: Welcome Finance - Unenforcable?

Cash Advance: £2,800
Homecare 24 (Insurance) £125
Lifecare 24 (Insurance) £175
Optional !?! PPI £1030.52

Total amount of credit: £1430.52 Total Amount of Credit?? are you typing this verbatim? from the agreement? this is surely incorrect as the cash advance exceeds this on its own????

Acceptance Fee: £235
Mortgage Indemnity Fee: £308

Total amount of loan: £4675.52

Interest is charged @ 36.6% APR

60 MONTHLY PAYMENTS OF £137.72

The loan is made on the security of a legal charge on his property.

he has missed several payments on the loan.

Hmm, if those figures are correct your agreement is unenforceable for god knows how many reasons
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the acceptance fee if set out within the credit makes the agreement fall over ala Wilson and First County Trust

[Bankstormer]

Re: Welcome Finance - Unenforcable?

So what do we do about it & how long should it take to resolve?
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Sorry, it was a typing error, Total amount of credit should read £4,130.52

[righty]

Re: Welcome Finance - Unenforcable?

Has anyone considered that there are undeclared commissions within the Ins. premiums - something that adds griss ta mill
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Welcome & Aviva aka NU will confirm this (they have no choice) but deny you the info claiming they don't have to provide it which is nonsense & the FSA says so Nevertheless I suggest you have someone other than yourself get you a quote then compare that quote with their charges

[Bankstormer]

Re: Welcome Finance - Unenforcable?

Thanks for thet. Once I find out what i'm supposed to be doing i will add that to my complaint.

Firstly, however, i need to know what my next step is, and the likelyhood of a result.

Please help.

[Bankstormer]

Re: Welcome Finance - Unenforcable?

I am sorry guys but you have completely lost me.

Is there something obvious that i have missed?

[Amethyst]

Re: Welcome Finance - Unenforcable?

sorry Bankstormer - I'll move the spml posts to a new thread x

[Bankstormer]

Re: Welcome Finance - Unenforcable?

As explained in my first post, we made welcome finance an offer of full payment of the loan less the PPI.

I have spoken with welcome finance today and they have confirmed that our offer was declined.

This obviously leaves us to persu the unenforcability issue.

Can anyone help us with what to do?

Can they take his house if he is not paying?

We are desperate?

[righty]

Re: Welcome Finance - Unenforcable?

Are you claiming the PPI was mis sold.....................as is usual for Welcome:tinysmile_grin_t:

[Bankstormer]

Re: Welcome Finance - Unenforcable?

Yes we are, but i am getting the impression that if the ppi was missold then the whole contract is unenforcable.

also the acceptance fee was added to the credit and interest was charged on it.

[righty]

Re: Welcome Finance - Unenforcable?

Well in that case IMHO you should withdraw your offer or at least place a deadline on it (in writing)

However why are you offering anything if you think the debt is unenforceable?

[Bankstormer]

Re: Welcome Finance - Unenforcable?

Because when we made the offer, as far as i was aware, the ppi was the only claim we had.
It was only when the lady at welcome mentioned that it may be unenforcable that i came on here for advice. (See the first post in this thread for more info)

[righty]

Re: Welcome Finance - Unenforcable?

OK formally rescind the offer & start a claim for compensation/refund + %

[Bankstormer]

Re: Welcome Finance - Unenforcable?

OK I will write and rescind the offer, but what will i claim for?

PPI is fine, i know how to do that, but do i try and have the whole debt deemed unenforcable.

If so, how is it done?

[Bankstormer]

Re: Welcome Finance - Unenforcable?

Anyone?