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Originally Posted by x12Geo
Hi Postggi
I am a new member to the forum and have been reading with interest posts regarding Welcome Finance.
I am totally confused and need help how to tackle my complaint regarding Welcome Finance, Secured Loan taken out in 2003 by telephone.
I believe the agreement is unlawful though in 2002 went to CAB for help told to continue payments and
sell my property.
Brief out line of case.
1. Secured Loan - Shows on credit file as Joint Mortgage. I am single, my mum died 10.06.02.
Standard Security Shows Borrower- My mother's Name and My Own.
2.Agreement Date 11.03.03 Signed By Welcome Finance.My signature shows adate 22.02.03 yet I had a letter from them dated on 24.02.03 Due not reciving any documents back from you,in order to resolve this contact the office 01772 652763 and advise us as to whether you are going ahead.
3.The box on the agreement under financial agreements will start one month after the agreement date and will continue on the same date until the loan is repaid in full.
13.03.03 Disbursal Of Fees - 1885.00
13.03.08 Insurance Premiums Advanced - 3413.98
13.03.08 Loan Distrubution to Customer - 15000.00
Total Amount Of Loan £20298.98
APR 20.6%
Rate of Interest Month 1.35%
Direct debit from my Bank account 31.03.03.
Calls in dispute the cooling off period regulation.
4.From reading posts on the site - A Mortgage Idemnity Fee Does Not Apply For A Secured Loan.
By Nature
Mortgage
Applies to loans which would be a Mortgage Then Over £25000K.Mif is a charge for credit and need to be paid over the period of the loan with interest. Not front loaded as it is a charge for credit.
I had no choice , I lost my mum suddenly after 2 weeks bereavement leave , I was asked to leave my job no reason as I had been there less than a year. I made a huge mistake and had no idea of what was in store along with PPI they attached Home Care24 and Medi Care 24 neither was asked for.
My loan was paid off 03.06.05 - WF £20079.19 plus Welcome Finance Silicitor's fee for preparing Discharge £110.13.Settlement Statement
Toatal amount repayable at start of loan: £41108.40
Standard Settlement
Rebate of Acceptance
Fee and Credit Charges £1134.90
Collecton Fees £ 205.00
Default Interest (£12783.22)
Interest To Settlement (£272.30)
Less Amount you have paid (£7536.54)
Settlement Figure (to pay) £20131.04
I want to write to them though am truly confused as how to proceed.
I would truly be very happy if you can point out as the correct way to take them to task.
Best regards
Geo
Hi Postggi
I am a new member to the forum and have been reading with interest posts regarding Welcome Finance.
I am totally confused and need help how to tackle my complaint regarding Welcome Finance, Secured Loan taken out in 2003 by telephone.
I believe the agreement is unlawful though in 2002 went to CAB for help told to continue payments and
sell my property.
Brief out line of case.
1. Secured Loan - Shows on credit file as Joint Mortgage. I am single, my mum died 10.06.02.
Standard Security Shows Borrower- My mother's Name and My Own.
2.Agreement Date 11.03.03 Signed By Welcome Finance.My signature shows adate 22.02.03 yet I had a letter from them dated on 24.02.03 Due not reciving any documents back from you,in order to resolve this contact the office 01772 652763 and advise us as to whether you are going ahead.
3.The box on the agreement under financial agreements will start one month after the agreement date and will continue on the same date until the loan is repaid in full.
13.03.03 Disbursal Of Fees - 1885.00
13.03.08 Insurance Premiums Advanced - 3413.98
13.03.08 Loan Distrubution to Customer - 15000.00
Total Amount Of Loan £20298.98
APR 20.6%
Rate of Interest Month 1.35%
Direct debit from my Bank account 31.03.03.
Calls in dispute the cooling off period regulation.
4.From reading posts on the site - A Mortgage Idemnity Fee Does Not Apply For A Secured Loan.
By Nature
Mortgage
Applies to loans which would be a Mortgage Then Over £25000K.Mif is a charge for credit and need to be paid over the period of the loan with interest. Not front loaded as it is a charge for credit.
I had no choice , I lost my mum suddenly after 2 weeks bereavement leave , I was asked to leave my job no reason as I had been there less than a year. I made a huge mistake and had no idea of what was in store along with PPI they attached Home Care24 and Medi Care 24 neither was asked for.
My loan was paid off 03.06.05 - WF £20079.19 plus Welcome Finance Silicitor's fee for preparing Discharge £110.13.Settlement Statement
Toatal amount repayable at start of loan: £41108.40
Standard Settlement
Rebate of Acceptance
Fee and Credit Charges £1134.90
Collecton Fees £ 205.00
Default Interest (£12783.22)
Interest To Settlement (£272.30)
Less Amount you have paid (£7536.54)
Settlement Figure (to pay) £20131.04
I want to write to them though am truly confused as how to proceed.
I would truly be very happy if you can point out as the correct way to take them to task.
Best regards
Geo
