welcome finance help

[dogtired]

Re: welcome finance help

With ours it is now over the six years.
Did not stop Unwelcome trying with two DCA!
Wrote to them again earlier this year with a copy of the letter from the last DCA (Mackenzie Hall who returned the "file for consideration" due to inconsistencies' in the paper work supplied)
Not had a reply from that but would not put it past them (Unwelcome) trying again.

[nemesis45]

Re: welcome finance help

With ours it is now over the six years.
Did not stop Unwelcome trying with two DCA!
Wrote to them again earlier this year with a copy of the letter from the last DCA (Mackenzie Hall who returned the "file for consideration" due to inconsistencies' in the paper work supplied)
Not had a reply from that but would not put it past them (Unwelcome) trying again.

So many of these agreements were complete lash ups, completed after a customer signed, irresponsible lending., unfair terms you name it Welcome did it!!

nem

[Ruby]

Re: welcome finance help

I don't entirely agree with FB that companies can these days go straight for repo. FCA and the MOJ have very clear guidelines in the steps that companies must follow and exhaust before repossession takes place. Repossession is always the LAST resort. The FCA primarily targets regulated loans, this would apply to your Welcome Finance Agreement, I believe.

In the public domain there is a Ministry of Justice document called 'Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property'. This document was produced in 2008 and is applicatble to both regulated and unregulated secured loans.

Section 7 is the most important part of this document:-

7. Further matters to consider before starting a possession claim

Starting a possession claim should normally be a last resort and such a claim must not normally be started unless all other reasonable attempts to resolve the position have failed. The parties should consider whether given the individual circumstances of the borrower and the form of agreement, it is reasonable and appropriate to done one or more of the following:-

1) Extend the term of the mortgage;
2) change the type of mortgage;
3) defer payment of interest due under the mortgage;
4) capitalise the arrears; or
5) make use of any Government forebearance initiatives in which the lender chooses to participate.

Once again please note that according to this document this protocol applies to arrears on-

1) first charge residential mortgages and home purchase plans regulated by the FCA under the Financial Services and Markets Act 2000
2) second charge mortgages over residential property and other secured loans regulated under the CCA 1974 or residential property,
3) unregulated residential mortgages

My advice and it is from personal experience only, is keep chipping away at Welcome. If you have no luck with one person put the phone down and call again and speak to someone else. They have unfortunately behaved liked cowboys in the past but use that to your advantage.

[nemesis45]

Re: welcome finance help

Totally agree Ruby,
The administrator are as sloppy as the original management.
Welcome will sit back and take money for ever and a day if
not challenged. The amount Collinsfamily has already paid
back and allegedly still owe is nothing short of usury!!

nem

[Ruby]

Re: welcome finance help

The sad thing too is that Collinsfamily will not be unique on WF's books. How many other people are in the same predicament? I hope these posts will start helping more to challenge these bandits.

[FlamingParrot]

Re: welcome finance help

We have not defaulted on this loan. We have always paid it. It has NEVER been on our credit files.

If you have never defaulted then what has been said above about it not re-appearing on credit files wouldn't apply. If you defaulted on it a default would be recorded, it's true that only one default can be recorded per account but there's not been one on this account so it CAN be defaulted.

I don't entirely agree with FB that companies can these days go straight for repo. FCA and the MOJ have very clear guidelines in the steps that companies must follow and exhaust before repossession takes place. Repossession is always the LAST resort. The FCA primarily targets regulated loans, this would apply to your Welcome Finance Agreement, I believe.

It may not be as easy as it was with tighter regulation but it is a possibility that has to be considered. It is irresponsible to just tell someone who's got a loan secured on their homes to treat it just like any unsecured debt, send a CCA request and if they don't send you the agreement within 12+2 days then just stop making payments.

Those who know me also know I've been suggesting this course of action for years, i.e. challenge them to produce the agreement, challenge the documents they produce and stop paying or the debt never goes SBd as long as you make payments, etc. In fact that's what I've been doing myself for more than five years, even at a time when other people involved here were saying that course of action was debt avoidance and should be, well, avoided. :mmph:

Having said that, you cannot just treat secured loans the same way, i.e say: "you didn't send me my agreement in 12+2 days so the debt is unenforceable and I'm not paying it". Only a court can rule a debt unenforceable and it's not uncommon for 'missing' agreements to turn up months later. There's been cases that went to court and were stayed for months because the claimant couldn't supply the documents, then one day, they managed to obtain them and applied to lift the stay.

It's better to have an agreement that can be assessed on its own merits as has been the case when courts have ruled them irredeemably unenforceable, than relying on temporary unenforceability due to lack of an agreement that could be produced at any time if it suits them. This is a loan from 2007 so it's not that likely that the agreement would have vanished without a trace. They should have provided it with the SAR as the agreement itself IS personal data, however, they probably didn't go out of their way to find it because the ICO isn't likely to take much action just because of a missing document or two when they've complied with most of the SAR. I've had several dealings with the ICO and even when they, in theory, uphold your complaint (after months of argument), they don't do much.

[nemesis45]

Re: welcome finance help

Yes we know all that thanks!1

- - - Updated - - -

The sad thing too is that Collinsfamily will not be unique on WF's books. How many other people are in the same predicament? I hope these posts will start helping more to challenge these bandits.

I hope so too, negative comments will stop Welcome victims from taking up the challenge and sticking with if they do.

nem

- - - Updated - - -

The sad thing too is that Collinsfamily will not be unique on WF's books. How many other people are in the same predicament? I hope these posts will start helping more to challenge these bandits.

I hope so too, negative comments will stop Welcome victims from taking up the challenge and sticking with if they do.

nem

- - - Updated - - -

The sad thing too is that Collinsfamily will not be unique on WF's books. How many other people are in the same predicament? I hope these posts will start helping more to challenge these bandits.

I hope so too, negative comments will stop Welcome victims from taking up the challenge and sticking with if they do.

nem

[dogtired]

Re: welcome finance help

When Cattles/ Welcome were in trouble didn't they " lose" a load of customers files?

[FlamingParrot]

Re: welcome finance help

Nemesis, there's no need to repeat what you say three times, I got it the first time!

This is a board read by thousands of people who don't "all know that", whatever THAT may be.

You can't just tell people to stop paying secured loans, there are ways to deal with them, just not the standard "no CCA = UE = no payment" route.

"Negative" comments are actually cautionary remarks. A lot more people than just LB members read these threads, their circumstances will be different and so may be their agreements. We can't be advising people to just default on their secured loans and treat them as if they were unsecured. It's not right.

[nemesis45]

Re: welcome finance help

When Cattles/ Welcome were in trouble didn't they " lose" a load of customers files?

Yep not just a few, suspicions were when branches closed paperwork was " lost" in the move of all data to HO.

nem

[dogtired]

Re: welcome finance help

Yep not just a few, suspicions were when branches closed paperwork was " lost" in the move of all data to HO.

nem

Seem to remember something about a suspicious fire at one of the larger offices.
When we moved it took them six months to transfer to a " local" branch which closed not long afterwards.
A bunch of rogues don't trust them one bit.

[nemesis45]

Re: welcome finance help

Seem to remember something about a suspicious fire at one of the larger offices.
When we moved it took them six months to transfer to a " local" branch which closed not long afterwards.
A bunch of rogues don't trust them one bit.

So many agreements were " rewritten" and " signed on behalf of" the borrower and were never
signed off by management, there's still a minefield out there!

nem

[dogtired]

Re: welcome finance help

So many agreements were " rewritten" and " signed on behalf of" the borrower and were never
signed off by management, there's still a minefield out there!

nem

The " management" were just as bad, quite a few were " let go" yet they still seem to be getting away with their activities.

[nemesis45]

Re: welcome finance help

The " management" were just as bad, quite a few were " let go" yet they still seem to be getting away with their activities.

The other dirty trick is hanging on to delinquent until they are ready to off load and then defaulting.

nem

[collinsfamily]

Re: welcome finance help

Thanks for all of the advice
After the yeara and years of paying
We calculated we paid circa £26k and balance has only.reduced by £3k

Its heart breaking. That amount of money is life changing

I've sent the £1 fee and template letter to them today.

What are my options if:
A. They don't reply within a few weeks.
B. They say they can't locate it.
C. The agreement seems different to original terms.

Also if they can provide it. Where do I stand as even by a miraculous moment I can get the interest rate reduced we can't stomach a further £14k on top of the £26k we've paid. That's £40k we will have paid. Even more if the interest rate isn't changed.