welcome finance help

[nemesis45]

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.

Let's see what the formal CCA request brings forth.
I do have some ideas as to what can be done.
Welcomes dirty tricks have been " cleaned" up before.

nem

[Ruby]

Re: welcome finance help

It is never good advice to stop paying your mortgage or any loan secured on your property as the consequences can be very serious. However there are people out there who are in arrears due to a change in financial circumstances and I hope my post 18 will help them to perhaps sleep easier at night and know there are options for them. Welcome I know from personal experience will try and bully and behave unprofessionally as and when a customer gets into financial difficulty. As mentioned before it is advisable to do a CCA request, if only to know where you stand and whether Welcome still have the agreement. The CCA/or lack of can be used as a possible tool to negotiate things on a more even footing. In my case I have been paying my account back as negotiated with Welcome INTEREST FREE. If it can happen to me it can happen to others.

It is beyond belief that the person who started this post has paid so much of their loan back and is no where near paying it off!

As for reporting to credit reference agencies, I defaulted on my account years ago and the default should still be on my file (as its not quite six years) but isn't on any credit report. Welcome pulled out of reporting to credit reference agencies a couple of years back - I believe it was probably because it was more admin work for them that they could not afford, or manage correctly (now that speaks volumes!!

[jon1965]

Re: welcome finance help

If I am interpreting this correctly this loan is from post april 2007 and as such all they need to do is produce a recon agreement , even if it does not contain all the prescribed terms it will not matter.
Every debt charity will tell you that priority debts are secured loans and council tax , these are the ones that need looking after. Before anyone even thinks about defaulting on a secured loan they need to consider all the options very carefully.
I know you have just completed an IVA and maybe that was not the best route to go down although there is no point in going over that now, if you are in serious negative equity one drastic option would be Bankruptcy , if the loan is in joint names you would both need to go BR, if not only one of you.

[collinsfamily]

Re: welcome finance help

Hello all.

So its been more than 2 weeks since I sent the request to welcome for the credit agreement. Ive carried on with the monthly payment.


Whilst they haven't acknowledged my letter I got a bizarre call today from welcome saying out of some 1200 accounts that are in arrears (ours is a little) they have chosen a dozen (I'm one of the lucky 12) haha to be offered a reduced full and final settlement option????

The balance started at 17500 in 2007. Its now 8 years later at a shocking 14,300 but they will take 10,000 to end it early.

I said thanks but we've just come out of an iva so have no way to source 10k.

I asked if it had any connection to my letter I sent. He said it was just a coinscidence.

Any advice on what they're playing at/what to do as I've heard nothing re credit agreement request.

Ps. The letter WAS received. I tracked it xxxx

[nemesis45]

Re: welcome finance help

Hi the left hand and the right hand of Welcome complete strangers!!
I would give them a nudge on the agreements.

nem

[seduraed]

Re: welcome finance help

i'll put my twopenny worth in to the mix. Welcome agreements are written in such a way that if you miss two payments then the charges and extra interest rack up in such a way that you can never clear the loan unless you get interest relief. The 12 out of 1200 hundred is a rather crude sales ploy . Of a type used by dodgy double glazing companies etc. The chap form Welcome was rude because of the bonuses paid for cash collected. If you hit you monthly cash target you can earn an extra 20% of salary and there is immense pressure to hit cash targets at month end w
ith staff working late on fridays and all day saturday to collect .

[Ruby]

Re: welcome finance help

Any news? The CCA should have been received by now .........(if one exists :tinysmile_twink_t2

[Struggling26]

Re: welcome finance help

Hi. Did you get anywhere with this??

I am 7.5 years into paying off £14500 secured loan + £2000 used to pay off a previous loan and still owe £6500 despite overpaying quite a lot over the last couple of years. I've likely paid £26-28k so far...

Due to overstretching my finances back then I resorted to payday loans which quickly spiralled to maintain payments to wfs. I'm just in the process of claiming irresponsible lending with some of these and have so far had a couple of wins.

It led me to wonder if I could do the same with wfs...based on similar principles...I believe that a proper assessment of my income and expenditure and affordability was not done. In addition to bad credit...a couple of historical defaults on my file and payments to debt collection agencies as well as a previous loan with wfs and a couple of late payments on this. In addition they allowed me to borrow based on a guesstimate housing valuation that wasn't verified or probably realistic.

I've emailed them today with all this and will send off for all my documentation this week. Has anyone else had any luck claiming affordability / irresponsible lending and if so...any tips??

[Kafka]

Re: welcome finance help

You need to start your own thread for your case to keep it separate.

[Amethyst]

Re: welcome finance help

Hi. Did you get anywhere with this??

I am 7.5 years into paying off £14500 secured loan + £2000 used to pay off a previous loan and still owe £6500 despite overpaying quite a lot over the last couple of years. I've likely paid £26-28k so far...

Due to overstretching my finances back then I resorted to payday loans which quickly spiralled to maintain payments to wfs. I'm just in the process of claiming irresponsible lending with some of these and have so far had a couple of wins.

It led me to wonder if I could do the same with wfs...based on similar principles...I believe that a proper assessment of my income and expenditure and affordability was not done. In addition to bad credit...a couple of historical defaults on my file and payments to debt collection agencies as well as a previous loan with wfs and a couple of late payments on this. In addition they allowed me to borrow based on a guesstimate housing valuation that wasn't verified or probably realistic.

I've emailed them today with all this and will send off for all my documentation this week. Has anyone else had any luck claiming affordability / irresponsible lending and if so...any tips??

Good news you've succeeded with a couple of irresponsible lending claims with the payday lenders

Have you had a full statement of you account off of Welcome finance to see how the account has cost you £10k in interest and charges over 7 years ? The interest rates may be high to begin with that thats quite hefty.

I'd definately ask for the original credit agreement and terms with a CCA request, I'd also do a full Subject Access Request asking for a full list of transactions and charges on the account, so you can start analysing the account and if necessary negotiating with Welcome to sort out the remainder of the payments ( if due). I know some have reclaimed the charges successfully, I'm not sure about irresponsible lending with Welcome.

[nemesis45]

Re: welcome finance help

Hi was your Welcome agreement rewritten at the time the 2nd loan was taken?
Did you sign a totally new agreement? There's been numerous cases with Welcome
Loans where rewrites have faulty paper work or no compliant agreement on subsequent
loan.

nem

[dogtired]

Re: welcome finance help

Hi was your Welcome agreement rewritten at the time the 2nd loan was taken?
Did you sign a totally new agreement? There's been numerous cases with Welcome
Loans where rewrites have faulty paper work or no compliant agreement on subsequent
loan.

nem

Yes did that to us, still not " proved" a second alleged agreement exists.

[Struggling26]

Re: welcome finance help

Thanks...asking for the info is my next step. I just thought it was worth a try! I have been paying extra off and hoping to pay a chunk off in the near future but thought any reductions I can get wfs to make on the account would be a bonus.

I started on this thread as it's a similar situation to the first message...

Will keep posted IF I get anywhere

[nemesis45]

Re: welcome finance help

Yes did that to us, still not " proved" a second alleged agreement exists.

From what I've seen over the years many borrowers with Welcome had agreements rewritten without their knowledge and some " new" agreements were never signed by the customer or Welcome, it has also been said that many " suspect" agreements were destroyed when the branches closed. Given the general conduct of Welcome this is no real surprise.

nem

[dogtired]

Re: welcome finance help

From what I've seen over the years many borrowers with Welcome had agreements rewritten without their knowledge and some " new" agreements were never signed by the customer or Welcome, it has also been said that many " suspect" agreements were destroyed when the branches closed. Given the general conduct of Welcome this is no real surprise.

nem

Lost our details at least three times. Admitted they could not find an agreement. Passed to two DCA (last being Mackenzie Hall) They sent it back to them nearly a year ago for "consideration"
Not heard anything since but would not put it past them trying again.
#Struggling66 please do an SDAR and see what they come up with.