welcome finance help

[nemesis45]

Re: welcome finance help

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.

Yep a SAR is a very good idea!!

nem

[seduraed]

Re: welcome finance help

Assumptive rewrites were an old favourite. Welcome would without telling the customer rewrite agreements that had gone into arrears . THe new agreement would be for a longer period and the arrears were rolled up into the new agreement. The credit report showed the account as up to date and Welcome's bad debt was reduced.

[nemesis45]

Re: welcome finance help

Assumptive rewrites were an old favourite. Welcome would without telling the customer rewrite agreements that had gone into arrears . THe new agreement would be for a longer period and the arrears were rolled up into the new agreement. The credit report showed the account as up to date and Welcome's bad debt was reduced.

Yep, and I can't see an end to these manipulated accounts cropping up, so much has been hidden/destroyed, it looks like debts have been sold without any prospect of recovery no paperwork or unexecuted unauthorised rewrites.

Looking back on some records I helped a young family (army) with a Welcome car purchase, the first car from a Welcome " approved" dealer was junk and died on them and was not repairable.
The dealer recovered the car and offered a newer on with small increase in payment no ne agreement was ever seen or signed. In the mid 80's the army and other services suffered a raft of redundancies the soldier now a Sgt was a victim of these cuts and could no longer afford the payment to Welcome on approaching Welcome for assistance they rewrote the agreement on an extended term at a lower monthly sum, helpful?? No a £1500 car now on an 8 year term would cost nearly 8K. Outcome he left the car in the car park of the local Welcome office, the phone calls, threats and letters, doorstep visits went on for a couple of years then a claim was issued, no less than 5 versions of the agreement were produced none signed by the borrower or Welcome.

The judge took 2 minutes to dismiss the claim.

nem

[seduraed]

Re: welcome finance help

I think I remember that case . Welcome car garages had a policy of not offering refund no matter what . I~n one case it got so bad that the judge had struck the agreement down as unenforceable and ordered welcome to give a refund . Nothing happened and Welcome continued to chase . It wasn't until the customer turned up at head office with a couple of HCEO's and start getting ready to clamp to clamp the directors cars that he got his money .

[nemesis45]

Re: welcome finance help

I think I remember that case . Welcome car garages had a policy of not offering refund no matter what . I~n one case it got so bad that the judge had struck the agreement down as unenforceable and ordered welcome to give a refund . Nothing happened and Welcome continued to chase . It wasn't until the customer turned up at head office with a couple of HCEO's and start getting ready to clamp to clamp the directors cars that he got his money .

Yep and there's been many more like that one and no doubt more will keep cropping up.
It was a significant success due the nature of a considerable portion of this areas population being somewhat transient and not well paid many got involved with Welcome back then.

nem

[Struggling26]

Re: welcome finance help

I've requested all the paperwork which arrived last week - added some points to my original complaint which I've had confirmed by Welcome -

there are no credit checks included anywhere in the paperwork
charges over £12 had been added
no checks into how they approved a valuation of £17,000 in my house to lend against (my uneducated guess was all they went off)
despite a missed payment on the first loan of £2,500, they continued to lend me £17,000
the original debt I paid off with the new loan - of which the amount was a few hundred pounds higher than the 'if you pay after 6 months' quoted on the agreement
no full affordability assessment seemed to have been done
my bank statements that i had sent in clearly showed at least 2 monthly payments to debt collection agencies which had been ignored
there was a form relating to ppi which i had signed yet when i originally asked a few months ago, i was told i didnt have ppi
there is a small monthly charge on the account varying from 14p-£1.70 which i don't know about

they've 2-3 weeks to respond so I'm keeping my fingers crossed. I have been successful with a few more of my payday loans since last logging in so I'm hoping the fos would have the same concept for Welcome. I've also tried with my Very catalogue which despite missed payments increased my credit limit from £280 - £1500 over a year - just awaiting their response.

[collinsfamily]

Re: welcome finance help

Hi everyone - there was loads of good advice - that I have followed, and ultimately I think we are at a standstill.

I requested the SAR from welcome which they sent, and it pretty much just shows that we are stuck with the loan. We signed for it, the rate was horrific, and yes we were foolish. We thought that we would repay the loan back straight away, after doing some house renovations on a property we had, but then we lost a lot of value in the price of the house, and the loan got swallowed up

anyway enough waffled: the loan was for 17,500 back in 2007. The balance STILL stands at 12,000, 8 years later, and we have already paid back £27,000 (only 4,500 of that has gone to clear the balance).

What Welcome have done is freeze the interest indefinitely, and we are paying back £200 a month. But itll still take 5 years to clear this balance, and then we will have paid back £39,000 which is heartbreaking. We would very much like to put the £200 a month to better use, and feel like they have definitely had enough from us already.

Ive heard (from a welcome staff member ) that they are going into administration in 12-18 months, so they cannot advise what will happen to our 'frozen interest agreement' with whoever buys the loan from them. Also, they offered me an early settlement of £10,000!! Which we dont have. So I declined.

I have written to the FCO - they say they cannot help.

I have written to Welcome - they have said they have done all they can, and will do. (eg freeze the interest and supply a copy of the loan agreement)

I have written to the FSCS, they said they dont really know how they can be of assistance. but asked me to email them, which I have done, and I am getting no reply, I have emailed them weekly/fortnightly since August

I have also sent emails direct to various email addresses I have found that are associated with Cattles.

Are we stuck with this loan??

If there was any equity in our property (there isnt) we would probably sell up just to cover the loan and move on. But we will never be able to sell at a high enough price to cover this loan and generate a deposit in this property market at the moment, so we feel strangled by it all.

Can anyone offer any advice further than what they have already been kind enough to do so??

[nemesis45]

Re: welcome finance help

Hi everyone - there was loads of good advice - that I have followed, and ultimately I think we are at a standstill.

I requested the SAR from welcome which they sent, and it pretty much just shows that we are stuck with the loan. We signed for it, the rate was horrific, and yes we were foolish. We thought that we would repay the loan back straight away, after doing some house renovations on a property we had, but then we lost a lot of value in the price of the house, and the loan got swallowed up

anyway enough waffled: the loan was for 17,500 back in 2007. The balance STILL stands at 12,000, 8 years later, and we have already paid back £27,000 (only 4,500 of that has gone to clear the balance).

What Welcome have done is freeze the interest indefinitely, and we are paying back £200 a month. But itll still take 5 years to clear this balance, and then we will have paid back £39,000 which is heartbreaking. We would very much like to put the £200 a month to better use, and feel like they have definitely had enough from us already.

Ive heard (from a welcome staff member ) that they are going into administration in 12-18 months, so they cannot advise what will happen to our 'frozen interest agreement' with whoever buys the loan from them. Also, they offered me an early settlement of £10,000!! Which we dont have. So I declined.

I have written to the FCO - they say they cannot help.

I have written to Welcome - they have said they have done all they can, and will do. (eg freeze the interest and supply a copy of the loan agreement)

I have written to the FSCS, they said they dont really know how they can be of assistance. but asked me to email them, which I have done, and I am getting no reply, I have emailed them weekly/fortnightly since August

I have also sent emails direct to various email addresses I have found that are associated with Cattles.

Are we stuck with this loan??

If there was any equity in our property (there isnt) we would probably sell up just to cover the loan and move on. But we will never be able to sell at a high enough price to cover this loan and generate a deposit in this property market at the moment, so we feel strangled by it all.

Can anyone offer any advice further than what they have already been kind enough to do so??

A sorry state !!
The comment from a " Welcome staff member intrigues me" as the " Welcome scheme" was put in place to
attempt to realise Welcome's outstanding debts was anything else said on this?

Considering the huge amount of charges on this loan have you asked for a breakdown of all the charges?

nem

[Bazza]

Re: welcome finance help

Ive heard (from a welcome staff member ) that they are going into administration in 12-18 months, so they cannot advise what will happen to our 'frozen interest agreement' with whoever buys the loan from them. Also, they offered me an early settlement of £10,000!! Which we dont have. So I declined.

Hi collinsfamily,

I recently received the same as above but via text messages as I refuse to speak to them direct. Trust it is not another underhand tac-tic of theirs !

Sorry to hi-jack the thread but I will be subbing with interest.

That's interesting to know regarding the freezing of the interest, that this may not be honoured going forward with someone else

Would anyone know if this is correct in what Welcome are stating ?

Did Welcome tell you why they previously decided to freeze your interest if you don't mind me asking. I originally had a PPI / Account issues complaint with them and still ongoing with FOS, then all of a sudden I received unfair charges refund and notification of interest being frozen ???

[nemesis45]

Re: welcome finance help

I wonder if the " scheme" is winding up?
If it is the vultures will out looking for easy pickings.
nem

[Struggling26]

Re: welcome finance help

Hi everyone - there was loads of good advice - that I have followed, and ultimately I think we are at a standstill.

I requested the SAR from welcome which they sent, and it pretty much just shows that we are stuck with the loan. We signed for it, the rate was horrific, and yes we were foolish. We thought that we would repay the loan back straight away, after doing some house renovations on a property we had, but then we lost a lot of value in the price of the house, and the loan got swallowed up

anyway enough waffled: the loan was for 17,500 back in 2007. The balance STILL stands at 12,000, 8 years later, and we have already paid back £27,000 (only 4,500 of that has gone to clear the balance).

What Welcome have done is freeze the interest indefinitely, and we are paying back £200 a month. But itll still take 5 years to clear this balance, and then we will have paid back £39,000 which is heartbreaking. We would very much like to put the £200 a month to better use, and feel like they have definitely had enough from us already.

Ive heard (from a welcome staff member ) that they are going into administration in 12-18 months, so they cannot advise what will happen to our 'frozen interest agreement' with whoever buys the loan from them. Also, they offered me an early settlement of £10,000!! Which we dont have. So I declined.

I have written to the FCO - they say they cannot help.

I have written to Welcome - they have said they have done all they can, and will do. (eg freeze the interest and supply a copy of the loan agreement)

I have written to the FSCS, they said they dont really know how they can be of assistance. but asked me to email them, which I have done, and I am getting no reply, I have emailed them weekly/fortnightly since August

I have also sent emails direct to various email addresses I have found that are associated with Cattles.

Are we stuck with this loan??

If there was any equity in our property (there isnt) we would probably sell up just to cover the loan and move on. But we will never be able to sell at a high enough price to cover this loan and generate a deposit in this property market at the moment, so we feel strangled by it all.

Can anyone offer any advice further than what they have already been kind enough to do so??

Hi. I would Def check the charges etc. I too am 8 years into a 17000 loan (14500 then 2500 to repay a previous loan)...my payments were £271 over 10 years (I'm not sure your term) but my current balance is 'only' 5000. I have overpaid quite alot the last couple of years but still think I'll pay £32000 (eik) over the 10 years...

I don't think I'll be saving any money by paying early except for the monthly interest but just need to get shut now!

I have logged a complaint with fos in regards to affordability and creditworthiness as I've had a couple of wins with payday loans. Welcome couldn't provide me with my credit file searches and there are payments to debt collection companies on the statements I provided at the time so I'm hoping this may be in my favour. However it's been over 6 years so not 100% I can complain (though I have only just been aware of the affordability regulations etc and fos say 6 years or 3 years from when you became aware of the issue'...

Just awaiting their call/letter!

[Bazza]

Re: welcome finance help

Hi everyone - there was loads of good advice - that I have followed, and ultimately I think we are at a standstill.

I requested the SAR from welcome which they sent, and it pretty much just shows that we are stuck with the loan. We signed for it, the rate was horrific, and yes we were foolish. We thought that we would repay the loan back straight away, after doing some house renovations on a property we had, but then we lost a lot of value in the price of the house, and the loan got swallowed up

anyway enough waffled: the loan was for 17,500 back in 2007. The balance STILL stands at 12,000, 8 years later, and we have already paid back £27,000 (only 4,500 of that has gone to clear the balance).

What Welcome have done is freeze the interest indefinitely, and we are paying back £200 a month. But itll still take 5 years to clear this balance, and then we will have paid back £39,000 which is heartbreaking. We would very much like to put the £200 a month to better use, and feel like they have definitely had enough from us already.

Ive heard (from a welcome staff member ) that they are going into administration in 12-18 months, so they cannot advise what will happen to our 'frozen interest agreement' with whoever buys the loan from them. Also, they offered me an early settlement of £10,000!! Which we dont have. So I declined.

I have written to the FCO - they say they cannot help.

I have written to Welcome - they have said they have done all they can, and will do. (eg freeze the interest and supply a copy of the loan agreement)

I have written to the FSCS, they said they dont really know how they can be of assistance. but asked me to email them, which I have done, and I am getting no reply, I have emailed them weekly/fortnightly since August

I have also sent emails direct to various email addresses I have found that are associated with Cattles.

Are we stuck with this loan??

If there was any equity in our property (there isnt) we would probably sell up just to cover the loan and move on. But we will never be able to sell at a high enough price to cover this loan and generate a deposit in this property market at the moment, so we feel strangled by it all.

Can anyone offer any advice further than what they have already been kind enough to do so??

There is actually something on their website regarding loans being sold off.

http://www.wfs.co.uk/faqs/#

Now if you submit a complaint to Welcome, will the new owner of your loan be liable going forward ?

[Bazza]

Re: welcome finance help

Hi. I would Def check the charges etc. I too am 8 years into a 17000 loan (14500 then 2500 to repay a previous loan)...my payments were £271 over 10 years (I'm not sure your term) but my current balance is 'only' 5000. I have overpaid quite alot the last couple of years but still think I'll pay £32000 (eik) over the 10 years...

I don't think I'll be saving any money by paying early except for the monthly interest but just need to get shut now!

I have logged a complaint with fos in regards to affordability and creditworthiness as I've had a couple of wins with payday loans. Welcome couldn't provide me with my credit file searches and there are payments to debt collection companies on the statements I provided at the time so I'm hoping this may be in my favour. However it's been over 6 years so not 100% I can complain (though I have only just been aware of the affordability regulations etc and fos say 6 years or 3 years from when you became aware of the issue'...

Just awaiting their call/letter!

Any further news on this Struggling26 ?

Cheers

Bazza