Newbie! with Welcome Finance issue!

[Paza3]

Hi Guys

When i was searching the web looking for advice i came across you guys, and i hope with your experience somebody maybe able to help??????

Well here we go....

I got a loan from WF in Sept 07 as we were renovating the house it was short term fix for us, i know we should not have gone to them but, new house / area plus both in new jobs, for some reason made it hard to get credit, this is how we ended up with them

I have now come to settle the balance but they are charging me £16645 to settle when i only borrowed £15000? i queryed this and they said i had to pay back the full broker fee? i ask serveral times what would be the charge for settleing the account early all they said was 30 days intrest? never mentioned paying a full broker fee.

I have looked at all the paper work and no were does it state this, and even when they show on the early repayment example there is no broker fee on the example to demonstrate this? no one ever mention that it would have to be repaid in full.

I am unsure of my rights? if any, i do really feel they have pulled the wool over my eyes! : ( in not explaining to me a full settlement example as i asked 3/4 times before signing any agreement.

I have never had to use a company like this before so unsure of the practices, if this is common then maybe its my hard luck, but surely there as been so breach??????????????????

Kind Regards

Patrick

[enaid]

Re: Newbie! with Welcome Finance issue!

Hi Paza,
Just saying hello and have asked which forum your problem will be best put in. I will move it over when I find out, or leave it here if thats best.
I think maybe we will want to look at your agreement first off, then try and work out how they get to this figure.
Glad you found us and hope we can help, back soon Enaid x

[postggj]

Re: Newbie! with Welcome Finance issue!

brokers fee/welcome,
not heard of that one before,seems another welcome con.
first thing i need to ask is this a secured loan against your house

[enaid]

Re: Newbie! with Welcome Finance issue!

PPI may well have been included too, if this is the case you need to see if it was indeed mis sold.

[Tools]

Re: Newbie! with Welcome Finance issue!

Hi Paza,

The first thing, as Enaid said, is to scan in a copy of your agreement including any terms & conditions. Make sure you remove any personal details. If you do not feel comfortable putting it in open forum then please email it to one of the Team, for example Tools@LegalBeagles.info .

The amount does actually sound possible if the interest rate was quite high in comparison.

[Amethyst]

Re: Newbie! with Welcome Finance issue!

I have now come to settle the balance but they are charging me £16645 to settle

Just to add to Tools point, did you get a settlement figure/breakdown in writing ? If not, then I would ask for that now.

[Matrix]

Re: Newbie! with Welcome Finance issue!

I was under the impression a broker fee was for a middle man who seeks the best deal for you, and gets payment as a bonus from the company he gets you to use?

As WF are lenders in their own residence how could this be?

Probably just another WF under handed move.

Paza make sure once you have posted the agreement and all has been mulled over, that if a broker fee is not within their rights, then report them to the FSA for even asking for it but get them to put it in writing first

[travelgirl]

Re: Newbie! with Welcome Finance issue!

i know i have put in my bit about welcome fiance but carnt remember where it is but heres the latest we got from them i dont think they can do this we recived a letter from them saying we have to set up a direct debit for £25 monthly because
they say that in accordance with clause 1b of your secured loan agreement T&C with effect from 24th sept interest rate will be on our agreement will change to 1.34% per month

consequently, new payments of £324.04 with effect fro 24th sept 08 as you do not curerently pay by moonthly D/D we need to arrange with you changes to the amount youu have to pay contact your branch to make arrangem,ents


then we got a letter with D/D instuctions to your bank

we phoned and told them we could manage it and that the pp should pay?
they said no it is down to us
they know my hubby will not work again any help please and they said secured loan
they know we had to sell our house and rent back and that secured had to be taken off etc
also can we claim back all the charges kensington clamped opn us and there fees etc
tyvvm
tg

[scoobydoo]

Re: Newbie! with Welcome Finance issue!

i know i have put in my bit about welcome fiance but carnt remember where it is but heres the latest we got from them i dont think they can do this we recived a letter from them saying we have to set up a direct debit for £25 monthly because
they say that in accordance with clause 1b of your secured loan agreement T&C with effect from 24th sept interest rate will be on our agreement will change to 1.34% per month

consequently, new payments of £324.04 with effect fro 24th sept 08 as you do not curerently pay by moonthly D/D we need to arrange with you changes to the amount youu have to pay contact your branch to make arrangem,ents


then we got a letter with D/D instuctions to your bank

we phoned and told them we could manage it and that the pp should pay?
they said no it is down to us
they know my hubby will not work again any help please and they said secured loan
they know we had to sell our house and rent back and that secured had to be taken off etc
also can we claim back all the charges kensington clamped opn us and there fees etc
tyvvmfin
tg

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