welcome finance help needed

[pinknico]

Re: welcome finance help needed

Yes Poochie, tell the FOS that you are not happy with the way Welcome have worked out the refund or applied it and ask them to sort this out for you.

The FOS will still help you as Welcome are trying to pull a fast one it seems to me.
(The FOS know Welcome are a Nightmare!)
Good Luck and keep fighting .xx

You can also tell welcome that you are not happy with their calculations and are continuing your complaint to the FOS.

[poochie]

Re: welcome finance help needed

Ok steve works out that we are still due £1000 repaid to us.
There is 9mths where they have charged us a higher interest rate despite the statement sayin our rate was a certain percentage so they have kept chargin us higher interest as well as takin a higher payment form us each month.
We also have charges for letters and calls they "apparently" made or sent us and in one month they add upto £80 and so we have interest added ontop of them figures etc despite me disputin the charges and askin for copies fo the letters they "apparently" sent.
Anyone got any other advice on wat we should do now?....Do we send them copy of our spreadsheet to show our figures and also send it to FOS to explain why we not acceptin their offer?.....Help again.....thanx

[poochie]

Re: welcome finance help needed

Ok my hubby been doin spreadsheet and basically it doin the figures with the ppi and medicare and then doin it if we hadnt been charged the ppi and medicare.
It gets interestin because accordin to welcomes interest rates each month, they change but on some months, the interest has been added on the previous months balance and they have changed interest rates a few times but on the statement they sent us this week, it has noted that only 2 interest rate changes have been applied to our account so my hubby was right.... The figures dont match up and they have added other charges like default sums and default sums interest ....... I will keep ye updated on wat final figures he comes up with.
Was welcome in the right wen they decided to just deduct the amount they offered us from our balance?....Should they not have made the offer to us and waited on response first?
Will the FOS still help if we refuse welcomes offer?.... My hubby seems to think we have a right to refuse and tell welcome to return our account to the balance it was at before they deducted the offer amount coz it was in hands of the FOS......HELP! AGAIN.....

[poochie]

Re: welcome finance help needed

Im gonna sit down with hubby over the weekend and ask him to show me how he works his fugures out etc then on monday, I will have letter typed up for both welcome and the fos to post to them.
Thanx for the above info, eveyone is bein great help to me even tho hubby confusin me....lol
Thanx again to everyone....much appreciated

[pinknico]

Re: welcome finance help needed

Loan and PPI policy still in place at time of FOS decision.
Lender agreed for the cancellation of the PPI policy and restructuring of loan. E.g.
Overall loan repayments £250 per month but would have been £200 without PPI, term of policy was 60 months and complaint settled after 20 monthly payments.
· Return excess monthly payments of £50 x 20 payments up to date of settlement (£1000)
· Add interest to each payment of £50 at 8%simple, from date of each payment until lender repaid.
· Arrange loan to be restructured, so remaining 40 monthly payments reduced to £200
· Pay borrower £300 for extra inconvenience caused.

default charges

Mrs Q had got a little behind with her loan repayments. The lender had added default charges, and subsequently interest on those charges. We required the financial business to arrange for the restructuring of the loan – and to write off any charges (and any interest on them) which would not have arisen, if the monthly payment had been the lower amount that would have applied if there had been no PPI policy.


Poochie the above is taken from the FOS website,I would write to Welcome and sayou do not accept their offer and why and I would write to the FOS with a copy of Welcomes letter and why you are not accepting the offer.
From reading the above the FOS should get you back in a better position if they sort out your complaint.

[poochie]

Re: welcome finance help needed

righty, if you look on post 260 above, you will see I typed exactly wat was in letter from welcome coz our scanner not workin...... Thats exactly wat we got offered.
After readin the letter today for the 4th time, it seems they have sent us statement after deductin the offer they made above.... After they deducted the offer, they put charges on our account of £100 and 2 other charges for letters they sent to us both which had same content....How can they get away with this knowin our account in dispute.
My hubby says I have to write to them and tell them we aint happy with offer because the interest does not add up properly because we pay £327.72 per month and the first £230 from that is considered capitilization/Interest each month so we only payin £80 or £90 per month from our loan each month so they are always on a winner wen we make payments.
Also our account was sittin at around £15,000 last year and now after they deducted the offer they made, our account is sittin at £12,942.49
My hubby works in the buildin trade as an estimator and works with accounts and costs etc so he knows wat he talkin about and if he says there is discrepency in their figures, as well as bogus charges bein added for calls and letters etc then Im gonna have to sit down and work it out with him so he can explain better to me.
He still not happy about the agreement we signed either which seesm to be botherin him a lot.
They refunded the amount they offered on 29th may and yet they send us a default notice on 6th june and charge us £100 for it...How can that be the case if they refunded us and took us out of arrears tehy said we were in?.....Its all confusin me now and my hubby like a dog with a bone and wont let it go just now......HELP!

[pinknico]

Re: welcome finance help needed

Poochie you need to send the FOS a copy of Welcomes offer and whether you are going to accept it, I think you will find that is the best result that the FOS could get for you anyway.
Also ring the FOS about the arrears letters as you shouldnt be receiving these if your complaint is in dispute and with the FOS and if you are no longer in arrears if they have refunded your PPI.(are you still in arrears if they refund the PPI?)
Again just my opinion.xx

[righty]

Re: welcome finance help needed

poochie you need to clarify precisely what it is your being offered before we can offer further meaningful assistance

[poochie]

Re: welcome finance help needed

maybe my hubby wrong then coz I was happy till he started goin on about interest we pay them and them only offerin 8% back.... Maybe its time he shut up or do the fightin himself.....lol
He just seems to confuse me wen I think I have it sorted or at least gettin some results form them


We both got letters from welcome today sayin it was default notice with a statement...Its says they adding £100 to our account coz we in arrears plus we getting 2 x £10 charges added for the same letter sent to both of us....Why are they still doin this?....

We also got letter from F.O.S. sayin they now lookin at our complaints regardin welcome finance and will be in touch within next 2mth because they have high volume of complaints regardin this company.
Should I be lettin them know about welcomes offer of refund or just sit back and wait to see wat happens regardin the payment due on 1st July?

All help and advice much appreciated...thanx guys for takin time to help me on this...... Will have to get one of you to sort my hubby out now.....

[enaid]

Re: welcome finance help needed

But isn't this the interest they are repaying anyway? In the letter you quoted earlier, they said £4,055.26 is based on the original ppi premium of £2,645.58 and lifecare premium £150.00 plus associated interest payments of £961.54. then they have added 8% stat interest as well.

Exactly what I thought Wendy

[WendyB]

Re: welcome finance help needed

about......He wants them to replay the interest they charged us which is only fair in his opinion but how do we do this?
Do I reply to their letter and ask for the interest they charged us repaid? x

But isn't this the interest they are repaying anyway? In the letter you quoted earlier, they said £4,055.26 is based on the original ppi premium of £2,645.58 and lifecare premium £150.00 plus associated interest payments of £961.54. then they have added 8% stat interest as well.

[poochie]

Re: welcome finance help needed

righty you have just confirmed wat my hubby is angry about....thats why he not lettin them off lightly...He wants them to replay the interest they charged us which is only fair in his opinion but how do we do this?
Do I reply to their letter and ask for the interest they charged us repaid? Also as for the arrears, we dont feel we are in arrears because they agreed to the payments for certain months bein added to end of the loan term.
My hubby is angry at this bunch but wat can I do next coz if we refuse their offer, the fos might not look kindly on it.
I have not heard from them yet and was goin to wait till 1st july to see wat payment welcome took from our account.
Thanx everyone for helpin and advisin but I need more help again coz my hubby confusin me and I know he has a point but dont know wat to do about it....Thanx

[righty]

Re: welcome finance help needed

Why only 8% why not reciprocity of interest - Charge them the same as they charge you which if memory serves is nearer 29% & don't forget to compound it as they will have done

[pinknico]

Re: welcome finance help needed

Ok I am patiently waitin on letter from welcome to see wats happenin about new agreement altho this is where my husband is diggin his heels in.
He says the original agreement with them is null and void and he still wants to pursue that line, I dont see the point in it because welcome have basically said they cancelled the ppi and healthcare policy which was my problem and this would mean our payments should be reduced as of 1st july but my hubby reckons they will still keep takin the full amount because they already takin the wrong amount...
He says I should wait and see wat payment they do take and then if they still takin wrong amount, we should stop payments and take them to court.
Anyone got any good advice I can throw at my hubby, he thinks we goin too easy on them considerin all the stress they put us under....HELP PLEASE

Hello Poochie, I am no expert and this is only my opinion, wait and see what the payments are on the first of July and take it from there.

You have had a lot of stress with this company and taking them to court is only going to continue the stress !
So far you have had in my opinion a complete refund of your PPI.
The FOS are looking at your charges complaint and are they looking at the wrong amount being taken?

[enaid]

Re: welcome finance help needed

this is what made up the refund

The refund calculation of £4,055.26 is based on the original ppi premium of £2,645.58 and lifecare premium £150.00 plus associated interest payments of £961.54.
Statutory interest of 8% totallin £ 298.14 has also been included.
These policies have now been cancelled.
This refund has been deducted from the balance of your account due to its financial status and arrears.