welcome finance help needed

[poochie]

Hi everyone, I have just joined the site and am in dire need of some help regardin welcome finance.
We took out loan in 2005 and have had no reason to query loan agreement till recently.
We now feel our agreement is dodgy and need someone to help asap because we have stopped payments after 1st January.
Basically they added ppi and medicare to agreement before workin out interest but we have never recieved any paperwork showin medicare or ppi details. We recently done subject access request but they failed to supply info we asked for and they also have charges on our statements which have no meanin and vary in amounts.
We wrote again askin for the info but they say we are not entitled to the info or that they sent us all the info they have.... It just doesnt seem right and I have feelin somethin is not right which is why we need help asap.
Any help and advice much appreciated.....Thanx :cry:

[scoobydoo]

Re: welcome finance help needed

Hi Poochie

And welcome.

I will check which forum is best for you and get some help for you.

Can you confirm the amount of the loan and whether it is secured on your property?

Well done for finding your way here.

[enaid]

Re: welcome finance help needed

Hello poochie and a very warm welcome to Beagles.
As you can see I have moved your post into the PPI forum where it will get more response.
We are going to need some more information from you I think and when you give it please remember to leave out any of your personal details.
Enaid x

[TANZARELLI]

Re: welcome finance help needed

Hi everyone, I have just joined the site and am in dire need of some help regardin welcome finance.
We took out loan in 2005 and have had no reason to query loan agreement till recently.
We now feel our agreement is dodgy and need someone to help asap because we have stopped payments after 1st January.
Basically they added ppi and medicare to agreement before workin out interest but we have never recieved any paperwork showin medicare or ppi details. We recently done subject access request but they failed to supply info we asked for and they also have charges on our statements which have no meanin and vary in amounts.
We wrote again askin for the info but they say we are not entitled to the info or that they sent us all the info they have.... It just doesnt seem right and I have feelin somethin is not right which is why we need help asap.
Any help and advice much appreciated.....Thanx :cry:

I currently have two claims with the FOS against WFS for mis-sold PPI and Medicare products.

Have you never had the policy wording schedules for the PPI etc. If you want to see the wording I can post up a link to mine for you info if you like. There was some change in the wording at one point but not sure if it changed again by the time you took out your loan.

The good news for you is that the FOS has jurisdiction for your claim so it would be worth getting this in asap as mines been with them since the middle of last year and is still waiting allocation to an adjudicator.

What you need to do is think back to the actual point of sale and how the PPI was sold, I will bet money that you were told by the sales person you could have the loan if you also took out payment protection.

It might be worth you posting up your agreement for folks to look at, minus your details.

[scoobydoo]

Re: welcome finance help needed

I think ( as Poochie was a poster on CAG) that this was a secured loan and she has been advised that the loan may be unenforcable and to stop payments.

I am not really comfortable that she has had the correct advice and the poster is in limbo.

So thanks for all your help so far fellow LB

[poochie]

Re: welcome finance help needed

our loan is secured on our property.
Wen we went to sign the papers, all details were already signed and put in place by welcome agent and he said it was just formality for us to sign it. We only signed one document and we were told that the ppi was a condition of the loan otherwise we couldnt get the loan.
We have never recieved any statements until the past 6mths wen I started queryin the ppi and also the medicare because we never got any paperwork to clarify who the ppi was with and also medicare... I done SAR and they say they sent us all the documents we asked for and anythin they have on us, we are not entitled to see but the lass on phone says they have no other info for us so Im wastin my tiem complainin.
We also got letter last year sayin our payments were goin up per month due to interests rates.... Then we got letter sayin payments were reducin but the payments have never reduced so they are actually takin the higher amount out our account despite my complainin that we have letter sayin the payment should have reduced.... I just keep gettin told to wait for return call but never get one.

I was advised on another site to stop payments but Im not sure wat to do. We are both very stressed and confused with this welcome finance situation.
I might also add that we are currently in a trust deed due to financial hardship and are only 1yr into this.
We are in scotland as well so dont know about how the laws work here or anywhere else.

Here is the link to all our paperwork, hope it helps....Thanx so much in advance for any help and advise...much appreciated


Welcome pictures by ricplayer - Photobucket

[scoobydoo]

Re: welcome finance help needed

What are all the entries for capitalisation? Dr entries

Am I right your loan amount was £15000 but show as as about £11000 on first statement but is now £17000?

[jules2008]

Re: welcome finance help needed

hello this is very interesting and i am sorry if i am cutting in but i have a loan with welcome finance also now i am wondering if they have included any "extras" in the contract do you think it is worth SARing them?
Also no mention was made to me about ppi or medicare but as you are saying this is a requirement of taking out the loan with them? my mind is thinking that maybe they have just added this as a matter of fact without my knowledge.

My loan is also secured against my property for approx £15k

[TANZARELLI]

Re: welcome finance help needed

MY claims are for unsecured loans and I decided to withhold my payments until the PPI claims are sorted then I will continue to pay any remaining balance. This was a personal choice I made as there was charges, two lots of mis-sold PPI on two loans, plus one medicare mis-sold product.

I wouldn't however recomend that this was done if the loan was secured on a property. Its just two risky to take this approach.

How much were the monthly repayments?

Can you afford to still make them?

I sent WFS a section 10 notice so they should cease processing my data, although they seem to think I am dead and have been 4 times.

WFS got a DCA onto me, but I informed the FOS who wrote to them askin them to back off until the complaint had been looked into and I have heard nothing from them since and no late markers are showing on my credit files thanks to the s10 notice.
------------------------------- merged -------------------------------

hello this is very interesting and i am sorry if i am cutting in but i have a loan with welcome finance also now i am wondering if they have included any "extras" in the contract do you think it is worth SARing them?
Also no mention was made to me about ppi or medicare but as you are saying this is a requirement of taking out the loan with them? my mind is thinking that maybe they have just added this as a matter of fact without my knowledge.

My loan is also secured against my property for approx £15k

Could you start your own thread jules an then post up a link to it, we can help you better that way.

Thanks in advance.

[poochie]

Re: welcome finance help needed

the capitilisation charges are interest apparently and each payment we make, only between £20 and £50 are actual payments towards the loan, and also add hoc charges on my statement cannot be explained despite me askin many times.
We pay £327 per month altho our payments should be £317 so they are takin the wrong payments which I complained about and got no reply.
I was also told that because they added medicare and ppi before calculatin the interest charges that this agreement is now invalid and I can stop paying them.
I am so confused and need help really bad cause next payment is due on 1st february and I cancelled d/debit on someone elses advice

[TANZARELLI]

Re: welcome finance help needed

Try to remain calm. Could you post up a copy of the agreement so that it can be looked at (minus personal details).

Agreements need to have specific terms on them to make them enforcable. I am not an expert at this but could get it looked at for you if you wanted to email it to me. Please delete your personal data from it first. If you want me to get it checked pm me for my email.

Tanz

[scoobydoo]

Re: welcome finance help needed

I think the agreement is in post 6

[poochie]

Re: welcome finance help needed

yeah all the docs are in link on post 6....Thanx for all help and advice

[TANZARELLI]

Re: welcome finance help needed

Thanks scoobydoo, missed that cheers.

I will see what I can find out about it and drum up some comments.

[ed.]

Re: welcome finance help needed

From a quick skim I would not withhold payments, I'm seeing prescribed terms here. What ever your other arguments are do not withhold payments. Start making them again.

Too many people say withhold payments, this is secured on your home and I'm seeing prescribed terms. Even if you can argue about level of payment etc this is not a risk worth taking unless I have missed something major.