Poochie and WFS Summary

[poochie]

Re: Poochie and WFS Summary

£14,114.94. is apparently the outstanding balance as of today

[leclerc]

Re: Poochie and WFS Summary

£14,114.94. is apparently the outstanding balance as of today

That's lower than I thought it might be.

[calamity jane]

Re: Poochie and WFS Summary

Rate of Interest agreement 1 is 17.8%Rate on second agreement is 16.7%

Sorry to disagree leclerc but Interest Rate for loan 1 is 13.8%. 17.8% is the APR

Interest Rate for Loan 2 is 16.7% with an APR of 20.5%


CJ

[leclerc]

Re: Poochie and WFS Summary

Sorry to disagree leclerc but Interest Rate for loan 1 is 13.8%. 17.8% is the APR

Interest Rate for Loan 2 is 16.7% with an APR of 20.5%


CJ

Where does it say 20.5% cos I missed that bit.....

[calamity jane]

Re: Poochie and WFS Summary

Where does it say 20.5% cos I missed that bit.....

Below the Monthly Payment and term on the top right.


As to the Interest Rate being higher on the new agreement, there are a couple of letters in September 2008 that advise of a rate increase.

Original Rate 1.15% per month. Monthly Payment £303.21

http://s76.photobucket.com/albums/j1...atechange1.jpg Images 20 and 21.

21st August 2008 Interest rate increased to 1.32% per month from 9/09/2008(increased monthly payment to £327.72)

20th September 2008 Interest Rate increased to 1.49% per month from 9/10/2008(increased monthly payment £319.28)


CJ

[leclerc]

Re: Poochie and WFS Summary

That might be a red herring because the loan itself says that it's variable rate rather than many loans which are fixed rate loans, ie fixed for the term of the loan. Poochie has a variable rate loan which can be increased in line with the terms and conditions.

[poochie]

Re: Poochie and WFS Summary

thanks guys for input and time on this but im now getting the feeling that all the info i have recieved to date and all the advice i have taken, has all been wrong!

I dont understand contracts and my hubby tries to but obviously as im always unsure, thats why i came on here....

it seems that this whole situation is taken backward steps now.

I do remember havin fight with welcome because the interest rate changed and we were still gettin the higher payment taken out our account..... They did refund the overpayments im glad to say.

So am i right in saying i should ignore all previous advice because it was wrong in some way.....
yes i really am confused about all this but the bottom line is that we want to pay of our loan but we wont sign new contract showin blank spaces for figures or higher interest rates....

we simply asked for new loan showin new aoutstanding balance after ppi and medicare refunded.
we wanted the refund to be paid into welcome account so it reduced outstanding balance we owed and we wanted a figure for monthly payments and how many monthly payments left to pay.... surely thats not too much to ask!

[poochie]

Re: Poochie and WFS Summary

i got letter from local msp who has written to welcome finance/cattles and empingham as well as fos to find out what info they can supply her regarding my account with welcome.

i am sincerely hoping this can get this mess sorted out because i am feeling totally at a loss now and do feel that all info and advice on here has been in vain because i been goin round in circles for ages now.

i did appreciate all help and advice and all the time people spent tryin to help.....

thankyou

[Caspar]

Re: Poochie and WFS Summary

I can understand how you fell Poochie. If you read Curlyben's post from this morning he's been battling for four years. You do end up tearing your hair out at times. I suspect this is far far worse because of the situation with Welcome / Cattles at the moment. They're in chaos anyway, without trying to make a vague pretence at carrying on business as normal.

I support you fully in not signing a blank agreement with a different interest rate. That would be insane.

Sorry I can't really add any more, but good luck!

[poochie]

Re: Poochie and WFS Summary

I got letter today from my local mp, which has a copy of a letter they have meant to have sent me but i have not recieved.

its basically sayin they do not uphold my complaint regarding my refusal to sign a new agreement from with old figures on it because:

"it is standard practise for new loan agreement to show original loan amount. This is because in order to re-book the loan and put you in position you would have been if you had not had the ppi, welcome would need to restructure the loan from the point it was originally taken out. On returning a signed copy of the new loan agreement they would have sent out a schedule of payments already made on the loan. Ad such, I consider welcomes request that you sign and return this form reasonable".

I am still adamant that i wont sign any blank document or old documents because they could then put any figures into the boxes and we cannot change it because we have already signed a legal document with firgures we didnt agree to.... how can this be right?

we also sent welcome a letter over a year ago asking them to send us an agreement with all figures in the boxes showing no ppi and other charges etc because surely if they wanted us and thought it fair and reasonable for us to sign blank documents then surely it would seem legal and binding if the bloody figures they had in mind were already on the forms that we sign..... No one in their right mind would sign a blank legal document before seeing any figures on it.... Its out of order asking us to do so and i think the FOS are not acting in our best interest by tryin to intimidate us into doing so.....

All welcome have to do is put the figures into boxes so we can agree to them and sign the documents and sort this mess out but yet we are be blamed for being the unreasnable ones because we refuse to sign blank documents or old ones.....

Im sure someone said we shouldnt even have to sign new documents for them to restructure our loan.....

can anyone help or advise please.....thanx

[teaboy2]

Re: Poochie and WFS Summary

does the original agreement contain a term along the lines of "if any terms of this agreement is found invalid in law then that term will be removed but all other terms remain in place"?

In other words the terms regarding ppi will no longer be valid but the rest of the terms on the original loan will be, so there is no need for a new agreement.

Contract law is on your side as i believe such rule applies to all contracts even if its not mentioned in the terms

[poochie]

Re: Poochie and WFS Summary

i have been busy today but will look at the contract to see if it does state this.....

thankyou

[dogtired]

Re: Poochie and WFS Summary

Any news Poochie
We had a letter from FOS saying that now Welcome have decided to apply the ppi to "existing" account (the one they have lost the agreements for) but do not say if this will now clear the account, Not signing anything until I am sure what it is.
Now going back to the local Citizens Advice to see what they think of it all.
DT xxx

[poochie]

Re: Poochie and WFS Summary

sorry i not been on in a while but have been looking after elderly parents and in laws.... and been unwell fro few weeks.

anyways, an update of our situation is basically that FOS say we just gotta pay it and welcome had right to add interest etc even tho they were the ones stoppin us from makin payments in any way, shape or form.

because we are in a trust deed, we had to sign away the rights of any refund of ppi from welcome but i am still unhappy about the amount welcome say we owe them.
According to our figures we reckoned on about £11,000 still owing but they saying £14,000 which i dont feel is right.

We have also had to agree to start paying a debt collection agency the amount owing to welcome even tho we not happy about the balance figure.
We had to agree to start paying because it doesnt look good apparently that we are not paying but we are stilla rguing about it all..... doesnt make sense to me....
we have been battling for almost 2yrs tryin to make payments but welcome wouldnt accept any payments but theys till added interest over those years.......

I am furious about the FOS decision because i feel they have not asked welcome for enough information.

I am now goin all out to seek a solicitor who will take this on even if it costs us a thousand or two to pursue it...... thats how strongly i feel about this now.

welcome have broken many laws, ripped people off left right and centre yet the FOS seem to be on their side....... Its not on in my opinion......

Maybe the time is right to take this to court....... I will keep you updated

[poochie]

Re: Poochie and WFS Summary

what is a re-scheduled loan?

our secured loan with them was basically a top up loan on a previous loan so is this a re-scheduled loan?

and why are people saying it is unenforcable?

can someone explain please..... thanks