Welcome Finance Issues

[dogtired]

Re: Welcome Finance Issues

:bump:

[dogtired]

Re: Welcome Finance Issues

Having a quick re read, when did you last pay anything on this account ?
Could it be almost statute barred?
Why do you need to write to Cabot again, apart from reminding them they have not complied with your valid request.
Did that with Mackenzie Hall and have not heard anything since last August.
Welcome have sent a " yearly statement" heading is back as head office in Nottingham.
Hope someone with more knowledge can give us more advice.

[di30]

Re: Welcome Finance Issues

Have you also tried emailing the Chief Executive Officers (CEO) Managers of the business? x

[kitkat kay]

Re: Welcome Finance Issues

Have you also tried emailing the Chief Executive Officers (CEO) Managers of the business? x

Any idea as to how i would get their email address ?

[dogtired]

Re: Welcome Finance Issues

Look up Cattles for Welcome not sure about Cabot. Not worked out how to link on Android yet,sorry.

[dogtired]

Re: Welcome Finance Issues

Check this site, although I am unsure how up to date it is it had both Cabot and Welcome CEO names.
http://www.ceoemail.com/

[chinx]

Re: Welcome Finance Issues

I used to work at Welcome in dept which carried out loan rewrites and can give you some background which may also apply to other threads. Firstly, rewrites were designed for Welcome to hide mounting bad debt problems as when an account in arrears was rewritten it would then show on the annual reporting as up to date. The rewrite process was a somewhat complicated calculation - original term x monthly payment minus payments made plus charges/fees added to the account - this had the effect of grossing up the balance, which was then used for the rewrite, usually at 0% interest and over an extended term (sometimes up to 25 years). A new account was created but with no supporting legal documents but a letter was normally sent to the customer advising of the continuation of the original agreement.
The grossing up of the balance created 2 complications - firstly, it distorted any future settlement figures which are calculated using Rule of 78 under CCA as any early settlement rebate is calculated by reducing the amount of interest but as there is no interest on the new agreement, there is no rebate which means that the settlement figure is inflated. Secondly, as the balance has been grossed up when the debt is referred to a DCA or purchased by a 3rd party,they are working from incorrect figures. This is why they (via Welcome) are unable to supply supporting documents as they do not simply exist or answer why the balance is so much more than originally borrowed !!
This is compounded by the fact that the staff in Cust Services are very inexperienced and do not understand the working of rewrites as the majority of the experienced/ senior managers have been made redundant. However, the manager who oversaw (and designed) rewrites is still with Welcome - and it is probably worth trying to make direct contact with him as he may be able to help you further.
However, this is not the end of this sorry saga as when these rewritten accounts were migrated to the new computer system, interest started to be added to the balance and it was never fully corrected, so it is important that you get a full breakdown of the activity on the account.

[kitkat kay]

Re: Welcome Finance Issues

Ok finally got some documents to view, we have the statements from 05-08 (the original account) from 08-13 (the rewritten account) and the rewritten agreement.

On the agreement there appears to be 2 different APR's and someone has mentioned to check for charges applied.


http://s1126.photobucket.com/user/wr...tml?sort=3&o=0
http://s1126.photobucket.com/user/wr...tml?sort=3&o=1
http://s1126.photobucket.com/user/wr...tml?sort=3&o=2
http://s1126.photobucket.com/user/wr...tml?sort=3&o=3
http://s1126.photobucket.com/user/wr...tml?sort=3&o=4
http://s1126.photobucket.com/user/wr...tml?sort=3&o=5

[kitkat kay]

Re: Welcome Finance Issues

here's some documents the others will follow

[dogtired]

Re: Welcome Finance Issues

Not read all of them but interesting to see "debt written off" on the last one.
I hope some one more knowlegable than me can advise x

[kitkat kay]

Re: Welcome Finance Issues

Not read all of them but interesting to see "debt written off" on the last one.
I hope some one more knowlegable than me can advise x

Spoke to CABOT about that and they say thats where they bought the debt from WELCOME

[dogtired]

Re: Welcome Finance Issues

Not sure if it is right but check to see if you have a proper assignment letter.
Can you remind me when you last paid anything to Welcome.
Our letters from them last year had the same Nottingham address but were headed " Makenzie Hall Collect" the one we got last month ( just a so called statement ) was back to Welcome Finance, I did notice that yours had a different header.
I sure I read somewhere that this is illegal but no one said if this was right.
All in all a bit of a mess for you please can some one else look, I dont have enough knowledge to tell KK what to do.

[dogtired]

Re: Welcome Finance Issues

Bump for OP

[dogtired]

Re: Welcome Finance Issues

:bump:

[dogtired]

Re: Welcome Finance Issues

Had another two today " notice of sums in arrears" yet another address header :- " P4 MHA Coll 1st Placement" make of that what you will, identical though from one from October last year.