Luggerbugs v Welcome Finance

[Amethyst]

Re: Luggerbugs v Welcome Finance

lovely

Whats the figures you are working from ?

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

I've got me SAR through. And although it's missing statements from 2 accounts (I think I'll have to write the old one off, it being way too old to accuse them of having the paperwork), I can see what the PPI refundf was for early repayments.

So I think I'll scrap the idea of using the CAg calculator, cos although I may be wrong, it doesn't seem to apply the formulae properly. Mind you, I'm thick as champ, so it's probably me.

I reckon the way to go is, work out how much I would have been paying altogether, without insurance. Subtract that from their figures showing how much I would have paid altogether INCLUDING insurance, then divide by the number of months that the loan was over.

Multiply again by the number of months I paid prior to settlement to give me a Per Month figure that includes interest already paid. Then subtract the rebate.

Probably not EXACTLY right, as much of the early payments will have been interest. But it will give me a gross error check against their calculations.

Then add either stat interest at 8%, or compounded from the date of settlement at their contractual rate. Per agreement, cos there are different rates for each one. It will likely all be to their benefit, but then, they're the greedy twonks, not me. All I want is to say goodbye to the muppets.

Still no answer to my last letter rejecting their kind offer, so I'll tot all this up and let them know how generous I am. Unless, of course, anyone can find a flaw in my reasoning above????

I think I'll mention the ICO might be interested in the missing statement too. Oh, aye... let's not forget the documentary evidence of a Phantom Account that turned up in my bundle. hehehehehe. :eyebrows:

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Well, I took a different tack. I have taken the refund offer from Welcome. For the offer relating to each account, I have deducted the 8% stat that they have added.

Took those figures, and input them into a new spready to calculate compound interest, taken from the date of each settlement.

The ones she SAYS are SB because it's gone past the 6 year cutoff, I have just deducted the PPI early settlement figure from the actual PPI, and used the result.

I've done 5 so far. stuck because of no paterwork on one, and one loan still running, so difficult to say exactly.

But!!!! So far, the feckers owe me over £50K!!!!!!!!!

I think I have been a little generous merely asking them to write off the existing loan.

[Mochamoo]

Re: Luggerbugs v Welcome Finance

How much do they owe you without the interest?

[Sapphire]

Re: Luggerbugs v Welcome Finance

Blimey Lugger hun and you say you are not that clever, well you beat me hands down hun, because what you're saying in my eyes is about as clear as quantum physics. Anyways good luck to you I'm watching and waiting with baited breath.
Mind you I'd get claiming pretty quick, because as we know they are doomed anyways and you don't want to get stuck on the liquidators list do you.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

About 7 or 8K without the compounded Mocha. I didn't realise what sort of effect it would have. But then, you just need to look at how much you pay back on the loans to realise what a racket compounded is.

Not too fussed about actually claiming it back Sapphy. But if they take me to court, I'll counterclaim. All they have to do to save themselves grief though, is to write off the loan I have now.

Not that it isn't tempting to go for it all. But there has to be a bit of compromise.

I'm just too nice really.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Flippin heck, but this has been dragging on a bit. Still, a week or so ago I thought I'd chance my luck and see if I could get any sense out of old Margaret Young, and asked if she'd like to get this thing sorted.

Silly cow obviously thought it was all a bit beneath her (well, she does have other worries just now ), and passed it on down to a minion. And here's the response I got this morning...



And here's my response to Ms Smith...

Carol Smith
Welcome Finance
Customer Complaints Department
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham NG11 6NZ

Dear Ms Smith,

AGREEMENT REFERENCES:
Blah, blah, blah!!!

Thank you for your letter dated 3 August 2010.

Unfortunately, I cannot accept your response for the reasons set out in my letter dated 18 August 2009. In light of which, I am afraid that I shall be unable to sign the enclosed agreement, and neither will I be resuming any payments in respect of the most recent loan.

As you do not accept that you have a moral obligation to repay what I am owed, and are hiding behind the Limitation Act 1980, I am not prepared to accept that I have any legal obligation whatsoever to repay one more penny to Welcome Finance.

This means therefore that unless the Ombudsman adjudicates in a manner that is satisfactory to me, and your insistence that the FOS has no jurisdiction on the two accounts that you refuse to offer a settlement on would seem to indicate that you feel I am flogging a dead horse there, then we have reached the point where you will need to make alternative arrangements to attempt to collect on this most recent account.

You should be aware however, that I shall vigorously defend any action that you might see fit to take, and will counter claim in respect of all accounts including the two disputed accounts; I have already set out my reasons for my contention that the Limitation Act 1980 does not apply in this instance.

Further, I will seek restitution for all those sums owed to me, and will seek compounded interest at your contractual rate current at the time each account was open. I will also contend that the most recent account is unenforceable since the inclusion of figures for insurances, and remember I have documentary evidence that I specifically did not require any insurances, makes that agreement void.

Further to your letter, I note that you say no commission was paid. In which case, this is a question I shall ask again in court: was Welcome paid any commission whatsoever in respect of insurances sold at the point of sale, with regard to any or all of my accounts.

As I have been notified that my complaint to the Ombudsman has been passed to an adjudicator, I shall await his decision. And as indicated earlier, if that decision is unsatisfactory to me, I shall expect to see you in court. Please bear in mind however, that the limitation period in Scotland is 5 years, so your litigation department will need to get its skates on.

It has also occurred to me that another avenue open to you would be to sell the debt on. I need not remind you however, that you may not assign a burden, in this case mis sold insurances. I would therefore still be entitled to recover all sums currently owed to me by Welcome Finance, including interest, directly from you should you choose that route.

You should take note that my offer to set off the refund of insurances against the account xxxxxxx as a Full and Final payment against that account remains open. Otherwise, I feel we have reached an impasse and there is little point in any further dialogue.

Sincerely,

Luggerbugs

Remember kids, don't try this at home. It is unwise, nay foolhardy, to stop paying out on a loan when in dispute. Uncle Luggerbugs is only withholding payment cos he's a total eejit. :tung:

[dogtired]

Re: Luggerbugs v Welcome Finance

Then Aunty dogtired must be an eejet as well!
Still nothing from our "freind"s at Welcome and still awaitng FOS
excitng isnt it!

[Amethyst]

Re: Luggerbugs v Welcome Finance

Lugger have you got a copy of Watson v Progressive Financial Services t/a Welcome Finance Unreported April 21, 2009 (CC (Liverpool)) ?

[The Debt Star]

Re: Luggerbugs v Welcome Finance

Let them know that I am prepared to play this softly, unless they feck me about, in which case, the full force of the Cabot Fan Club will descend upon them.

lol. yes, good tactic

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Lugger have you got a copy of Watson v Progressive Financial Services t/a Welcome Finance Unreported April 21, 2009 (CC (Liverpool)) ?

No I do not, my little Fairy Winged Friend.

But if you do, I would be more than grateful if you wouldst but grant me a wish, and produce one for my perusal.