Luggerbugs v Welcome Finance

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Goodness gracious, but it just goes to show how wrong I can be. So APOLOGIES to Welcome Finance.

The VERY helpful Jackie Bradley has just phoned me up to discuss my complaint. Turns out they completely missed the bit in my letter asking them to look at all my other accounts I have ever held with them. She will now go back and calculate what is owing on those, and get back to me with yet another Final Response.

She also confirmed that I have indeed had 7 loans with them including this one, and NOT the 3 I thought it was. I do vaguely remember getting short term loans, knowing I'd be able to pay them back within a couple of months of taking them out. But whether or not those had PPI on them, I have no idea. Time will tell.

So I will just get a SAR prepared, ready for Mrs LB to send in the event that their offer is shoite. But I have a really warm and fuzzy feeling that all this PPI is going to wipe out my debt. Maybe with change left over for a night at the cinema and a fish supper on the way home. :tinysmile_twink_t2:

I can always call the FOS off if it all works out. She was a bitty unhappy when I told her the complaint had already gone in, but then, she should really have read the letter properly in the first place.

I can't believe this is all going so smoothly. are Welcome just packing up and getting ready to go home, or what? One of the guys I spoke to the other day was even helpful enough to suggest that it might be worthwhile speaking to a No Win - No Fee company.

Am I being too greedy thinking about compound interest right now????? This could end up paying for my lad's wedding in Cyprus at this rate.

[TUTTSI]

Re: Luggerbugs v Welcome Finance

They will probably try and settle before it gets to the interest being added.

So when they give you the figures you will need a breakdown of how much interest they are offering.

Sounds like it is heading in the right direction.

Tuttsi

Goodness gracious, but it just goes to show how wrong I can be. So APOLOGIES to Welcome Finance.

The VERY helpful Jackie Bradley has just phoned me up to discuss my complaint. Turns out they completely missed the bit in my letter asking them to look at all my other accounts I have ever held with them. She will now go back and calculate what is owing on those, and get back to me with yet another Final Response.

She also confirmed that I have indeed had 7 loans with them including this one, and NOT the 3 I thought it was. I do vaguely remember getting short term loans, knowing I'd be able to pay them back within a couple of months of taking them out. But whether or not those had PPI on them, I have no idea. Time will tell.

So I will just get a SAR prepared, ready for Mrs LB to send in the event that their offer is shoite. But I have a really warm and fuzzy feeling that all this PPI is going to wipe out my debt. Maybe with change left over for a night at the cinema and a fish supper on the way home. :tinysmile_twink_t2:

I can always call the FOS off if it all works out. She was a bitty unhappy when I told her the complaint had already gone in, but then, she should really have read the letter properly in the first place.

I can't believe this is all going so smoothly. are Welcome just packing up and getting ready to go home, or what? One of the guys I spoke to the other day was even helpful enough to suggest that it might be worthwhile speaking to a No Win - No Fee company.

Am I being too greedy thinking about compound interest right now????? This could end up paying for my lad's wedding in Cyprus at this rate.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Well, call me cynical if you wish. But I rather think I need to cancel my Direct Debit to Welcome sooner rather than later.

With the news here... http://www.legalbeagles.info/forums/...ad.php?t=18573,

and the fact that Cattles are suing Welcome, I'm not at all sure that there will be anything left in the pot for me when they finally get their finger out and get around to making me an offer on my PPI.

So I think I'll just stop paying them for a while, and write them a letter saying that since the amount I owe is in dispute due to their agreement to refund my PPI, rather than questioning the agreement at this stage, they should put my account on hold until such time as my complaint has been resolved.

Does anybody have any thoughts about that, or think it's the wrong move?

I'm not too keen to keep ploughing money into a company that may well not be in a position to service its debts in the very near future.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

I thought I'd visit Cattles' website. I had to chuckle...

Being a responsible financial services organisation

We trust customers with our money. And we believe they trust us, to treat them fairly and with respect.
We lend responsibly. It’s part of our job. And we’re supportive and constructive if customers get into difficulties.
Doing anything else would be an unacceptable risk to our customers’ trust, our reputation, our standing with our regulators – and our colleagues’ ability to take pride in their work.

It all sounds rather hollow now, doesn't it.

[Amethyst]

Re: Luggerbugs v Welcome Finance

So when did you take this out ?

Like Tools one theres no seperate interest sum for the PPI credit.

Re stopping paying, depends how much you fancy fighting markers on credit files i guess. if the amount owing is all disputed then I;d say you were within your rights to stop paying till its resolved.

[WendyB]

Re: Luggerbugs v Welcome Finance

yeah but whether they are going down the pan or not, if you owe them, you owe them, I suppose, and if you don't pay it will show up n your credit file which could be more hassle than its worth to fight to get it off your file? They have been failry quick with the responses so far, haven't they? You can always hassle Jackie whatserface for a quick response, in light of you want to ensure you are paying the right amount etc blah blah.

Although if it takes as long to rework the figures as natwest did with my mortgage, you'll have paid at least 3 more months ......

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Aye well, owing is something that works both ways. If they owe me more than I owe them, and there is a fair chance I'm never going to see a penny of what they do owe me since they are so deep in the mire, then I think I'll just hang on to my readies rather than give it to them to keep chucking down a big hole.

After all, I've got about another 3 years yet to fight them if they decide to default me, due to Cabot's comedy act, since that is doing me as much damage as anything else.

Of course, if it all goes to court I'll be well chuffed, as it can get decided legally. I have a feeling though that Welcomes time is numbered in weeks, rather than months or years. Then I'll have somebody else to badger, as they'll likely assign their portfolio to some other mug. If anybody will buy it that is.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Update time. Welcome have been very quick off the mark. And this is what they are offering...

A total of nearly £7K refunded for 4 loans, paid by cheque. This includes statutory interest of 8%
Forget some old loans, as they are Statute Barred, and I'd have no chance of recovery in court.
Rearrange existing loan as if PPI had not been applied, and refund by cheque overpayment thus far.

As I see it, I have the following options...

Accept their offer and call it quits.
Accept their offer, but remind them that the FOS are likely to award me between £200 and £300 PER AGREEMENT.
Accept their offer, and try my luck with a judge with a dodgy agreement, but dated AFTER April 2007.
Tell them No Deal, and chase for Compound Interest.
Tell them No Deal, and chase for Compound Interest, AND tell them their agreement is unenforcable (but with the risk of a judge declaring it enforcable.)
Tell them I don't agree, want compound interest, plus 8% of the total.
Tell them I don't agree, want compound interest, plus 8% of the total. AND want the existing agreement declared unenforcable.
Tell them I don't agree, want compound interest, plus 8% of the total. BUT as a Gesture of Goodwill, I'd be happy for them to write off the existing loan in lieu of them having to pay me anything. (THis is the one I am tending towards.)

Thoughts anybody?

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

OK, just done a VERY rough and ready calc of the total I'd be after from them if I were to chase the compound interest. We're looking at over £20K. And that is being generous to them with my figures.

I think I need to get them to break their figures down to show me exactly how they have arrived at them. And once they reply to my SAR, I can calculate a more accurate figure for CI.

I really need to come up with a damned fine reason why I should be chasing for payment beoyond the 6 year limit. Although for one of the accounts, the 6 years passed AFTER I made my original complaint. So help on that argument gratefully received.

I think I can successfully argue too that if it hadn't been for the extra payments due to PPI, I wouldn't have needed to make each successive loan as large as they were. And so I might never have needed this last one at all. I need to research that a bit more. I have something in the back of my mind that there is a thread somewhere about something VERY similar. Hmmm.

Feel free to jump in folks. LOL

[Sapphire]

Re: Luggerbugs v Welcome Finance

I really need to come up with a damned fine reason why I should be chasing for payment beoyond the 6 year limit. Although for one of the accounts, the 6 years passed AFTER I made my original complaint. So help on that argument gratefully received.

How about ........ 'being the concientius and dedicted to detail person that you are, it took you a long time to study and do the research to make sure you have all the facts completely right before you made your claim'.

To be honest I'd hate to have to advise you on what course to take so whatever you decide to do hun, I'm sure it will be the best decision for you.

[WendyB]

Re: Luggerbugs v Welcome Finance

well surely if you made your origianal complaint before the six years was up, that would reset the clock anyway? The fact that it's now over the 6 years is only because it's taken them so long to sort it out?

[TUTTSI]

Re: Luggerbugs v Welcome Finance

If the PPI is mis-sold, surely it must be possible to go back longer than 6 years as if it as only recently come to your attention. It stands to reason how could you have known to have claimed this previously so therefore you must be able to go back beyond the 6 years.

With compound interest you will have to be well versed especially with the Sempra case and if you also read some of Budgies posts with his compounded interest claim you can see what sort of aurguments he used and he won.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Thanks for the replies guys.

I'm also tempted to throw into the mix that ALL the agreements were total nonsense, and that I can see a case for having all the payments that I have ever made refunded. In which cse, it becomes a whole new ball game.

If they'd just been fair and not tried to hide behind 6 years and out, plus they are claiming that were not under the FSA umbrella then, then I wouldn't be getting so miffed with them. Now the gloves are off.

[Sapphire]

Re: Luggerbugs v Welcome Finance

They are DOOMED, DOOMED I say.

Hey Lugger shall we start a Welcome Appreciation Society thread somewhere ?

[enaid]

Re: Luggerbugs v Welcome Finance

Just my thoughts on this.
If what is being written at the mo is right, then these peeps may not have long left.
If you start something that maybe they could keep going to the death, then it may be in their favour.
I am not for a minute saying you should accept their first offer, I don't think that is quite right, but don't get into an epic scrap.
I think middle for diddle LOL