• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

where do I stand with welcome

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • where do I stand with welcome

    Hi everyone, I took a £4000 loan out with welcome in 2008 and to date have paid back nearly £10.000. They still want another £3.000! This flys in the face of their quote of API at 41%. Now I got made redundant in 2010 and this is why the charges got so high because they said it was interest for not paying the monthly payments. To cut a long story very short I refused to pay anything else in about July this year 2011 & have claimed back my PPI, which was only 633.00 and which I didnt get because they deducted it from what they said I owed them. At the end of the day I expected this. Now I recieved the reply about the PPI a week ago, just before Christmas and today I got a call from a collector working on behalf of Welcome enquiring about the £2.000 or so they still claimed I owed. I'm sorry if i appear rude but I told him to take a very big hike and said Welcome werent getting a penny more from me. I explained they'd got the loan back more than twice and as far as I was concerned they had put on interest illigally (this wa just words and bluff) and that I was seeking proffesional help (Bluff again) I'm not the kind of guy that lets people walk over him and I think this guy got wind of that and suddenly became all nice and said he wouldnt bother me again and would just report back to Welcome his findings and could I please contact Welcome after the New Year and discuss this matter. I obviously agreed and that was it. Did I do right and where do I stand? Can anyone help? Many thanks!
    Tags: None

  • #2
    Re: where do I stand with welcome

    Hi

    Do you have the agreement, presumably the PPI details will be on there also, so we cqn check they have repayed in full.

    Would be a great help if you could post the agreement. Did the collector leave any paperwork, was it a collection agency or the orriginal lender.

    Peter

    Comment


    • #3
      Re: where do I stand with welcome

      Good luck with this we have now got as far as the ombudsman and still no outcome.
      Don't forget Welcome themselves are only really collecting on those they can as they have been "not trading" for almost a year now.
      FSCS are dealing with post 2005 ppi claims and Welcome with pre 2005.
      We sent for an SAR and the documents they sent did not match loan numbers and they admitted that they could not "enforce" due to lack of paper work.
      Not paid them anythin for nearly three years and its only this last year they have started to get a debt collector involved and they also have not provided "proof"
      But if anything like us you will be "offered" a new loan, they say they will take off any ppi against it but we refused to sign anything still ongoing.:beagleT
      Never give up, Never surrender.

      Comment


      • #4
        Re: where do I stand with welcome

        Don't take out a new loan for goodness sake. This seems to be one of their issues at present. You'll ending up taking it out and you'll be paying even more for ever.

        Have you tried asking for a copy of your agreement. If you haven't, I would suggest you do. It may be the best £1 you've ever invested.

        I know of quite a few people now who have been in touch about re-scheduled loans from Welcome, every one of them in a mess.

        Comment


        • #5
          Re: where do I stand with welcome

          Originally posted by labman View Post
          Don't take out a new loan for goodness sake. This seems to be one of their issues at present. You'll ending up taking it out and you'll be paying even more for ever.

          Have you tried asking for a copy of your agreement. If you haven't, I would suggest you do. It may be the best £1 you've ever invested.

          I know of quite a few people now who have been in touch about re-scheduled loans from Welcome, every one of them in a mess.
          Yes I did four years ago now,
          Came back different loan number and address and they addmitted they could not "enforce"!
          No intention of signing anything
          ! CAB say let them take us to court!
          Never give up, Never surrender.

          Comment


          • #6
            Re: where do I stand with welcome

            Sadly this is absolutely normal behaviour for Welcome. I am amazed they got away with it for so long. Have you got copies of BOTH of your agreements?

            Comment


            • #7
              Re: where do I stand with welcome

              Originally posted by labman View Post
              Sadly this is absolutely normal behavior for Welcome. I am amazed they got away with it for so long. Have you got copies of BOTH of your agreements?
              No only the "original" which they say was re=structured in 2004.
              They dd send a "statement of account" but the interest rate on that was quoted as 1%
              It went to the ombudsman who say they cannot act on the enforceability but could on the PPI.(Pre 2005)
              However since then Welcome have decided they will now not do this and FOS have said that this will now be paid to the alleged account we have until 20th January to respond, took copies to CAB and waiting for the response from them.
              I did attempt to post copies of the FOS else where but had to remove them as I still left personal details,attempting again!









              DT:beagle:
              Never give up, Never surrender.

              Comment


              • #8
                Re: where do I stand with welcome

                Thanks - will have a good look at these later.

                Comment


                • #9
                  Re: where do I stand with welcome

                  Any feed back Lab Man?
                  FOS asking for a responce by the 20th
                  DT
                  Never give up, Never surrender.

                  Comment


                  • #10
                    Re: where do I stand with welcome

                    Sorry - forgot all about it if I'm honest. Keep reminding me.

                    Comment


                    • #11
                      Re: where do I stand with welcome

                      Ultimately you don't need telling that only you can make the decision.
                      For accepting is the fact that although it appears as though you're giving away £7000, you haven't actually seen or got the money yet, so it's not as though it's costing you anything and you would then be totally clear of Welcome once and for all. It would be over with. They don't say what would happen re the ppi if you don't accept do they?

                      Against is the fact that you have been told this is unenforceable. Obviously this means they can continue to pursue you through DCA's etc..., but cannot take the ultimate step of taking you to court. Again this means that you wouldn't be paying anything more against the debt, but you would not have closure on it.

                      Things I would ideally want to know:
                      1. What happens to the ppi reclaim if you don't accept - would it come to you?
                      2. How much would Welcome accept in Full and Final settlement?

                      If it were me, if I rejected the offer and the ppi did not come to me, then I would be tempted to accept just to get closure on a longstanding issue.

                      If I rejected it and the ppi then came to me, I'd be inclined to reject and tell Welcome to take me to court.

                      Purely my opinion, but hope it helps in some way.

                      Comment


                      • #12
                        Re: where do I stand with welcome

                        Don't think so Lab man if I have read it correctly any amount would just go to the "arrears" we would only get the £200.
                        I know that at first we felt that the FOS were able to help but I echo your feelings, would dearly love it to be over but i do not think that agreeing to this would be the end to it.
                        The advisor at the CAB has not got back to me yet I will let you know what the outcome is!
                        XX DT
                        Never give up, Never surrender.

                        Comment


                        • #13
                          Re: where do I stand with welcome

                          That's how I read it too, but that if you accept just the £200 it would be in Full and Final settlement of the debt.

                          I've asked someone else I respect to look in on this as well to see if he agreees with me or not.

                          Comment


                          • #14
                            Re: where do I stand with welcome

                            HI
                            I think that you have to accept the offer. You are not going to see the £7000 anyway so really it makes little difference. You are not admitting that the agreement was correctly executed and enforceable , the reply from the FOS states quite clearly that they could express no opinion on the matter.
                            I don’t think I saw how much of the debt is left outstanding, is it still a substantial amount?
                            Not that it matters.
                            I would pocket the £200 and send the DCA /Welcome a nice thank you card.
                            Peter

                            Comment


                            • #15
                              Re: where do I stand with welcome

                              Is this a secured or unsecured loan?

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                              Working...
                              X