www.iva.co.uk

Hi I have just received my welcome finance statment and was wondering if you have any views on the following.

Capitalisation Fee - I think this is the interest on the loan.

default fee Interest - Interest on the arriers i think

HPDI Fee - I have no idea what this is but its £18.

Ok the problem is that I have crossed referenced my statment with the bank account and found that they have charged me for multiple payment failures (on the same day) when thefunds where in the account for that payment, for instance...:

29th may 2009 - Payment refusal £103.50
29th May 2009 - Payment refusal £46.50
29th May 2009 - reject CR/DR Card Payment fee £5.00
29th May 2009 - Capitalisation £5.00
29th May 2009 - Payment £150.00
29th May 2009 - Payment Reversal £103.50
29th May 2009 - Payment Reversal £46.50
29th May 2009 - Reject CR/DR Card Payment Fee £5.00
29th May 2009 - Capitalisation £5.00
29th May 2009 - Payment £50.00
29th May 2009 - Payment Reversal £3.50
29th May 2009 - Payment reversal £46.50
29th May 2009 - reject CR/DR Card payment Fee £5.00
29th May 2009 - Capitalisation £5.00
29th May 2009 - payment £150 (THIS ONE WENT THROUGH)

The only payment I have authorised is £300 (to catch up with the arrears) I ring them at the last friday of ever month with card details.

Also Not to mention that in 2 years I have had 7 account managers and they have called me and told me that they are handling the account and I have been charged for it, I have also arranged for me to call them on payment dates that was arranged with the first account manager and they seem to disregard this... instead of me rining them they call me at work, the call does not connect with me been at work (I dont even have voice mail on my mobile) and I get charged for the call...


Also they are calling my girlfriend and my brothers phones that they dont have authority to call, They are not happy that they are ringing them to contact me..

in 5 months they have charged me £232 not including the interest when the funds where in my bank... also when I call and make a payment I stay on the phone incase theres any problems and they never is...

I dont know what there playing at but I feel like they are acting not in my best interests and seem to be playing with the rules to gain cash from me soo my loan never goes down..

Bravo

I am sure someone will be able to help, bumping back to the top [:)]

Are you in an IVA or DMP?

It's hard to advise when we don't know the full facts.

I am not in either, I was told that I may find some answers here by my partner that is in an IVA, and that other people might have had the same experiences.

I'm sorry but I can't help you with this. It is probably something you should take up with Welcome Finance.

One of our experts may be able to help if they are looking in.

Hi the and welcome to the forum, I'm not in a position to comment on the original post but would certainly take it up with the finance company in question as Jan suggests.

All the best

ey just had a thought they should not be charging interest due to the ammount you sign for includes the interest... hmmm the plot thickens..

I imagine that if you have had problems with some of your payments no going through, they can charge interest on this.

You really do need to speak to them.

I would take it up with them but it looks like they tried to collect the sum multiple times on the same day without success however this doesn't mean the funds were not available - it could had an error for any number of reasons not least that their IT system failed to connect to the card payment system.

The £5 is a fee Welcome charge - I think capitalisation means it was added to your account.

I think they will struggle to justify the fees if you challenge them.

It is standard practice for Welcome to contact associates / relatives. At the time of taking the loan you were probably asked for these details ??

The charges they make have to be in line with the terms and conditions of the loan you signed for.

You can request a full breakdown of the charges they have made - then check these charges against the original documentation you signed.

Challenge the charges if you feel they are incorrect.

thank you for your reply..

I have asked for a copy of the contract over 3 weeks ago.

I have read on other forums that when they updated there systems that some contracts where lost, I am hoping that they carnt retreive a copy..

It seems that with the end of the term on the contract looming that they have added over £1000 in charges over the past nearly 3 years and as I have stated I always stay on the phone when making a payment to make sure there is no problems and welcome dont have any policies inplace for keeping card payments soo they should be no ct/dt fees...

Sorry I can't help you - you really do need to speak to Welcome.

Why would you not want them to find a copy of the contract?

As Jan says you will need to speak to Welcome about this.

I really don't see what the problem is if they can find the contract - surely that would be a good thing?

I was hoping that they carnt because if they dont hold a copy of the contract it would make the agreement null and void.. .

Aaah, I see where this is leading now. This forum will never condone avoiding paying your debts in this way.

Welcome Finance are well known for their "dodgy" recovery tactics, (charging you for them calling you, high interest, etc) I know its not much help to you now, but you must have been aware of this when you signed the credit agreement