WELCOME FINANCE/FSCS
Discussion
I wish you all the best OP with your action. One thing though that I can't get my head around.
If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
wiliferus said:
I wish you all the best OP with your action. One thing though that I can't get my head around.
If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
I have much more information to post up this week, but you have to realise that she had no sight of the document that Welcome finally used to extract money from her.If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
I have to say this, and please don't take it the wrong way; how can anyone on here read this post without it finally dawning on them that this is a huge con?: it is not legal or "normal" finance. Please read the defence thoroughly, particularly the parts about the garage that supplied the car and also signed up the documentation, and their subsequent investigation by the OFT. They were not just a dealer, they were affiliated to Welcome or its group of companies.
This is not just about my daughter. This has to be one of the biggest finance scams ever perpetrated. This affects thousands of people, not just a handful.
It has to be properly addressed, not accepted.
By the way wiliferus, are you implying that you know of a bank that actually lends people money to buy things?
J
Sorry, there's got to be more to this story than you are telling us. Carcraft have been around a long time and have always been a supplier of cars to the sub-prime market. Their whole marketing program is based around X per week, rather than stating the true price.
Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
mercfunder said:
Sorry, there's got to be more to this story than you are telling us. Carcraft have been around a long time and have always been a supplier of cars to the sub-prime market. Their whole marketing program is based around X per week, rather than stating the true price.
Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
I can see it. They advertise heavily as a car supermarket (or did). You don't know cars, want to see a few go to Carcraft and off you go.Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
jith said:
wiliferus said:
I wish you all the best OP with your action. One thing though that I can't get my head around.
If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
I have much more information to post up this week, but you have to realise that she had no sight of the document that Welcome finally used to extract money from her.If your daughter is intelligent(which i have no doubt she is), and has no issues with her credit rating, why in gods name of all things holy did she sign up for a car finance deal at 37.9%!!! Thats an insane amount of interest!
Surely if her credit reating was ok common sense would dictate a bank loan for 7k at 6.9% would have been a more sensible option, cheaper, and as it turns out, a damn sight safer!
I have to say this, and please don't take it the wrong way; how can anyone on here read this post without it finally dawning on them that this is a huge con?: it is not legal or "normal" finance. Please read the defence thoroughly, particularly the parts about the garage that supplied the car and also signed up the documentation, and their subsequent investigation by the OFT. They were not just a dealer, they were affiliated to Welcome or its group of companies.
This is not just about my daughter. This has to be one of the biggest finance scams ever perpetrated. This affects thousands of people, not just a handful.
It has to be properly addressed, not accepted.
By the way wiliferus, are you implying that you know of a bank that actually lends people money to buy things?
J
I'm sure that everyone agrees that this is terrible practice and it's enforcement is very likely not legal on many levels but it's not unreasonable to ask questions about why she took the credit in the first place.
Either way I hope you get a result and will follow with interest.
Steve H
ETA, a google ad came up at the side of my post offering credit, credit checks, payday loans etc, talk about target marketing! The payday loans charge over 2800% APR!!!!
Edited by Steve H on Monday 23 April 00:33
They're a nightmare, but on the other hand, as a company no doubt used to lending to non status borrowers, at least have a bit of leeway in paying the money back.
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the s
t again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.
I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the s
t again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Ray Luxury-Yacht said:
They're a nightmare, but on the other hand, as a company no doubt used to lending to non status borrowers, at least have a bit of leeway in paying the money back.
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the st again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.
I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the s
t again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Do you know what the current value of the loan is up to?? Do you have a mortgage on this property as well, or will Welcome end up owning the whole property as your loan keeps ballooning?mjb1 said:
Ray Luxury-Yacht said:
They're a nightmare, but on the other hand, as a company no doubt used to lending to non status borrowers, at least have a bit of leeway in paying the money back.
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the st again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.
I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Looong story, but one of my property ventures that I stupidly did with a 'mate' (never, ever again) started to go a bit wrong in 2008. Basically, if we couldn't lay our hands on 10k pretty sharpish, we were in danger of losing a house and possibly saying hello to bankruptcy.
Welcome were the only lenders that would touch us. Yes, a million percent APR etc., but we were desperate.
The repayments were £250 a month.
Then, around 12 months later after being ripped off and having masses of further heartache from tenants in the property that basically squatted and paid nothing after the first months rent and deposit, costing us months and thousands in court fees to evict them (not to mention the fatc that they also wrecked the house) we were seriously in the s
t again. I could just about cover the mortgage out of my wages, but couldn't pay Welcome's £250 each month.I called them after we missed a payment one month, and told them we were having problems. They asked what I could afford to pay each month, and I said £100.
They happily accepted that offer, and that's all they've been getting ever since. And since making that deal, Ive had no phone calls, no threatening letters, nothing to try to force me to pay more (which we can't anyway).
I understand that there is a growing further amount of massive interest penalties for not paying what we should be paying, but at least they're flexible enough to not try to foreclose on the loan or re-posess the house, or give us any other grief about not paying what we should be paying.
All we can do is sit out the recession and hope that one day the sale of the house covers both the mortgage and whatever Welcome say we owe.
But for now at least, I am happy that they are happy with what we can pay, and that they don't give us any hassle. I can't see any 'normal' lender being that flexible on payments?
Do you know what the current value of the loan is up to?? Do you have a mortgage on this property as well, or will Welcome end up owning the whole property as your loan keeps ballooning?I speak to Welcome quite regularly and the loan basically hangs around the repayment mark of 11k currently, and has done for about a year. The capital repayment figure doesn't go up each month as we've paid off a chunk of the balance / interest before we had problems. So the £100 we pay each month just about covers their interest.
So I'm happy with it for now - but basically we're buggered anyway, there's not much else I can do to sort it out!
All we can do is wait for the market to recover enough that hopefully one day someone comes along and offers us enough to but the house and clear all the borrowing. If I end up paying Welcome back many thousands more than the original loan, then so be it - as I said, it's unpalatable, but at least they got us out the s
t and prevented a reposession, and are flexible enough to happily accept a monthly payment of less than half the original agreement without making a fuss or trying to foreclose the loan.Lessons here kiddies:
Don't buy a huge property up North, in an area that is a little deprived, and has been f
ked by the recession.Don't buy a property 350 miles away from where you live, especially if you have to let it.
Don't ever do a property deal with a mate.
Don't trust builders around Newcastle - they will rip you off and take the piss if you're not on site every day to keep an eye on them!
Ray Luxury-Yacht said:
Property is worth about 190k at current values. Mortgage is 198k, Welcome loan is 9k. So Welcome have a small security and could never foreclose on the entire property, as the mortgage lender would not allow it.
I speak to Welcome quite regularly and the loan basically hangs around the repayment mark of 11k currently, and has done for about a year. The capital repayment figure doesn't go up each month as we've paid off a chunk of the balance / interest before we had problems. So the £100 we pay each month just about covers their interest.
So I'm happy with it for now - but basically we're buggered anyway, there's not much else I can do to sort it out!
All we can do is wait for the market to recover enough that hopefully one day someone comes along and offers us enough to but the house and clear all the borrowing. If I end up paying Welcome back many thousands more than the original loan, then so be it - as I said, it's unpalatable, but at least they got us out the st and prevented a reposession, and are flexible enough to happily accept a monthly payment of less than half the original agreement without making a fuss or trying to foreclose the loan.
Lessons here kiddies:
Don't buy a huge property up North, in an area that is a little deprived, and has been fked by the recession.
Don't buy a property 350 miles away from where you live, especially if you have to let it.
Don't ever do a property deal with a mate.
Don't trust builders around Newcastle - they will rip you off and take the piss if you're not on site every day to keep an eye on them!
So £100/month covers the interest on a 11k balance? That actually sounds pretty reasonable to me.I speak to Welcome quite regularly and the loan basically hangs around the repayment mark of 11k currently, and has done for about a year. The capital repayment figure doesn't go up each month as we've paid off a chunk of the balance / interest before we had problems. So the £100 we pay each month just about covers their interest.
So I'm happy with it for now - but basically we're buggered anyway, there's not much else I can do to sort it out!
All we can do is wait for the market to recover enough that hopefully one day someone comes along and offers us enough to but the house and clear all the borrowing. If I end up paying Welcome back many thousands more than the original loan, then so be it - as I said, it's unpalatable, but at least they got us out the s
t and prevented a reposession, and are flexible enough to happily accept a monthly payment of less than half the original agreement without making a fuss or trying to foreclose the loan.Lessons here kiddies:
Don't buy a huge property up North, in an area that is a little deprived, and has been f
ked by the recession.Don't buy a property 350 miles away from where you live, especially if you have to let it.
Don't ever do a property deal with a mate.
Don't trust builders around Newcastle - they will rip you off and take the piss if you're not on site every day to keep an eye on them!
mjb1 said:
Ray Luxury-Yacht said:
Property is worth about 190k at current values. Mortgage is 198k, Welcome loan is 9k. So Welcome have a small security and could never foreclose on the entire property, as the mortgage lender would not allow it.
I speak to Welcome quite regularly and the loan basically hangs around the repayment mark of 11k currently, and has done for about a year. The capital repayment figure doesn't go up each month as we've paid off a chunk of the balance / interest before we had problems. So the £100 we pay each month just about covers their interest.
So I'm happy with it for now - but basically we're buggered anyway, there's not much else I can do to sort it out!
All we can do is wait for the market to recover enough that hopefully one day someone comes along and offers us enough to but the house and clear all the borrowing. If I end up paying Welcome back many thousands more than the original loan, then so be it - as I said, it's unpalatable, but at least they got us out the st and prevented a reposession, and are flexible enough to happily accept a monthly payment of less than half the original agreement without making a fuss or trying to foreclose the loan.
Lessons here kiddies:
Don't buy a huge property up North, in an area that is a little deprived, and has been fked by the recession.
Don't buy a property 350 miles away from where you live, especially if you have to let it.
Don't ever do a property deal with a mate.
Don't trust builders around Newcastle - they will rip you off and take the piss if you're not on site every day to keep an eye on them!
So £100/month covers the interest on a 11k balance? That actually sounds pretty reasonable to me.I speak to Welcome quite regularly and the loan basically hangs around the repayment mark of 11k currently, and has done for about a year. The capital repayment figure doesn't go up each month as we've paid off a chunk of the balance / interest before we had problems. So the £100 we pay each month just about covers their interest.
So I'm happy with it for now - but basically we're buggered anyway, there's not much else I can do to sort it out!
All we can do is wait for the market to recover enough that hopefully one day someone comes along and offers us enough to but the house and clear all the borrowing. If I end up paying Welcome back many thousands more than the original loan, then so be it - as I said, it's unpalatable, but at least they got us out the s
t and prevented a reposession, and are flexible enough to happily accept a monthly payment of less than half the original agreement without making a fuss or trying to foreclose the loan.Lessons here kiddies:
Don't buy a huge property up North, in an area that is a little deprived, and has been f
ked by the recession.Don't buy a property 350 miles away from where you live, especially if you have to let it.
Don't ever do a property deal with a mate.
Don't trust builders around Newcastle - they will rip you off and take the piss if you're not on site every day to keep an eye on them!
Yes. But...Sounds reasonable at first, until you realise the balance is loaned over 25 years...then it's quite an expensive way of borrowing an initial 9k!TBH we'd be way better off if I put that balance on one of my credit cards, and paid Welcome off - but as I said, it's a complex property deal involving an ex 'mate' and his Dad who got greedy and skewed the entire deal, hence we ended up in this mess.
So I'm buggered if I'm gonna put any of the liability on one of my credit cards
so fk it, I'm happy to let Welcome take their pound of flesh!surveyor said:
mercfunder said:
Sorry, there's got to be more to this story than you are telling us. Carcraft have been around a long time and have always been a supplier of cars to the sub-prime market. Their whole marketing program is based around X per week, rather than stating the true price.
Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
I can see it. They advertise heavily as a car supermarket (or did). You don't know cars, want to see a few go to Carcraft and off you go.Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
mercfunder said:
Sorry, there's got to be more to this story than you are telling us. Carcraft have been around a long time and have always been a supplier of cars to the sub-prime market. Their whole marketing program is based around X per week, rather than stating the true price.
Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
Oh, believe me there's a great deal more to this. I will post the rest up when the time is right. But before you continue to insult my daughter's intelligence read this:-Why would somebody with good credit go to them?
£7k is hardly major league finance, provided you weren't over extended on credit cards etc, and in a decent full time job, I would imagine most high street lenders would loan you that.
http://www.oft.gov.uk/OFTwork/consumer-enforcement...
My daughter went to them because she passed them every day on her route to work, it's that simple, and saw a car she liked. Quite frankly, I should never have allowed her to do this, but she's a big girl now and she's in Leyland and I'm in Glasgow. Nothing whatever to do with bad credit.
I cannot believe that some of you still don't get it. This is not about any individual having to be aware of ludicrous APR levels or dealers or finance companies with dodgy reputations. It is about the disgraceful de-regulation of the finance industry in the Thatcher years and the resultant chaos.
The base rate is 0.5% for christ's sake, and finance rates have never been as high as they are now!! We have companies with ugly puppets advertising over 2000% APR! When are we going to waken up and put these cretins out of business and into jail!
Why in the name of god does the government allow this to go on? There are regulators that are supposed to control the manner in which these companies operate and they are totally impotent and ineffective. THAT is the problem; not my daughter or any other poor sod who gets shafted royally by con merchants.
Ray luxury yacht, if I have understood you properly you are paying money to a firm known as Welcome Finance. Are you aware the FSCS declared them in default, and that they are insolvent? Who are you paying this money to? Welcome are no longer permitted to trade. Let me very strongly suggest you get a solicitor involved in this and find out just who you are paying.
J
Edited by jith on Monday 23 April 10:35
jith said:
I cannot believe that some of you still don't get it. This is not about any individual having to be aware of ludicrous APR levels or dealers or finance companies with dodgy reputations. It is about the disgraceful de-regulation of the finance industry in the Thatcher years and the resultant chaos.
The base rate is 0.5% for christ's sake, and finance rates have never been as high as they are now!! We have companies with ugly puppets advertising over 2000% APR! When are we going to waken up and put these cretins out of business and into jail!
I've followed this thread with outside interest. To start, I have no support for dodgy dealers or extortionate credit.The base rate is 0.5% for christ's sake, and finance rates have never been as high as they are now!! We have companies with ugly puppets advertising over 2000% APR! When are we going to waken up and put these cretins out of business and into jail!
However, it has to be said that some posters are asking pertinent questions. I highlighted a bit in your post - forgive me if I am incorrect, however, this thread is not about the Thatcher years, and it is entirely about an individual case, which is entirely about ludicrous APR and individuals agreeing to them.
I have sympathy for how she was treated by the dodgy bailiffs etc, and clearly this company is unscrupulous. However, the only reason why they are able to exist, and why other extortionate companies were able to exist was this:
They handed over a contract to a buyer which had in bold the amount of credit, the APR, the amount of interest payable and the total amount payable under the contract.
If people see all of this information, understand what they are agreeing to and sign up to it, then they are the fuel of this industry.
In this case, this is a major point here - either your daughter was handed the contract with the information that for the £6800 car she would pay back £19,000, and she signed it, or, she didn't. If it is the latter, then don't worry about bailiffs or anything else then the whole agreement in unenforceable.
Steve H said:
ETA, a google ad came up at the side of my post offering credit, credit checks, payday loans etc, talk about target marketing! The payday loans charge over 2800% APR!!!!
Although, to be fair, a payday loan isn't for a year, and not £1500, so the figures are skewed.(Buying a friend a pint to cover a £20 sub over the week works out as higher)
Why didn't the OP's daughter not search for a loan elsewhere?
40% APR is 20% odd of flat rate interest a year.
I understand how payday loans are supposed to work but when the interest payable for 24 hours on a loan is greater than the you could receive for depositing the same amount for an entire year in a bank, something is going wrong with the people lending, or the people borrowing, or both 
jith said:
Ray luxury yacht, if I have understood you properly you are paying money to a firm known as Welcome Finance. Are you aware the FSCS declared them in default, and that they are insolvent? Who are you paying this money to? Welcome are no longer permitted to trade. Let me very strongly suggest you get a solicitor involved in this and find out just who you are paying.
I was not aware, but I am now! Thanks for that matey!Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff