Thread: Welcome Finance Agreement

HI. Have recently been looking at my secured loan agreement with Welcome which is nearly two years old.
The loan amount was for £5000 over 48 months and this is on my loan agreement, and under 'ther financial information' is an acceptance fee of £235 and a broker fee of £250 along with the 'interest charge' of £3098.41.
My query is, and why I would like some assistance, why have my 'fees' had interest applied to them for the 48 months, why is the 'total amount of credit' on my agreement different to that of my 'opening statement' which states £5485.
I can see that the fees have been added to the amount of credit but my agreement clearly states £5000.
On my 'statement of price' it also clearly states amount of credit as £5000 but when everything is broken down to arrive at my monthly payment of £178.82 the 'acceptance and broker fee' have an amount allocated to them, so for instance, the acceptance fee of £235 is actually costing £367.68 over the 48 months at a monthly payment of £7.66.
Any help/advice would be appreciated.
Thanks

Andy you are better off using photobucket to put a copy of your agreement up.

There are some serious wizards on here when it comes to deciphering a welcome agreement. :grin:

Removed

Have re-jigged the phoos of the agreement now.

thats a quote, not the actual agreement.

Have you done a Subject access request, and a cca request?

Two of the photos are their 'statement of price' and the other three are photos of the signed agreement.

no good. you need to upload the ORIGINAL AGREEMENT.

If you havent got it, you need to make a CCA request and Subject access request together with a postal order for a £1 and £10

Hi. Could someone have a look at my agreement to see if they can shed any light on the amount of credit versus the agreement/statement as well as the interest on the arrangement fees?

Thanks.

5000 @ 178.82 @ 48 months = 33.9% apr

5485 @ 178.82 @ 48 months = 26.8% apr

If you can proove that 'total amount of credit' was in fact £5485' then you will have a potential claim for unenforceability due to the total amount of credit is wrong.

My opening balance as the statement shows was £5485, not the £5000 as per the agreement.

As long as you have official docs to proove that then your agreement is unenforceable.

Yes, will upload a statement later to show that.

What are my next steps?

put the account in dispute

http://i898.photobucket.com/albums/a...S/DSC03622.jpg

Here is my statement clearly showing that the opening balance was £5485 and not £5000 and with yet another APR. If I'm to put the account into 'dispute', what is the legal basis for this...apart from the obvious?

http://i898.photobucket.com/albums/a...S/DSC03622.jpg

Here is my statement clearly showing that the opening balance was £5485 and not £5000 and with yet another APR. If I'm to put the account into 'dispute', what is the legal basis for this...apart from the obvious?

bump

Account in Dispute Letters - Consumer Wiki

Thanks for link but don't think the 'charges' template is the right one, do I need one that is disputing the credit agreement is wrong?