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Hi
Im new to this,I have an original CCA with welcome that was signed in 08
and reading what has been put on some of the threads about the Total amount of credit and the Total charge for credit Ima bit confused as on my first agreement they have the following on it.
Amount of credit for cash advance 15000
Amount of credit for Insurance 3553.69
Total Amount of Credit 18533.69
Intrest Charge 46124.91
Acceptance Fee 235
Total Charge for Credit 46359.91
The question Im asking is should the Insurance?PPI rip off not be added to the Total Charge for Credit.
The other problem I have is I have a re write as the PPI is being sorted lol and they have given me a new CCA to sign but looking at it they have left an insurance on there and added it again to to the Total amount of credit and also the legal charge for credit on the first CCA its for my address on the second one there is nothing there does that make any diffrence?.
Sorry to go on a bit if need be I will try and upload the CCA.
Hi john sorry i dont have the knowledge to help but if you could get the cca on without your personal details im sure someone will be along to help
I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS.
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so you have 1 agreement for £18533.69/180 months
and another for £15215/180 months
are you keeping the two loans or paying one off etc....?
Sorry emanevs
This first loan 18533.69 is the original loan with PPI etc on it and the second loan is a re write that I have not signed due to a claim on mis sold PPi.looking at some post I realised that they cannot charge for ppi and insurance on the loan amout re Wilson V FCT
Its the total amount of credit that has to be incorrect.
A lot of people seem to be getting confused with the total charge for credit, which fees can be included in it.
I have just read wilson again and the way I read it is that the docement fee is not credit ie the amount she was borrowing so it should not have been added it should have ben added to the total amount of credit.
Wilson interpreted S9(4) as specifically saying that the ‘charge for credit’ (including fees) was not credit. Following Wilson the fees must not be added to the total amount of credit.
Following Wilson they are not allowed to add fees to the total amount of credit (fees are part of the ‘charge for credit’)
Could somebody check my figures please to see if the welscum agreement is correct I have given the original figures from the agreement then my calculation help is most grateful.
Amount of Credit for cash advance 15000
amount of credit for insurance 3533.69
Total amount of credit 18533.69
Duration of loan 180 months
amount of monthly payments 360.52
number of monthly payments 180
interest Charge 46124.91
Acceptance Fee 235.00
Total charge for credit 46359.91
APR 25.08
The figures I come up with are as follows using there APR etc.
The loan 15000 over 180 Months at apr 25.08%
giving a monthly repayment of £292.54
interest £37658.74
Total Payable 52658.74
Insurance charged 3533.69 over 180 months at 25.08%
Interest £8871.61
Monthly payment 68.91
Total payable 12405.31
Total Interest £46530.35
add Loan 15000.00
Total Insurance 3533.69
Total repayable£65064.04
add acceptance 235.00
Total £65299.05
Divided By 180 £362.77
Total Intrest is 46530.35 and they come up with 46124.91 a diffrence of £405.44.
Can somebody please check and advise if they are correct and what I can do.
John your calculations are bang on m8, ive just followed you through.
I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.
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John your calculations are bang on m8, ive just followed you through.
Thanks ozzy what would be my next course of action with this,they are anxious for me to sign a re write as they are in the process of sorting out mt PPI. Should I put this in dispute with them,I also have one of there famous Default letters that everybody else has,your help would be gratley appreciated.
so if my figures dont agree with welscum whta is the next step is it to send an account in dispute letter to them stating the facts on the figures
can someone help me on this please
Welcom Finance CCA's
rip off not be added to the Total Charge for Credit.
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Originally Posted by emanevs
