Help/Advise Plz
I took out a loan with welcome finance for £500 over a 12month period with an APR of 112% 4% a month variable. After about 5 months i ask for another loan of £600 and they renewed my loan giving me £1244 using £644 to pay of exisiting loan. Is this against OFT rules ? The apr on this loan was 61.3% 3.5% a month variable over 24months, but after about 3 months i ask for another loan of £600 they agreed but renewed my loan, they loaned me £1768 but used £1168 to pay off existing loan. Again is this against OFT rules ? During the last few months of the last loan i encounted some financial problems and the loan went to there local collections department who i arranged payment with to clear the loan. They wrote off £150 and now the loan is all settled.During my arrangements i encounted about £350 worth of charges due to letters and phone calls
.
Can i claim all these charges back and can i claim compound contractural interest
what apr would be applicable for compound contractural ?
Help/Advise Plz
I took out a loan with welcome finance for £500 over a 12month period with an APR of 112% 4% a month variable. After about 5 months i ask for another loan of £600 and they renewed my loan giving me £1244 using £644 to pay of exisiting loan. Is this against OFT rules ? The apr on this loan was 61.3% 3.5% a month variable over 24months, but after about 3 months i ask for another loan of £600 they agreed but renewed my loan, they loaned me £1768 but used £1168 to pay off existing loan. Again is this against OFT rules ? During the last few months of the last loan i encounted some financial problems and the loan went to there local collections department who i arranged payment with to clear the loan. They wrote off £150 and now the loan is all settled. During my arrangements i encounted about £350 worth of charges due to letters and phone calls
Can i claim all these charges back and can i claim compound contractural interest on the charges ?
what apr would be applicable for compound contractural ?
Help/Advise Plz
I took out a loan with welcome finance for £500 over a 12month period with an APR of 112% 4% a month variable. After about 5 months i ask for another loan of £600 and they renewed my loan giving me £1244 using £644 to pay of exisiting loan. Is this against OFT rules ? The apr on this loan was 61.3% 3.5% a month variable over 24months, but after about 3 months i ask for another loan of £600 they agreed but renewed my loan, they loaned me £1768 but used £1168 to pay off existing loan. Again is this against OFT rules ? During the last few months of the last loan i encounted some financial problems and the loan went to there local collections department who i arranged payment with to clear the loan. They wrote off £150 and now the loan is all settled. During my arrangements i encounted about £350 worth of charges due to letters and phone calls
Can i claim all these charges back and can i claim compound contractural interest on the charges as they applied the charges to my accounts and assumed charged interest.
what apr would be applicable for compound contractural ?
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