That's why I am not getting any replies to the letters I send to WF..... I think that they have more worries than my little debt...... Hopefully I will soon be dealing with an organisation that shows better knowledge of the law and respect to it's debtors. The whole Banking and Finance Industry has needed this shake up for a long long time. Recessions can have their value in certain respects.

You too Stewie, Don't get too drunk ....................

Hi everyone, Sorry that I did not get back to you yesterday but have been very busy. I just called CCCS and they agree that unless I get a letter from WF confirming that they " Will freeze all interest and other charges ", then there is no point my going on a DMP. Welcome insisted that I go on a DMP in order for them to do all this freezing but until they start to respect me and CCCS for that matter, then I will continue as I am by sending them a cheque each month with a Recorded Delivery letter. CCCS also confirmed that if Welcome were to call them about me at this stage, then they would say that they cannot talk to them as my dealings and personal information is between me and CCCS. Welcome already have my Income & Expenditure details and if I were to sign a DMP agreement with CCCS, then CCCS will still only tell WF what they already know from the I & E details already supplied by me to WF. That will be the total monthly amount of my DMP and a list of my other Creditors and the amounts that will be paid each month by the debt charity to them including Welcome. So worry not caggers, CCCS will not disclose anything more to a creditor other than the above. Have a great weekend ..... Voda

Hi everyone, I am already dealing with CCCS and I will be calling them tomorrow anyway. I will ask them about these matters and see what they say. I will report back tomorrow.

Hiya Andie, Please I was not being critical of you as you and Postggj are simply amazing. I just wanted to make sure of the calculations before writing to Mr P as I don't want to have incorrect figures and make myself silly. Looks as my agreement is fine as far as Welcome is concerned. Take care Voda PS. I have cancelled the appt with the solicitors as there is no point going to see them now.

Hiya Andie, Using this calculator the figures are: Dodd Lewis - Solicitors in Blackheath and Lewisham, South East London Amount borrowed: £5000.00 APR: 7.9% Interest: £ 609.67 Total to Repay: £5609.67 36 payments @ £155.82 a month Pretty close eh? Quote: Originally Posted by andie_303 As a general rule of thumb take the APR and divide by 2 this should give you roughly the base rate. You need to then multiply the base rate by the number of years you have borrowed the money over. example £5000 over 3 years @ 7.9% apr 7.9 divide by 2 = 3.95 x 3 = 11.85 £5000 x 11.85% = £592.50 So total repayable is £5592.50 divide by 36 monthy payments = £155.35

Hi Postggj & everyone, There appears to be a problem with the calculation formula that I used this morning. See my post 3185 and the contents at the bottom here: Before writing to Welcome, I Google searched and entered APR Calculator. I found this site: Loan & APR Calculator A firm of Accountants and this one: Dodd Lewis - Solicitors in Blackheath and Lewisham, South East London A firm of Solicitors Both of them worked out the following and they came to the same figures: Loan Amount - £7039.63 APR - 13.10% Loan Duration - 6 years This worked out at 72 payments of £139.00 a month Total Amount to repay - £10,007.82 Total Interest charged - £2968.19 Now on my Welcome Agreement it says: Loan Amount - £7039.63 APR - 13.10% Loan Duration - 6 years They have me paying 72 payments @ 139.09 a month Total Amount to repay - £9939.65 plus £75.00 Acceptance Fee = £10014.48 which gives me the £139.09 a month Total Interest Charged ( seperate to the Acceptance Fee) - £2900.02 So Welcome's Interest charge is less than the two other calculations by £68.17(weird) but the repayments each month are .09p more ( equally weird). WF have not added in the Acceptance Fee of £75.00 before working out their figures because if they had then the monthly repayment figure would have been as follows: Loan Amount £7039.63 + £75.00: £7114.63 APR: 13.10% Total number of monthly repayments: 72 x £140.48 Total Payments: £10.114.45 Total Interest: £2999.82 So it looks as if Welcome's figures are pretty accurate as I see it and I have no comeback on them. THIS MORNING'S POST 3185 Right here we go. £7039.63 over 6 years @ 13.10% APR 13.10 divide by 2 = 6.55 x 6 = 39.30 £7039.63 x 39.30 = £2766.57 So total repayable is £9806.20 divide by 72 monthly repayments = £136.20 On my agreement the amount of each monthly repayment is £139.09 !!! irrespective of the Acceptance Fee being added in or not. The total charge for credit says £2975.02 and the Acceptance Fee is listed underneath at £75. See: http://i653.photobucket.com/albums/u...a/DSC08253.jpg and: http://i653.photobucket.com/albums/u...DSC08333-1.jpg H'mmmmmmmm !!! Quote: Originally Posted by andie_303 As a general rule of thumb take the APR and divide by 2 this should give you roughly the base rate. You need to then multiply the base rate by the number of years you have borrowed the money over. example £5000 over 3 years @ 7.9% apr 7.9 divide by 2 = 3.95 x 3 = 11.85 £5000 x 11.85% = £592.50 So total repayable is £5592.50 divide by 36 monthy payments = £155.35 Hope this helps

Hi again, Yes please. Can you kindly send me a PM with the sort of letter that I should write. Cheers

Hi postggj, Just wanna say to you, Andie and all the other guys & girls on here. You are awesome..... The next few weeks are going to be facinating as we all see what will happen to Welcome Finance. This year is going to be very exciting.

Brilliant. Now where do I start. CAB, FSA or both?

Hiya again, No, it's not secured on anything as I rent my home.

Hi again postggj, Do Welcome have a loophole because on the agreement against the APR it says variable ? See: http://i653.photobucket.com/albums/uu257/Voda/DSC08253.jpg

Hi Postggj, Wow !!! I have just added the agreement link and also my recent Statement to my posting. Do you mind having a look for me. I would love to say "Goodbye" to these guys. Cheers Voda

Right here we go. £7039.63 over 6 years @ 13.10% APR 13.10 divide by 2 = 6.55 x 6 = 39.30 £7039.63 x 39.30 = £2766.57 So total repayable is £9806.20 divide by 72 monthly repayments = £136.20 On my agreement the amount of each monthly repayment is £139.09 !!! irrespective of the Acceptance Fee being added in or not. The total charge for credit says £2975.02 and the Acceptance Fee is listed underneath at £75. See: http://i653.photobucket.com/albums/uu257/Voda/DSC08253.jpg and: http://i653.photobucket.com/albums/uu257/Voda/DSC08333-1.jpg H'mmmmmmmm !!!

Morning Andie, Thanks, I'll give it a go. Take care Voda

Can someone please let us have again the formula to check APR. Many thanks in advance.

Morning everyone, This matter needs to be resolved as soon as possible so that everyone on here knows whether their agreement is enforceable or not ..... Whoops it seems that it has now as this thread is moving so fast !!!!

Cheers jacksi ....

Hi jacksi, The way that the used car market is now ( and new one for that matter ) there are fabulous bargains to be had these days. Glad you have a nice motor ....

Mind you I don't have much choice now .....

Hi Romulus04, Very true but I am going back to the old ways now. If you cannot afford it, you cannot have it. Used to work for me once and it will have to work again. It's a much nicer feeling to have saved for something than to have to pay double for it or more from people like Welcome.

Now back to Eastenders ....

Evening all, Here is a copy of my letter to CRC Complaints. I will get these people to reply in writing if it kills me..... Welcome Finance Customer Relations Centre PO BOX 335 1–3 Iridium Court Hessle HU13 9WA March 24th 2009 For the attn: of xxxx xxxxx – Customer Accounts Manager – CRC- Complaints Dear M/s xxxxx, My earlier ref:COMP/xxxxx and my account no xxxxxxx I am enclosing a copy of my letter dated today that I have sent to Mr xxxxx.. I had a phone conversation with a member of your staff at Feltham Branch recently and he informed me that providing I enter a DMP with CCCS then Welcome Finance will immediately “Freeze any interest or other charges being added to my account”. Will you please coordinate with either Mr xxxxx at Crawley or the Manager at Feltham branch that I have a letter from your company stating that it will “Freeze any interest or other charges being added to my account”. I look forward to hearing from you at your earliest convenience. Yours sincerely xxxxxxx xxxxx xx xxxxxxxxxx xxxxx xxxxxx xxxx xxx BY RECORDED DELIVERY

Hi Felixfly, Now that is interesting. I was promised over the phone, of course , by Welcome that the only way that my interest and other charges can be frozen is if I enter a DMP with CCCS. Hence this letter to them this morning together with my reduced monthly payment. I have also forwarded a copy to their Customer Relations Centre at Hessle who I have already had dealings with. The way to treat people like this is confirm everything in writing, play it straight down the line and then if it ever went to court, the district judge will see that I have done everything right and kept Welcome informed all the time of my financial situation. See: xxxx xxxxx Welcome Finance xxxxxxx xxxxxx xxxxxx xxxx xxx March 24th 2009 Re: Account Number: xxxxxxx Dear Mr xxxxx, Further to my letter to you dated March 4th 2009, I enclose my cheque for £xx.00 in respect of the March 2009 instalment. (My reduced monthly payment as detailed in the budget sheet prepared by the debt charity CCCS and sent to you with my letter dated February 9th 2009). I have still not received any reply from you to my letters dated January 26th, February 9th, February 23rd and March 4th 2009 which were all sent by Recorded Delivery in which I asked for your company to “Freeze any interest or other charges being added to my account”. All my other creditors have done so, in order that my indebtedness to them is reduced month by month. Will you please reply to my letters and confirm in writing that Welcome Finance will “Freeze any interest or other charges being added to my account” if I agree to entering a Debt Management Plan with CCCS. Yours sincerely xxxx xxxxxxxx xxxxx xxxxxxx xxxxxxxx xxxxxxx xxxx xxx BY RECORDED DELIVERY Copy to: Welcome Finance - Customer Relations Centre - Hessle

So right Shella, The way the job market is going at the moment with redundancies etc, this recession has only just begun, for sure. It is going to get a lot worse in this country before it gets better. Welcome just like any other financial institution will also suffer and probably more as it's clients are in the more vulnerable end of the job market.