Hey everyone, iv had a nationwide flex account for the last 6 years and recently after reading through this forum I decided to try to claim back the charges iv recived over the years on my account. It came to a total of just over a grand.

I decided to claim through hardship due to my recent unemployment and the fact im a student. I sent back the form they sent me to fill out (the name escapes me) and their response was due the 19th april but I recieved a letter claiming its taking longer than anticipated and they will reach a desicion by the 19th May. This is all fine by me its the next part which is worrying me.

My account is over its agreed overdraft after pay pal took out and refunded some funds which I have been charged for. This meant I had no money to pay back in so i was back into my arranged overdraft and i was sent a warning that my overdraft would be defaulted.

I phoned up collections and explained the situation with the ongoing investigation into my charges. The women on the phone explained that she would wait till a conclusion was made about my charges before deciding to carry on with defaulting my overdraft.

Iv got a student loan coming in on monday and I was just worried that most of it will go on paying off the overdraft and that I ever see it again.

Sorry if iv not explained the situation very well, I was just wondering if my fears were justified or whether I was just being silly. Thanks

Sorry but are you mad - don't do it under any circumstances - & if you don't know why you ain't read this or any other Welcome thread

Slightly mad yes, kind of got alot on my plate at the mo in the middle of bodging together my dissertation and hassle from welcome is just adding to the stress im under at the mo.

If you dont mind me asking wheres abouts from Dorset are you from?

Have you come across a guy called James think he works in the Poole branch and the Weymouth branch of welcome. Hes the only person iv come into contact with in that company who comes across as a decent guy.

do as andie says

 

dont sign a new agreement, never

 

wait a bit

 

things are happening

Iv moved the other side of the country to where there phoning me from so they would have to post them up, but il just delay them for a while and see how long its going to take Welcome to die.

Thanks Andie

If they phone il play dumb and delay them for a while

Hey everyone, im just wondering if you guys could give me some advice as im waiting on a call from the collections department about rearranging my loan and starting a new one to pay off the old one.

Not something I would do if there were any options but as im now unemployed and a uni student there arent many options open to me.

What kind of questions should I be asking?

Is there anything I should be wary of?

Any help will be greatly appreciated

Welcome Finance owner sets aside £700m for bad debts

My favourite line from that article

"It said the board believed it may have received inaccurate and incomplete information."

inaccurate and incomplete seem to be Welcomes forte

Hey i was meant to get a call from my branch manager today, he called last week off his mobile to discuss my account because i wasnt answering the calls from the branch due to me being in lectures and wasnt calling them back because they would leave a message on my answer machine just saying "hi its julie call me back".

Anyways waited all day trying to think about how i was going to explain why my account was in arrears and he never called. Guess i was one of the lucky ones.

Thats cool, only reason i asked was if the calculator rounded it down then it would suggest that the decimal was to small to round up.

This one is pretty much standard.

 

Number of Monthly Repayments:36

Monthly Loan Repayment (£):£131.51

Total amount to repay (£):£4,734.35

Total Interest charged (£):£2,234.35

 

Its correct through APR calculations.

 

You can double check it

Loan & APR Calculator

 

How much do you want to borrow??£2500

years3 @55.55

Your monthly payment would be: £127.68

Your total amount repayable: £4,596.48*

 

Wierd! But I suspect this is due to the acceptance fee needing to be added. I did the APR checker and Interest rate and you will notice the numbers are different due to APR being the TOTAL cost of everything together.

I thought as much it was worth a look at though, my cca says the total intrest charged is £2234.36, its only a 1p difference but still its incorrect

Also i thought the interest was worked out before adding the acceptance fee, does this mean that iv been swindled or am i just reading it wrong. Sorry my heads not really focused completley im typing up my dissertation.

Hi Andie is there any chance you could look at my thread http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/190214-welcomes-loan-cca-has.html

Iv not got a scanner so i couldnt scan in the cca but iv got down all the details, i posted it last night at 2 in the morning so there werent alot of people about that could help.

Im having trouble working out how they got to the figures, iv even tried to work it out with formulas and that just confused me more.

Thanks

Cheers appreciate you looking at it. Il have to try and grab someone from the other thread. Thanks again

Ok cheers

Total amount of credit: £2500

Amount of credit for cash advance:£2500

Amount of credit (cash advance and settle loan):£2500

Duration of agreement months:36

Amount of each monthly payment:£131.51

Number of monthly payments:36

APR:59.39%

Total Charge for credit:£2234.36

Acceptance fee:£75

Interest charge:£2159.36

Rate of interest per annum:55.55%

Iv not got any PPI or any other type of insurance, and iv included anything which has a number in sorry if some of it is of no use.

Iv not got a scanner im afraid, is there anything you can do without seeing it? are there things i should be looking out for? Im aware of the issue with adding the acceptance fee to the total interest but i think thats not happened to me.

Hi

I got a loan out with welcome finance (boo hiss) almost a year and a half ago and after reading through the other threads on welcome, and their shennanigans I decided to scrutinise my credit agreement. Which has led me to ask a few hopefully easily answered questions, as i am a little naive still when it comes to finance.

Firstly my loan was for £2500 over 36 months paying £131.51 with 59.39%APR. It says that the rate of interest is 55.55% and the interest charge is £2159.36.

My first problem iv found with this is i cant work out how the interest charge has been worked out from the £2500. Iv used loan calculators and they have varied from being spot on to being 1p less to being a few thousand off. So i decided to work it out manually and found that i worked it out to be almost one and a half thousand less than that quoted. Does anyone know the formula they use to work it out?

There are a few more issues but i dont want to write a stupidly large first post if it turns out im not using the right formulas. Any help will be greatly appreciated.

Just re read what i wrote...... i mean stewie not stewie bell, im such an Rtard

Thanks appreciated, i dont want to pm them without their permission so il just leave a plead......Andie or stewie bell would it be ok if i pm'd you?

postggj your full of useful knowledge, any chance you would know how to work out the total charge for credit using the APR and total amount of credit by hand? iv used some loan calculators but they keep telling me different things.

Hi everybody

Iv finally made the effort to join this amazing forum after a long time lurking. Iv got a loan with Welcome which is for £2500 over a 3 year period. Iv been reading about all these possible things that could be wrong with with my agreement but im pretty sure im one of the rare group of people with an enforceable contract. I do have one question though, not sure if its me just nit picking but iv used the loan calculator which has been posted on here and some other ones which iv found online and some lead me to believe me that my total charge for credit is 1p more than it should be. I could only find one which worked out my total charge for credit which stated the correct amount.

I doubt this is really anything really and just a case of the decimal places being rounded up differently but I was wondering if anyone had any ideas about how to work out the total charge for credit on paper so I can see the maths behind it for myself.

If anyones interested its a loan for £2500 paid over 36 months with a payment of £131.51, the total charge for credit is £2234.36 and the APR is 59.39%. I would scan it in but being a poor student iv not got one

Many thanks