Hi All, Just want some clarification please if possible. got a court date set, which I am trying to get thrown out but need some clarification or experience stories on the following. 1) HP agreement taken on a car, but not showing on a HPI check with autotrader. 2) No entry of the debt on my credit record with welcome, even though the report shows they checked it. Anyone had the same things? Would it give good grounds to have the case thrown out? Many thanks in advance

exactly the same for me. i submitted a defense and a poxy letter arrived saying they disagree with it and a copy sent to the courts. no explanation or details. seems like scare tactics or they are trying it on. hope someone more in the know can come along and advise on the next steps.

I have found this with my vehicle, although they have left a nice mark on my credit file even though I am disputing various bits with them, but they went ahead and put it on anyway. oh well.

Sorry to hijack a little, but does the multiple agreement with other insurances such as Mech Breakdown and Gap Ins on a HP apply in the same way as as Ace's loan agreement with PPI?

well things a re getting a little trick now. Experto Credite have sent me 2 letters and also HL Legal have sent letters as well chasing payment for my car/insurances agreement. They have even put an entry on my credit reference report. I have written to them both today asking them to refer back to Welcome and not to contact me again as I will not respond as I have no obligation to do so and also to remove any credit reference entries accordingly as I have it in writing that Welcome have agree to refund my insurances and re-issue a new agreement accordingly. Welcome have not responded to any of my letters and then these 2 firms appear out of nowhere. Seems Welcome have renegaded on their agreement and just passed it on (not sure if sold on or just assigned collection) to another firm and washed their hands of it. Will await replies from both Experto and HL Legal as i'm sure they will respond or totally ignore my letters and send the usual chase letter.

bumpy!

Eventually It will be sold on to a debt collector or perhaps sold to Bovine so im sure it will still be owed...well they think it will still be owed. I have seen various comments about people getting letter offering early settlement for a reduced amount in order for them to clean their loan book, but im not sure if that is applicable now. Welcome are still chasing people via Experto Credite as at 12th Feb, but not sure what the current situation surrounding Cattles and Bovine en tale regarding any future chasing of allegedly outstanding monies.

Hmm the ones I have are from 2008, but seem to to be the same many people have posted on here before. next question, what are the laws surrounding selling the debt to a Debt collector etc...? does this right of the creditor need to be disclosed to the debtor by way of T&C's? or is it an automatic right granted to any lender? Ta Much and happy St Paddys Day!.

Seems Cattles the holding Co of Welcome is finally being organised to be sold to Bovine. Today they have paid out the 1p per share to pay off shareholders.

Can someone clarify what the T&C's for a HP agreement with Welcome look like please? I dont seem to have any apart from the second sheet of an agreement they sent me that just goes on about fees and termination rights etc headed "Key Information" which I have seen a few times uploaded on various welcome threads. Is this the T&C's? Many thanks D

Well as you can see its been a while since my last post on this thread. I have heard absolutely diddle from welcome. I have had however, a default notice posted to my mums address And now I have had 2 letters from Experto Credite Ltd. The 1st one says they have tried to contact me via telephone and letter (doubt that as they dont have my number and also I open all my post) The second says yhey say they are contacting me on behalf of welcome and are threatening either an attachment of earning (i'm self employed) or a charging order on any property I own (I rent). I am going to send them a letter stating I have no idea why they are contacting me as i'm still awaiting a reply from Welcome and wait I shall. Dibbo 8)

I would suggest doing a CCA request and a SAR request to get all the info on your account, plus a copy of your agreement. This way you can see what they have been doing with your account.

Have you tried contacting the FSA regarding the Sale of PPI? Maybe worth asking them for some rules and information on what constitutes a compliant sale of PPI. Financial Advisers and strictly controlled when selling insurance products and i think PPI falls under the FSA. If an IFA mis-sells any insurance then there are big repercussions for the IFA.

Well I have figured out part of my interest calcs and the flat annual rate of 10%. If you take the total interest and divide it by the actual loan or HP amount, it will give you a 0.x number. Times this number by 100 will give you the total interest % in relation to the amount borrowed. ie I get 0.4 so x 100 = 40%. Now divide this the number of years (4 in my case) and I get 10%. This is my flat annual rate as per my HP agreement. 10% divided by 12 = 0.83% per month. That should be the compounded interest rate used by welcome each month. im getting there, but now I just need to tie this up to the APR as per my agreement and the figure calculated using the =rate function.

http://tinyurl.com/oft144-pdf is the link bebo put in post #4 and this works ok. the calculation for the APR on page 14 is very confusing, but if you search APR calcs for excel, it brings up quite a few, but again the website calcs give me different results to the excel ones. so no idea what is correct. I have no idea what my monthly interest rate is and all i know is that I have a flat annual rate of 10%. does this apply to the HP or late payments or what??

I see what your saying, it appears that APR can be different for different types of agreements. A lot of the info I have found tend to be based on credit card agreements store cards etc... Obviously APR on these two types is very hard to get right due to the usage and payments methods of the user. Therefore I would expect it to be incorrect. However, on a fixed sum loan or HP, it should be relatively easy as nothing will change, re payments are the same and the interest rate should be fixed. This is why I feel some people have a claim for incorrect APR on agreements and that when POST was working things out, he correctly (i think) stated that the repayment amounts were wrong. have proved to myself in above posts with the difference in APR of 1.5% which makes a difference of about £7 a month underpaid even though the agreement says different. its all very confusing..

yep, posted up on first page. http://www.consumeractiongroup.co.uk/forum/welcome-finance/223490-welcome-employee-told-my.html

having said that and double checking mine, it appears that mine of 19.1% is incorrect based on my monthly repayments. I would have to be paying £7 a month more each month to have a correct APR of 19.1%. My APR should on my agreement should be 17.6% based on the repayments per my agreement. That's a big difference of 1.5%. However if you are saying that the APR has nothing to do with the interest rate payable on the amount borrowed and that it includes other charges not payable and assumptions at the time the loan of HP etc.. was taken out, how come on my agreement there are no charges etc..yet when I plug the figures into the mercerhole calc Loan & APR Calculator the APR figure agrees? the whole thing is very strange and what makes it more strange is that my "rate of interest on credit (per annum)" is 10% and does not calculate or agree to anything else. seems to me that the agreements are balls as it does not show the correct interest rate payable. surely the interest rate is a prescribed term and how are we supposed to know this "flat rate" you speak of when it is not on the agreement and is never discussed when taking out loan or HP and is certainly never signed in agreement too? not flaming, just trying to get to the bottom of all this and raising points for thought!! heh heh

The link dont work. I aware the APR can include other charges for that are included in the total cost of credit, however this may not be the case for all agreements. for example, my APR as stated on the agreement is based on the "Total Amount of Credit" ie the value of vehicle + crappy Insurances. That's all, no other charges are included. its as simple as that. Its actually easy to work out APR using excel functions =pmt and =rate. it might not be 100% accurate but it will certainly give you payments and APR rates within 1% or 2%

so what's the point of putting APR on the agreement and not even mentioning the AIR?

could you post up your agreement and statements you have, but delete all personal details. This way someone may be able to have a look and advise you further.

My understanding is that Cattles (welcomes parent co.) is to be sold. However the shareholders are up in arms due to the 1p a share offer. It seems to me that Cattles is going to be streamlined with all the bad debts sold on to a DCA and the good ones retained by whoever takes them over and from the fallout a new company will carry on the trade. There is apparently a charity set up which is trying to take control of Cattles but due to the shareholders wanting more per share, there is talk of legal action and what not but at the moment not enough info is out in the open. you can look on an investors website which can easily be found by typing "cattles" into google.

Hi sanddancer...could you elaborate on a multiple agreement? I have been looking into these as I believe mine is one. Is it where they combine the HP or loan element and the insurances element together on one agreement? I read somewhere that multiple agreements must show what is being repaid for the hp/loan and what is being repaid for the insurances as separate figures on the agreement. If they just show one total figure this could cause it to be unenforceable? Is that correct?

just keep in mind that the mech breakdown was most likely not correctly explained to you and mis sold. I found on mine, that it only covered me for 24 months, yet I was paying for it over 48 months and from reading other threads on here, it turns out that the insurances are front loaded ie paid at the beginning of the agreement and therefore I was getting stung for interest. im in the process of reclaiming it but have yet to hear a peep out of them.

says "within 14 days" From other posts on here, the default notice is a not worth the paper its written on.