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PPI-Help

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  1. Hi James You are correct the total interest and total amount of the loan should really be on the agreement as well.
  2. Hi James You are correct if you do not include the the £75.00 the figures are right. However the lender still has to include the £75.00 in the Total charge for Credit to calculate the APR. The APR has to include ALL the charges in respect of the loan (subject to certain criteria) Does this help you? Thanks
  3. Hi James The section you need is The Total Charge for Credit Regulations, made under section 20 of the Act, define a total charge for credit (TCC) which includes interest and other charges which affect the real cost of borrowing – even if they are not payable under the credit agreement itself.
  4. Hi The formula for the APR calculation is just complicated and not worth your while getting into, I use several methods for getting the answer. Who told you "The accpetance fee should not be included in the APR as interest should not be charged on it" They are wrong, and thats why the APR is wrong.
  5. Hi The calculation is the standard APR calaculation, Welcome Head Office should know how this is calculated. You need to say to them that the APR calculation does not include the acceptance fee. There are very, very, very few people in the finance industry who know how the APR is calaculated and what should be included. I would guess that who ever completed the agreement did not understand this. I have looked at many agreements over the years and a large proportion are always wrong. I would doubt if any one selling a loan could actually calculate an APR figure. Your answer that both loans were written at the same office, indicates that they were both wrong for the same reason. I would suggest that if you know any other people who had a loan from the same office their agreements will also be wrong. Perhaps this may be of interest to alanalana
  6. Hi I have looked at some agreements from finance companies and they are incorrect in respect to the APR figures. If you have an agreement that you would like me to check please scan the agreement and post on Photobucket and I will have alook at them. If they are wrong the agreement is likely to be unenforceable. PLEASE DELETE ALL PERSONAL INFORMATION FROM THE AGRREEMENT
  7. Hi I have now checked both the agreements in 1. The £500 advance the APR stated is is 89.5% is wrong. The correct APR figure is 107.7% 2. The £584 plus £500 advance the APR figure stated is 60.5% is wrong. The correct APR figure is 68.7%. Therefore they breach the CCA rules as below. The section you are interested in is 2004 No. 1482 CONSUMER CREDIT The Consumer Credit (Agreements) (Amendment) Regulations 2004 Permissible tolerances in disclosure of the APR 1A. For the purposes of these Regulations, it shall be sufficient compliance with the requirement to show the APR if there is included in the document— (1) a rate which exceed the APR by not more than one; or (2) a rate which falls short of the APR by not more than 0.1; or (3) in a case to which either of paragraphs 2 or 3 below applies, a rate determined in accordance with the paragraph or such of them as apply to that case. ”. Did you get both these loans from the same office of Wellcome? If these figures are typical then none of the Wellcome loans are enforceable. If you need an agreement chacked just PM me.
  8. Hi, You should get a Pro Rata rebate of the premiums. You also have case of missold policy as the demand and needs statement was incorrect.
  9. Hi, I have looked at both of your agreements and I beleive they are incorrect and therefore unenforceable. They have not included the Acceptance fee in the APR figure which is against OFT rules. They should cancel the loan. Advise then that you believe is unenforceable for this reason and ask them to prove otherwise.
  10. Hi, The FSA regulates PPI from Jan 2005, prior to this it was regulated (to an extent) by the GISC. Insurance companies did belong to the GISC but Finance comapnies were not compelled to to join. Ask the Insurance company if they were members of GISC
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