Jump to content

You can now change your notification sounds by going to this link https://www.consumeractiongroup.co.uk/index.php?/&app=soundboard&module=soundboard&controller=managesounds

 

You can find a library of free notification sounds in several places on the Internet. Here's one which has a very large selection https://notificationsounds.com/notification-sounds

 

 

BankFodder BankFodder

 

BankFodder BankFodder


Mulsy

Welcome Finance - Unenforceable Agreement???

style="text-align:center;"> Please note that this topic has not had any new posts for the last 4116 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

I have been looking at my loan document from Welcome Finance dated 1/2/07. I have done some research and it seems to me that this document could be unenforceable. They have listed the acceptance fee and have not included it in the total amount of credit... BUT THEN THEY HAVE CHARGED ME INTEREST ON THE ACCEPTANCE FEE. Am I right in thinking this is unenforceable as this contravenes the CCA Act 1974??? Please help me if you know the law - as hours of internet investigations has just scratched the surface with me. My Credit Agreement is set out as follows -

 

KEY FINANCIAL INFORMATION

Amount of credit for the Goods M-R £5000 A

Amount of credit for the Insurances N £1000 B

Total Amount of Credit A+B £6000 C

 

Duration of Agreement 48 Months

 

Total amount payable for the Goods A+R+V £9343.04 D

Total amount payable for the Insurances N+W £1760.16 E

Total Amount Payable D+E £11103.20

 

Payable by 48 monthly payments of £227.14

 

plus the Option Fee which is payable at the same time as the final monthly Payment if you wish to exercise your option to purchase the Goods (see clause 4 of the Terms and Conditions)

 

APR 39.0%

 

OTHER FINANCIAL INFORMATION

 

Cash price of Goods £5100 M

Total cash price of Insurances £1000 N

Total cash price M+N £6100 O

 

Deposit: Cash £100 P

PX Allowance £0 Q

Total Deposit P+Q £100 R

 

Acceptance Fee £195 S

Finance charges for Goods £3948.04 T (This should be £3800)

Option Fee £100 U

Charge for credit for Goods S+T+U £4243.04 V

Charge for credit for Insurances £760.16 W

Total Charge for Credit V+W £5003.20

 

Rate of Interest on credit (per annum) 19%

------------------------------------------------------------

 

I have done some sums and have found they have charged me interest on the Acceptance Fee ON TOP OF the Total amount of credit.

 

Am I right in thinking this is the same situation as yours and therefore makes the agreement unenforceable?

Share this post


Link to post
Share on other sites

i'd also reclaim the PPI, you didnt ask for it?

or was told you must have it?

that would be £1080 back straight away.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...