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Please help me-Long posting re: Welcome Finance Loan Agreement


m2000
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what was the time limit between the second and third agreement

 

how many months were you in arrears before you signed the third agreement

 

 

I wasn't in arrears when I signed the final agreement.

 

They phoned and offered to 'top my loan up' at a good rate as I was a good customer and my score was high.

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what was the time limit between the second and third agreement

 

how many months were you in arrears before you signed the third agreement

 

 

The second agreement was signed 14/06/07

 

The third agreement was signed 24/09/07

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ill now work it out by doing it in welcomes favour the figures

 

you have a loan of £16347.91 with acceptance fee of £235

 

i know they should be kept seperate but ime doing it for ease and leaving welcome no room to move

 

so we have an amount of credit incluive of acceptance fee of £16582.91

 

now the total amount of credit will be with interest so

 

£16582.91 over 180 months with an apr of 20.80 % gives a total charge for credit of £37613.78 which equates to a monthly payment of £301.09

 

now multiply £301.09 by 180 months gives a total payable of £54196.2

 

ill now do it by keeping the acceptance fee interest out of the equation so

amount of credit £16371.91 over 180 months at 20.8 % apr

 

that gives monthly payment

 

£297.26

 

interest £37135.18

 

total payable

 

£53507.09 for which we add on £235 acceptance fee to give a grand total of £53742.09

 

 

this loan is pants

 

you will never finish it on the figures given

 

second opinion please people

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Hello All,

Really could use someone helping by checking Postggj's figures - the phone has started ringing again!!!

 

Any help in confirming the situation and Postggj's figures would be a great help!!

Thanks!

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  • 2 weeks later...
in laymens terms

 

THE AGREEMENT IS BOG ROLL

 

BUT PLEASE WAIT FOR SOME ONE TO GO OVER MY FIGURES

 

 

 

 

Hello - Please can someone offer some assistance in helping myself and Postggj , can anyone check the figures?

 

Thanks!

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  • 3 weeks later...

Sorry I can`t help with figures, that is for better minds than mine. LOL But at least this will be bumped up again now.

 

Have you checked back with post? Find out how confident he is with his own figures. They are normally spot on.

 

Cheers Mark

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Sorry I can`t help with figures, that is for better minds than mine. LOL But at least this will be bumped up again now.

 

Have you checked back with post? Find out how confident he is with his own figures. They are normally spot on.

 

Cheers Mark

 

 

 

Hi Mark,

Thanks for reply matey, appreciate it. I have tried PMing but I think his inbox in full.

 

I need to try and get this Welcome thing finalized,it's all a bit worrying...

 

Thanks again

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Hi Mark,

Thanks for reply matey, appreciate it. I have tried PMing but I think his inbox in full.

Always the way with post. his inbox gets full and he`s busy elswhere on CAG. And dosen`t realise what poster needs help. I`m sure he will find you soon

 

I need to try and get this Welcome thing finalized,it's all a bit worrying...

 

As I said before I can`t help with thefigures. Would hate to get something wrong and set you off in the wrong direction. You will get help soon M8.

 

Thanks again

 

Cheers MARK

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M2000 can you point me in the direction of your figures and Ill have a a look for you, Im a bit busy at the minute so just bear with me :)

 

Bebo...

As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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  • 2 weeks later...

Hi bebobebo,

 

Really sorry about delay, have been trying to cram in some overtime before Christmas.

 

The figures are here, post 168 has links to the agreements...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?192946-Please-help-me-Long-posting-re-Welcome-Finance-Loan-Agreement/page9

 

Postggj has his findings on the page too.

 

Your help is really appreciated here..

 

M2000

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Hi bebobebo,

 

Really sorry about delay, have been trying to cram in some overtime before Christmas.

 

The figures are here, post 168 has links to the agreements...

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?192946-Please-help-me-Long-posting-re-Welcome-Finance-Loan-Agreement/page9

 

Postggj has his findings on the page too.

 

Your help is really appreciated here..

 

M2000

 

 

 

Little bump

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Ok my findings are:

 

First loan -

 

Loan amount 12446.44 plus acceptance fee of 235 means total loan 12681.44

 

Monthly interest rate is 18.72. This is because interest is compounded daily using the interest rate of 20.41, it means daily interest is 1.56 x 12 means 18.72%

 

12681.44 on 121 months @ 18.72% is 233.75 per month and interest payable is 15602.02

 

12681.44 plus 15602.02 = 28283.46 / 121 = 233.75

 

I am a few pence out but that could be due to roundings.

 

Looks right to me.

 

 

second agreement

 

i cant read the details on your agreement sorry. But amount of interest is i believe a prescribed term.

 

What is the monthly amount, what is the rate of interest.

 

Third agreement

 

loan 16347.91 + 235 = 16582.91

 

16582.91@ 18.72% interest rate means monthly payment of 275.69 and interest added of 33041.10

 

16582.91 + 33041.10 = 49624.01 if u divide by 180 it gives 275.69

 

I cant see anything wrong with this.

 

The interest rate confuses a lot of people.

 

Welcome calculate interest on a daily balance. Your annual rate per annum is 20.40 convert this to monthly and it become 1.56. x by 12 to give you your rate of interest. Do not use apr as that if for an overall picture. You have to convert your rate of interest per annum to give you your interest rate.

As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

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Hi Bebobebo,

 

Sorry for taking a few days to reply, THANKS so much for all of your work on this, I really appreciate it as these kind of things go way over my head!

 

With regards to the 2nd agreement, I have looked again at the paperwork and the monthly amount is £207.09 over 121 months.

 

The APR box is blank and has # marks in it. The interest charge is blan with ## too.

 

The rate of interest per annum box says 20.40%

 

 

 

What in laymens terms do your findings mean? epecially regarding presribed terms of the APR in agreement number 2?

 

I rolled this loan into the final loan, if the 2nd agreement was flawed is there anything can do now its already been paid off by loan 3?

 

 

Sorry if I am missing something!

 

Thanks again!

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