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    • Interesting question regarding what Government accounts opposition parties have access to, before an General Election. From what I understand, Government department accounts that are published are always lagging behind and would not include some amounts which are classified as 'commercially sensitive'.  Therefore opposition parties and Parliamentrary select committees would not have access to accounts which contain real time up to date information. If a new Government have found £20 billion of spending liabilities they did not know about, this could be true, as £20 billion is not that much when you look at total Government expenditure. Government department are making decisions on spending all of the time and it could be the previous Government were planning tax changes and/or spending cuts to balance the books.  Jeremy Hunt has recently said that if the Tories had stayed in Government and held an Autumn budget, it would have been very difficult to cut taxes as some had wanted.
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    • Trump instigated that didnt he @theoldrouge despite losing the election - and Biden mitigated as much as he could within his boundaries?   "President Donald Trump ordered a rapid withdrawal of all U.S. troops from Afghanistan and Somalia in the wake of his 2020 election loss"   “The order was for an immediate withdrawal, and it would have been catastrophic,” said Rep. Adam Kinzinger, R-Ill., one of two Republican members of the special panel. “And yet President Trump signed the order.”   Trump ordered rapid withdrawal from Afghanistan after election loss WWW.MILITARYTIMES.COM The memo was among the latest revelations from the congressional committee investigating the Jan. 6, 2021, attack on the Capitol building.   Although i agree that Biden should have done more to mitigate Trump driven disasters
    • ok your WS is wrong. Paragraph 16 and 17 says  you did not contract with evri but this is not true - see below  Furthermore to the eBay Powered By Packlink T&Cs that Evri is referring to, Clauses 3b and c of the T&Cs states:  (b)   Packlink is a package dispatch search engine that acts as an intermediary between its Users and Transport Agencies. Through the Website, Users can check the prices that different Transport Agencies offer for shipments and contract with the Transport Agency that best suits their needs on-line. (c)  Each User shall then enter into its own contract with the chosen Transport Agency. Packlink does not have any control over, and disclaims all liability that may arise in contracts between a User and a Transport Agency post 251 of occy thread - £844 lost    you should also add a paragraph on donough v Stevenson talking about the fact that even without contract there is still duty of care to goods and by failing to deliver this duty has been breached.   Make those changes and post it back up here and I'll check over things again
    • no we cant add the occy thing because leicster are being difficult people so we're just going to go without it for now
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      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

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    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

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      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
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Welcome Finance- is this true?


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Hi all

Have read somewhere that with regards to the acceptance fee (75), the fact that they charge interest on it is unlawful.

 

I have just looked at my one and only recent statement of demands and needs and have noticed the breakdown suggests that I am paying £3.75 per month for this, which equates to £135 and not the original £75 which I thought was to be accepted on to the loan. Having looked at the back of the agreement it states that 'the acceptance fee is for credit counselling providing long and short term plans for the course of the loan. Phoned the local branch, the adviser insisted it was for Administration and refuted the idea of credit counselling- he was extremely flustered. Noticed that the acceptance fee for the car was not applied a year later in 2007????

 

Have also noticed that they have added capitalisation- interest each month too!

 

Have recently sent them a complaint regarding misselling of lifecare and accident plan for the joint loan ( where my husband had this applied only) so will have to wait.

 

Thanks in advance every one!!

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Thanks andie303 it states that interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and the acceptance fee.

 

Think I was just suspcious after ringing them and them stating it as being administrative charge, where as on back of agreement it states for credit counselling etc.

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I am pretty sure that the admin fee cannot be part of the loan., ie part of the amount they charge interest on. What is confusing is that an admin fee can be spread across the period of the loan but it must not be part of the amount that goes into the calculation of APR. Having said that, it is not straightforward to determine whether they have included it or not. What you have to do is to calcualte the APR with and without the fee and see whaich they actually used.

 

 

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Steven as the acceptance fee is £75 (generally) the APR calculators show only a negligable difference both with and without it so I'n not 100% sure if it has or has not been added in.

 

However I did clarify what Welcome told me with FOS and they told me on the face of things Welcome are correct in what they say as long as it is written on the agreement and it not in any smaller font than the other t&c's

 

I've got it in my small claims action anyway so I can see what the judge says - I'm throwing everything and the kitchen sink at the at the moment :)

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Thanks for the advice so far! I have two apr rates on the agreement 60.70% and 55.5% which one should I use to work out the difference. Am a little confused why there are two different rates.

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I am pretty sure that the admin fee cannot be part of the loan., ie part of the amount they charge interest on. What is confusing is that an admin fee can be spread across the period of the loan but it must not be part of the amount that goes into the calculation of APR. Having said that, it is not straightforward to determine whether they have included it or not. What you have to do is to calcualte the APR with and without the fee and see whaich they actually used.

 

 

Just to pick up on the above advice - the APR must be calculated to reflect ALL interest and charges that are present within the agreement. Most APR calculators work this out by looking and the monthly payment x the term minus the original net loan amount. The difference is the total charges (whether interest is added to the fee or not). Provided the APR is calculated on the total charge then it will be correct.

 

The difference in Wilson v First County Trust was that the lender added the fee to the actual cash loan amount. This had two effects. 1) the APR would have been miscalculated because the fee would not have classed as part of the total charge for credit, because it was included in the net loan amount and 2) the amount of credit was therefore mis-stated, making the agremeent unenforceable.

 

Hope this help to clear up some of the regular questions I see on here.:)

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Thanks for the that!

 

For a joint loan of £1855 which includes (missold) lifecare and accident plan:

Without fee it is £2980.09 and with £ £3101.51

 

This makes the fee £121.42 which makes the fee £3.37 a month.

 

However, on statement of needs it says £3.83 a month

Rate of interest 3.75

 

Not sure what to make of it

 

 

 

on front agreement rate of interest per annum is 55.5% and on statement of needs, rate of interest is 3.75 per month- therefore 45% per annum?

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Well,

 

121.42 paid as 36 payments of 3.83 is a nominal interest rate of 8.44% (APR 8.8%)

 

1855 as 36 payments of 76.61 is a nominal interest rate of 27.88% (APR 31.7%)

 

2980.09 as 36 paymnets of 94.74 (76.61+18.13) is 8.98% (APR 9.4%)

 

Something is a bit odd

 

 

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It's just the numbers don't seem to add up but I may have msiunderstood what you ar saying. Is there any chance that you could post up the agreement (personal details removed)?

 

 

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hi angel

 

sorry i can't see the figures

 

can you tell me number of repayments, total amount of credit inc interest, loan amount no interest, APR % and monthly payment and I will check for you

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Thanks

 

On the agreement:

 

Total amount of credit (inc insurance) is £1855

Total charge for credit £1693.39 consisting of £75 fee

 

Rate of interest per annum 55.5% and apr 60.70% payable over 36 months from aug 06.

 

On the statement of needs

 

Rate of interest 3.75% acceptance fee £3.83 per month

Price of insurance £355 with an interest of £297.68

 

The monthly repayment is £98.57 breaking down to:

 

£76.61 cash advance

£3.83 for acceptance fee

£18.13 for insurances

Edited by angel17
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