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emanevs

Welcome Finance - Is This Enforceable??

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OK gotta know, what is the walker case & what are the POC's re welcome.

 

Why would it have such an effect on other cases ?

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anyone help???? - templates?, how to???? challege this???

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havent got a clue???

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I've checked the sums again -

 

£25k paid as 121 payments of £419.47 gives a TCC of £25755.87 and an APR of 17.3%

 

The TCC is correct if you add together the Interest, the acceptance fee and the indemnity fee. The APR is within the tolerance allowed by Schedule 7 of the Consumer Credit (Agreements) Regulations 1983.

 

I was confused before by the "Rate of interest.....= 14.00%" bit which I stilldon't understand.

 

But given that the TCC and APR are correct and the fees are in the TCC not in the loan amount, then the agreement is enforceable IMO.


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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under total charge for credit they have:

 

acceptance fee + mortgage indemnity fee + interest charge

 

and the smallprint below it indicates that they charge interest on it???

 

it says:

interest will be calculated at the rate of interest on the daily balance outstanding of the total amount of credit and acceptance fee. it will be paid as part of your monthly payments.

 

surely not enforceable????

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It just means they calculate the interest based on the TCC and acceptance fee (since TCC includes AF and interest).

 

The acceptance fee is included in the TCC, it is not part of the loan and interest has not been charged on it. Wilson v FCT does not apply to this agreement.

 

I'm afraid this agreement is enforceable (actually, I tink it is also properly exectuted as defined in s61).


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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Emanevs

 

Ive Gone Over It Again And Must Agree With Stephen

Its Cosher

 

That May Change If This Walker Case Is A Winner

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I have been reading a lot about this interest in acceptance fee on this site today. I have been charged an acceptance fee of 235 on our secured loan. I have got a breakdown of what our monthly payment is made up from off welcome themselves :

 

monthly payment off 284.96, divided up as follows :

credit/cash - 217.36

acceptance fee - 4.30

insurance - 63.31

 

this is over an 180month loan period. so surely from this i am paying interest on my acceptance fee by 4.30 x 180 = 774

 

This is not the 235 that is quoted on my loan, do I have this right and would this make it unenforceable ? Not sure if Im on the right lines, please help !

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Evening Pinklilly

 

Please Start Your Own Thread And We Will Drop In And Help

 

Regards

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Pinklily

 

As postggj says - start your own thread. If you can post your agreement that would be helpful too. We can't check the figures unless we have all of them and we would like to look at the other T&Cs too before we can answer your question


Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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thanks so much, that would be great if you could. How do I go about starting one on my own, and sending you my agreement ?

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Oops, been double Cagbooted. Better think first, type second! Sorry CAG...

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ime Sure The Site Team Will Post A How To Link

 

Also

 

Google Photobucket To Post Documents

Use The Upload Link For Message Boards With Out Thumbnails Option To Post

 

Get To Know Photobucket

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Oops, been double Cagbooted. Better think first, type second! Sorry CAG...
You're not a 'proper' Cagger until you have been Cagbotted :D

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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You're not a 'proper' Cagger until you have been Cagbotted :D

 

 

Ha, thanks Steven4064! Matrix reloaded (CAG is Neo, Welcome, Jacobs and co. are Agent Smith(s)) - and a bottle of wine - back to reality now!

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thanks for that, i'll have a mess around with it ! hopefully will be able to sort my own thread soon !

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I have started my own thread welcome fiance - problems ! wasn't sure how to link it to here, would be very grateful if you could take the time to read it and offer any advice, thanks again

 

Here is the link http://www.consumeractiongroup.co.uk/forum/welcome-finance/214188-welcome-finance-problems.html

Edited by steven4064
Link added

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Emanevs....you can either outline your dispute to Welcome and give them the chance to compensate you which would be a 'fair' thing to do in the first instance.....if they fail to compansate you or don't see it your way, then you could take it to the FOS or issue a LETTER BEFORE ACTION and get a judge to rule the agreement unenforceable....


PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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sorry to be so daft.

 

Should I fdo the following in the order as written?

 

1) Dispute the account? - please can you put me in the correct direction where to find the letter template?

2) 'Compensate' me to the tune of writing off the balance of the loan???

3) Issue letter before action

 

I am a lttle unsure as to FOS means, and how I get a judge to rule the agreement enforceable?

 

please can you help?

many thanks,

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i have also found on the agreement that 'it cannot be cancelled'

 

does this make it unenforceable???

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The Ploy On These Companies Like Welcome/yes Car Is To Get You To Sign In The Show Room Etc

 

(trade Prem)

 

No Cooling Off Period

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It would all depend on how a judge would see it and how you got the case over in court.


PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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