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Welcome - HP and Loan Agreements


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I’ve been looking in on the Welcome Finance posts for some time now and like many people I rue the day I ever got involved with this company. A few mistakes of my own making badly damaged my credit file leaving me vulnerable and desperate but I feel like I have just been exploited by this company in so many ways and it makes me feel better to see so many blatant wrongs righted through the help and advice of people on this site.

My own situation is that I have a HP agreement for a car and also an unsecured personal loan with Welcome. I have missed a couple of payments on both accounts in the last 12 months but have continued to make the payments on time consistently for the last 6 months. The grief, harassment and downright nastiness I received for having a few payment problems was totally disproportionate. I, like many, am now facing redundancy and anticipate more of the same hassle from Welcome which I find hard to stomach. I do not have PPI on either loan (perversely probably a good thing!). I am just taking stock of my circumstances at the moment and am the first to admit that I struggle to understand the complexities of a Welcome finance agreement. In the first instance I was hoping someone with some more knowledge than I could cast an educated eye over my agreements and offer an opinion as to whether they look enforceable or not and offer a view on the whole acceptance fee issue which I am struggling to get my head round. I can then look at my options. Thanks in advance.

Welcome Personal Loan_Page1of2.doc

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this would be best posted in the welcome finance forum

 

i'll get it moved for you

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Moving to the Welcome Finance forums

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

 

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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

 

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

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Any inputs appreciated. Just checked my annual personal loan statement from Welcome and it shows :-

 

Amount of Credit Provided - £2075 (this would be £2k advance + £75 acceptance fee)

 

Annual Rate of Interest - 48%

 

Duration - 36 months

 

This gives a monthly payment of £109.74 which is what I have been paying. Therefore my limited arithmetic skills suggest I am paying interest on the acceptance fee. (£75 @ 48%APR over 3 years = £142.79). I still can't fathom out from the posts on here whether this is a perfectly acceptable practice? Could someone advise?

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I’ve been looking in on the Welcome Finance posts for some time now and like many people I rue the day I ever got involved with this company. A few mistakes of my own making badly damaged my credit file leaving me vulnerable and desperate but I feel like I have just been exploited by this company in so many ways and it makes me feel better to see so many blatant wrongs righted through the help and advice of people on this site.

My own situation is that I have a HP agreement for a car and also an unsecured personal loan with Welcome. I have missed a couple of payments on both accounts in the last 12 months but have continued to make the payments on time consistently for the last 6 months. The grief, harassment and downright nastiness I received for having a few payment problems was totally disproportionate. I, like many, am now facing redundancy and anticipate more of the same hassle from Welcome which I find hard to stomach. I do not have PPI on either loan (perversely probably a good thing!). I am just taking stock of my circumstances at the moment and am the first to admit that I struggle to understand the complexities of a Welcome finance agreement. In the first instance I was hoping someone with some more knowledge than I could cast an educated eye over my agreements and offer an opinion as to whether they look enforceable or not and offer a view on the whole acceptance fee issue which I am struggling to get my head round. I can then look at my options. Thanks in advance.

 

APR has been calculated on just the £2000 - so unfortunately I think this agreement is ok.

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Car HP

 

same goes - both gone through an APR calculator on just the actual amount loaned i.e. 2k and 3k and it calculates the monthly paymetn you should be making and it seems right.

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