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merlin100

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Hi all again, hope this is in the right place, cant find a Welcome thread so please feel free to move it.

 

Ive just got a Statement of Account from the above ( covers 9 months). No arrears etc, all is fine, but....

 

After the payment statement comes this little snippet....

 

"Interest is calculated at the rate on your agreement. It is calculated on the amount of credit, acceptance fee and any agreed insurances throughout the duration of the loan"

 

So first of all, they hit me with a £195 Acceptance Fee which I paid with the first installment, so they shouldnt be charging me interest on it. This got me searching for the agreement. Having found it, I found this....

 

Amount of credit for goods £8900

Acceptance Fee £195

Finance charges for goods £3637.96

Option Fee (?) £100

 

Charge for credit for goods £3932.96

Total charge for credit £3932.96

 

This doesnt look right to me. It seems theyve added the Acceptance and Option Fee directly onto the interest.

And does anyone know what this Option Fee is?

As far as I knew this was a straightforward credit agreement over 48 months then done!

Now they are saying that should I wish to exercise my right to purchase the goods at the final monthly payment, its going to cost me £100 to do it? Do I smell a rat here too?

 

And just out of curiosity. On the agreement it gives the info for termination etc under the CCA 1974, but then in another column of the agreement it says..." You have no right to cancel this agreement under the Consumer Credit Act 1974, the Timeshare Act 1992 or the Financial Services (Distance Marketing) Regulations 2004.

 

Any advise people?

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hi merlin and lets try and decode this

 

for a start 195 quid acceptance fee, is this a secured loan, the norm is 75 quid

 

can you scan and post your agreement, google photobucket and use the upload link for message boards with out thumbnails option

 

deleate personel details but leave in the figures.

 

the 100 quid to purchess

are you paying interest on that

if you are, why,. you may want to give the goods back

its a charge for finance and a no no

 

 

the case law you are thinking about is wilson v fct

 

if any charge for finance is added befor interest to the ammount of credit/ not total ammount, then its game over

 

realy need to see the agreement

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Hi postggj, thanks for a very quick response. Will have a look at Photobucket now and get the agreement on here asap.

Thanks again.

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Morning Merlin

 

I take it this is Hire Purchase (car?). The option fee is that rip off last payment to take ownership...crap but true.

 

The termination info on the agreement are your rights for terminating the agreement at various stages...you can Voluntarily Terminate (VT) the agreement if you have paid a certain amount, which is to hand the keys back and walk away from the car and the loan. (good if it turns out to be a heap!)

 

The cancellation info just relates to when you first signed. However!...

 

The acceptance fee and option fee...they should show them as added onto the total finance charge. As in...they calculate the interest on the £8900 to be £3637.92 then add the fees on top (as if no interest is calculated on them) to show the total charge you are paying for taking out credit £3932.96.

 

But, we have all found that in our statements the balance is - the amount you borrowed + the fees THEN they start calculating the interest....which as far as we can tell is againt the CCA 1974.

 

2 things - did you actually pay the £195 acceptance fee with the first instalment, as in your first ever payment was much larger than all the rest? (does it show this on your statement)

 

And can you scan and post up your agreement - minus any personal details - so we can see? Most Welcome agreements are crap :D

 

There is a great Welcome thread you should join that can help you, check out:

 

http://www.consumeractiongroup.co.uk/forum/welcome-finance/109794-welcome-finance-378.html


Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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hi merlin and lets try and decode this

 

for a start 195 quid acceptance fee, is this a secured loan, the norm is 75 quid

 

can you scan and post your agreement, google photobucket and use the upload link for message boards with out thumbnails option

 

deleate personel details but leave in the figures.

 

the 100 quid to purchess

are you paying interest on that

if you are, why,. you may want to give the goods back

its a charge for finance and a no no

 

 

the case law you are thinking about is wilson v fct

 

if any charge for finance is added befor interest to the ammount of credit/ not total ammount, then its game over

 

realy need to see the agreement

 

:lol: you beat me to it...I was talking too much!


Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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Has this worked...Agreement..?

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Thread moved to Welcome Finance Forum.


 
 

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Hi guys, can anyone look at the agreement Ive posted and just tell me if its dodgy?

Many thanks.

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bump again

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Another bump guys

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Hi Merlin, sorry for the delay - up to my eyeballs!

 

If you paid the acceptance fee in the first instalment and can prove it then theyve done it very wrong.

 

when was the agreement signed and was it signed by you and Welcome?


Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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