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HELP!! Some strange numbers on WF agreement


Preuss
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Hi,

 

I am an addition to the team of used and abused people by WF.

There are loads of wery usefull info on the forum (especially "Welcome Finance" thread - three days reading and only managed to get half way through :p).

 

I've done already some work, like CCA & SAR already have been sent to Compliance...

Then following a good advice started checking numbers on the agreement...

As it is probably no news to anyone nothing adds up...

 

Key Financial Information:

Total amount of credit (B+C) £18697.69

Amount of credit for cash advance £15000

Amount of credit for insurances (K) £3697.69

Duration of agreement 180 months

 

Amount of each monthly payment £363.67

No of monthly payments 180

APR (variable) 24.99%

 

Other financial information:

Total Charge for Credit (M+N+O) £46762.91

Acceptance Fee (M) £235.00

Interest Charge: (O) £46527.91

Rate of Interest per annum 24.6%

 

 

Because I am one of those paper collectors - nothing goes to the bin, I have Statement of price and monthy payment breakdown is:

Credit/cash advance £288.13

Acceptance fee £4.51

Insurance £71.03

Total £363.67

 

I've used dualcalc to check if the numbers agree and got a result that

on £18697.67 (without acceptance fee) with APR of 24.99% (180 payments) total charge for credit is £46762.91 and this is the same number that WF noted on the agreement as Total charge for credit WITH fee.... What is werrry interesting that Interest charge (O) is less on exactly £235....

 

There is a note on agreement that the acceptance fee will be charged to you by being included in the total advance to cover this credit councelling.

 

I am completely confused with all of this. Could please someone help to sort out this mess...

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hi preuss

 

you have been hard at it typing that lot

 

sorry about this

can you scan the agreement and post onto your thread

google photobucket and use the upload link for message boards with out thumbnails option

 

deleate personel info but leave in the figures

 

its the only way to be sure

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Well What I Can Tell You Is Its A Clear Cae Of Misselling

 

On The Agreement Side Ill Need The Weekend And Plenty Of Asprin

 

Welcome Do The Agreements By Design To Be A Mine Field

 

You Have Def Got Them On The Insurance

 

Do You Still Have The Insurance Policy Docs

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Yep, I still have all docs.

 

About misselling I've guessed that much when three months ago "nice" chap contacted me and offered to rewrite the agreement and to lower the APR.... I haven't fallen for that :p

 

PPI was cancelled a year ago... guess what - no rewrite, I was paying full payment. They told me that this is a company policy if you cancel PPI after cooling off period payments stays the same ... for the rest of term.. in my case for 177 months :mad:.

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I am trying to figure out what to do next. Complain to some institution? For this I need a list of wrongdoings on WF side. At the moment I manage to come with few:

1. something wrong with numbers, got no clue how to approach this one...

2. Couple of Insurances for much shorter period than the loan itself

3. falls in a category of multiple agreements:

- loan into debtor - creditor category

- insurances into debtor - creditor - supplier

4. Cancelled PPI - refused to recalculate monthly payments...

 

probably there is something else, but my brains already not working, juggling with another case of multiple agreement - HP from RCI - and loan and Gap insurance was dumped on one agreement without any explanation what and how much... and in addition road tax was added into goods price... do you know who can help with all this.

 

and where to start a new thread on HP.. sorry .. I am pretty new on this forum need to figure my way around

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Finally I've got documents under the SAR. As expected some of them are missing... as I with limited experience can see. Of course there is nothing about insurances, in addition I found that there is a broker involved (Freedom/A&L). Also there is a covering letter (not on Welcome headed paper) that the statement had been sent to the address that I lived 4 years ago how they manage to to this I've got no clue because at this time I wasn't married... Some more fun - according the statement funds have been released on 30/04/08 when agreement was signed on 24/04/08. There is nothing even close to cooling off period, if I understood correctly.

to finalise all this - DISB transfer on 30/04/2008 is for £18932.69 the difference from what is on the agreement some £300...

 

Any ideas where we are going there?

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Love It

 

Broker Involved

Now Welcome Would Not Tell You That

Undisclosed Commission Payments

 

Wilson V Hurstanger

 

Shame Welcome

 

The 300 Quid

 

Thats Prob The Broker Payment Or Payment On Ppi Etc

 

NO 14 DAY COOLING OFF PERIOD

THAT MEANS AGREEMENT HAS NOT BEEN EXECUTED CORECTLY

 

SHAME

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Ok, I am sending a letter asking for an additional info and until it arrives studying CCA 1974 and that Wilson v Hurstanger case.

 

And also about Insurances, I'll try talk to Direct or whatever the administrator is

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Post,

Do you know how WF calculates the balance it just looked strange when suddenly balance went up from 18932.69 on 30/04 to 19045.46 on 10/06 despite the fact that I was paying everything they asked for.

Have you got some time to look at the statement? Because I cannot figure out the logic behind

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Preuss

 

can you photobucket the statement minus personal details, then we can take a look at it for you.

ANYBODY WHO NEEDS INFO ON YOUR LEHMANS MORTGAGE

either SPML/PML/LMC/SPPL; the following are DIRECT tel#s,

of the investigating & prosecuting organisations: DONOT say you are from CAG-only directly affected or a concerned citizen.

 

1. Companies House: Kevin Hughes(Compliance Manager-main) @ 02920 380 633

2. CH : Lee Jenkins(prosecuting Amany Attia(MD) for SPML/PML) @ 02920 380 643

3. CH : Mark Youde(accounts compliance) @ 02920 380 955

 

4. Companies Investigation Branch(CIB) : Charlotte Allan @ 0207 596 6108

(part of the Insolvency Service) investigating all the Lehman lenders

 

5. CIB : Jeremy Pilcher('unofficial'-consumer/company lawyer) : @ 0207 637 6231

__________________

File YOUR 'Companies Investigation Branch'- CIB complaint online NOW!!!!

 

http://www.insolvency.gov.uk/complaintformcib.htm

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Hope you had a god weekend! My brains were overheated - needed a break from all the nonsense...

 

Here it is

http://i858.photobucket.com/albums/ab150/Diggfor/WF_statement050809.jpg

 

One thing I do understand that despite PPI being refunded I am still paying interest on it... when they refused to adjust payment after cancelling PPI - the girl said that this is to my benefit, because the difference will go towards reducing the balance and I will repay the loan much earlier. But from the statement it looks that the difference is being "capitalised" as an interest to benefit WF...

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