Help with Welcome Finance

[beyondhope]

thanks for that beyond, looks like i go to cab. how come you're going to a sols?

 

 

Because in all honesty our CAB office are cr@p a few years ago now I had money problems and they were rubbish with advice I did better by sorting it out myself Plus im already at the court stage so wanted a proper legal perspective before jumping in the big pond

[beyondhope]

Sorry Beyond, if post worked the APR out for you then no need for me to recheck as he will be correct. I sure do wish he was back with us, as a team he was an invaluable member. COME BACK LOL.

 

No worries Ozzy Come Back indeed he was working on my POC

(sorry im still giggling over that )

[stepwayne]

never used either, so do you say in your experience that a sols is best bet here?

[beyondhope]

That isnt to say ALL CAB offices are rubbish but mine certainly was when I needed them. If it was me in your position of already been to court aand having to go again I would find a solicitor that offers a free initial session and see how you go from there, many of them do I searched for a solicitor that takes on legal aid cases and contacted from there as a local consumer solicitor wanted £100 for an initial chat!!

[stepwayne]

thanks beyond, one step at a time.i have 3 weeks so thats step one thanks mate.cos i am not good at this.

[beyondhope]

No probs If I can help I will

 

Ozzy!!! Can you check if i paid interest on my fees please?? I can repost agreement if needed but its on first page (I think) of this thread. fankoo

[ozzywizard]

Yeah will go check now for ya.

[beyondhope]

Thanks Ozzy

[ozzywizard]

in regards to the one for 2000 the correct monthly rate should be 109.71 without acceptance fee so add that to loan it would be 111.79. so they not far out on this one, but still incorrect. they say 109.74 right ?

 

the next one is for £7,133.00 over 48 months at 19.85 % apr

 

thats a monthly repayment of £210.44

interest £2,968.30

total payable £10,101.30

 

insurance is £970.00 over 48 months at 19.85 % apr

interest £403.65

monthly payment £28.61

total payable £1,373.65

add the loan interest and insurance interest to give £3371.95

 

now the mechanical insurance 550.00 over 48 months at 19.85 % apr

 

Monthly Payment £16.22

Interest £228.87

Total Payable £778.87

 

Shortfall Extra (gap) £420 over 48 months at 19.85 % apr

 

Monthly Repayment 12.39

Interest £174.77

Total Payable £594.77

 

so we add the mechanical interest to the gap interest to our total interest giving total of £3775.59 .

 

 

 

£3775.59 insurance interest.

7,133.00 loan

£1940.00 insurances

1 pound option fee

 

to give a total amount repayable 12,849.59

divide by 48 is monthly payment of 267.70.

welcomes payable is 239.04 so x by 48 is 11,473.92

 

so you are left to pay 1,75.67 at end of contract.

Edited February 8, 2010 by ozzywizard

[ozzywizard]

sorry it would leave 1,75.67 to pay at end of contract. what a mess.

[beyondhope]

its neither of those agreements hehe thats my personal loan and original HP its this one Loan information very handy as with fos though Thanks

 

 

[ozzywizard]

haha sorry third time lucky and all that, I got confused with your last one though. maybe too many beers haha . . there was just so much on it.

[beyondhope]

my fault because I posted Loan, original HP and rewrite HP all together then took the loan to another thread as post was getting confused

[beyondhope]

as for the beers how very dare you have a beer and not share *strop*

[ozzywizard]

hahaha I wasnt as confused as Post was . . yayyy !!!!

 

Oh I dont mind a strop of a gurlie I live with 5 of them so used to it, im invincible haha. ..

[beyondhope]

OMG 5 girls you very well must be Im a girl but I couldnt live with 4 others Its ok I dont mind you not sharing just this once as my 'wonderful' husband has given me his man flu

[officejet1000]

Sorry to post on here Beyond, but did you get my agreements back in Dec? Have just sent a PM with the details, sorry but I am in desperation fighting for my life now - roof about to go 10 days to cardboard city:(

[ozzywizard]

this one is for 8953.08 over 120 months at the APR of 23.4 .

monthly repayment £180.27

total payments £21,632.90

interest payments £12,679.82

add 195 acceptance fee. is total payable of 21,827.90 divide by 120 is 181.90 a month.

 

welcome say 129.60 x 120 15,552.00 . . . this is a differance of 6275.90 .

 

Ok I know Ive had a few beers and I did this by hand, no templates or excel calculators if im right and 6k out this is well wrong. dont know if its me or them but I feel I did it right.

[beyondhope]

exactly what post got....agreement says total payable 12k payment add to 15k calculator says 21k good at maths arent they

[ozzywizard]

ive not seen Posts working out for this, do you have link ? and was it same as mine, i nearly did not post that as thought I was wrong being so much out haha.

[beyondhope]

ill copy it from letter now two ticks.....

[beyondhope]

The agreement is for £8953 over 120 months at 23.4 % apr

That gives a monthly repayment of £180.27

Total interest of £12,679.82

Total repayable £21,632.90

 

Why on the agreement does it state a monthly repayment of £129.60?

Interest payment of £3293.81

£12441.89 Total amount repayable??

 

So now lets get the total amount of credit:

 

Interest £12,679.82 and add acceptance fee of £195 gives total charge for credit £12,874.82

 

Now add the amount of credit £8953.08 gives a total amount payable of £21,827.90

 

Now divide that by 120months gives a monthly figure of £181.89

Please explain the monthly repayment figure of £129.60

I have a shortfall on monthly repayments of £52.29 over 120months this gives a shortfall of £6274.80

 

[beyondhope]

Sorry to post on here Beyond, but did you get my agreements back in Dec? Have just sent a PM with the details, sorry but I am in desperation fighting for my life now - roof about to go 10 days to cardboard city:(

 

 

Hi officejet got your PM and have replied

[ozzywizard]

haha too funny, i have the exact same as Post. did they reply to his letter with an answer on the figures ?

[beyondhope]

Come on as if you just asked that that was on my letter before action 14days from date of posting is tomorrow....give them extra 2 days for post coz im kind makes weds and nothing yet

 

still received a termination letter AFTER they received it though sorry 2 termination notices!