Done over by Welcome Finance I think?

[Maycaz]

I took a loan out with Welcom in January 2007- £3500 over 36 months. Stupidly seemed to end up with PPI( Now trying to claim that back- solicitor fighting that one)at £1216 plus a admin fee of £75 so total credit provided on teh whole thing was £4791.98. Didn't pay any attention to the details- i had a poor credit rating and was just relieved to get the loan in the first place. They set Total Charge for Interest at £3710.14 and state an interest rate of 51.11% p.a and monthly payments of £236.17

I am checking with my bank but i am almost certain that the first payment was Jan 2007 so as far as i am concerned it is finished but they have phoned me to say that i still owe them £305.25.

This has spurred me to get the paperwork out and now taking real time over it all i think i have paid too much as the Personal Statement says that the amount of Credit is £4791.98 which i agree with but it shows Annual interest Rate at 42% and all my payments have been at the £236.17. the amount payable for the 51.11%. Surely if the interest rate on the statement is lower than on the agreement, my payments should have gone down? Any suggestions or am i just being thick!!!

[Maycaz]

if anyone is able to help i would be very grateful, i have my loan agreement and the statements that they sent if you need to see them, but to be honest they might as well be in dutch because no matter how i looked at them i can't make any sense of it all.

I just don't want to get caught up on the telephone with these guys and end up paying yet more money.

Although i see from other threads that you should refuse to speak to them , i will tell them that the next time the try to call me.

 

Any Help on what to do now and i would be eternally thankful.

 

It is all just so frustrating and to make it worse my husband has his own loan with them so i will have to be looking at that also once i've dealt with this.

[ruskie]

Hi Maycaz,

 

I am sure if somebody will answer your questions for you.

 

Some great help on this site, and some very clever people who know how to give Welcome a kick up the backside!!

[djwigster]

Is there any chance you could scan the agreement & statement and post it up on here (using Photobucket or similar program)?

 

Leave in the figures, but remember to remove your personal details.

[Maycaz]

I scanned them but the came up as a pdf so i have attached them, i hope it works.

 

I have also scanned a letter i got from them yesterday about a settlement figure- it says it is in response to my written request - i have never written to them!!!

 

I really hope this has worked and you can help

Edited February 9, 2010 by Maycaz

[djwigster]

You've left personal details on there!

[Maycaz]

Thank You , I am so flustered by this at the moment and now i have them trying to call me!

 

I have changed the attachement so it has no details

[postggj]

cash loan £3500 over 36 months at 53.03 % apr

 

thats a monthly repayment of £175.23

interest £2808.61

total payable £6308.61

 

now we add insurance

 

ppi insurance £1216.98 over 36 months at 53.03 % apr

 

interest £976.57

monthly payment £60.93

total payable £2193.55

 

so we add the loan interest and insurance interest to give £3785.18 then add acceptance fee of £75 to give a total £3860.18

 

so we add

 

£3860.18

£3500 loan

£1216.98 insurance to give a total amount repayable £8577.16 (ouch)

devide by 36 to give a monthly figure of £238.25

 

 

welcomes total amount payable is £8502.12

yours is £8577.16

 

a difference £75

 

 

 

where welcome have fouled up is the total charge for credit, well the interest on £4716.98 is £3785.19

welcome have it £3710.14

to that we add acceptance fee of £75 to give £3785.14

 

 

welcome are out by £75 quid as the amount of interest has been mis-stated

 

 

welcome do crap agreement to confuse punters, looks like they even confuse there own staff

 

muppetts

[ozzywizard]

Exelent layout Post, I just opened my calc and walked through all that with you ........ i see how you got what you did, i reckon another 99 agreements for me to check and I will have the hang of it haha.

[postggj]

Thats Why I Lay It Out That Way

 

It So People Can Start To Under Stand There Own Agreements

 

It Took Me Two Years To Understand How Welcome Agreements Work

[ozzywizard]

Yeah I do totally beieve that they do that on purpose to confuse and manipulate, anyways lets wait for the next agreement to come on and I will give it a go and you can see how I do haha.

[postggj]

any probs

 

just shout

[pears23]

cash loan £3500 over 36 months at 53.03 % apr

 

thats a monthly repayment of £175.23

interest £2808.61

total payable £6308.61

 

now we add insurance

 

ppi insurance £1216.98 over 36 months at 53.03 % apr

 

interest £976.57

monthly payment £60.93

total payable £2193.55

 

so we add the loan interest and insurance interest to give £3785.18 then add acceptance fee of £75 to give a total £3860.18

 

so we add

 

£3860.18

£3500 loan

£1216.98 insurance to give a total amount repayable £8577.16 (ouch)

devide by 36 to give a monthly figure of £238.25

 

 

welcomes total amount payable is £8502.12

yours is £8577.16

 

a difference £75

 

 

 

where welcome have fouled up is the total charge for credit, well the interest on £4716.98 is £3785.19

welcome have it £3710.14

to that we add acceptance fee of £75 to give £3785.14

 

 

welcome are out by £75 quid as the amount of interest has been mis-stated

 

 

welcome do crap agreement to confuse punters, looks like they even confuse there own staff

 

muppetts

 

So does this mean the agreement is unenforceable then?

[postggj]

Well You Can Argue The Amount Of Interest And Total Amount Payable Has Been Mis-stated

 

So I Would Say Unenforceable But If Welcome Say Bog Off

 

Its Down To The Fos Or Judge

[pears23]

thanks, will double check all my figures now....

[postggj]

As Stated

 

Need Help, Just Shout

[Maycaz]

Thank you for the work you have done. But what should i do now, if it is correct should i just let it go or should i stand my ground and do something about the details being mis-stated. I don't want to give these guys an inch if i dont have to?

Also i have noticed today and it is on the documents that i posted, i actually don't have in my possession a signed copy of the credit agreement. I signed my copy and sent it to them but i haven't actually got a copy signed by them- should i have?

[postggj]

Yes

 

Only A Signed Copy

 

An Agreement Would Need A Judge To Enforce

 

If Any Perscribed Terms Are Missing

 

Even A Judge Cant Enforce

[Maycaz]

I know you must get so sick of questions but not only have they confused themselves but they have done a bloody good job of sending all my sense of reasoning and comprehension out of the window!

I am absolutely drained by all this!

 

I can confirm that None of the paperwork that i have is signed by them.

So does that make the whole loan invalid?

 

Sorry for appearing a bit thick on this but what I can do now?

 

Do i send them some sort of letter or do i just ignore them:idea:

 

I want them to go away but i don't want to pay something i either shouldn't or don't have to.

[Maycaz]

I have had 2 letters from these people in 2 days and really i'm at my wits end!

 

The original details i had in January after they said i still had money to pay was £305.25

I posted that on here with the loan agreement docs which you reviewed and stated that the amounts on the original paperwork were wrong so technically it is unenforceable.Also my agreement document is not signed by anyone at Welcome.

 

I then got a letter on Thursday telling me that i had had £25 added to my account for UnpaidDD/Cheque. So if they were correct that would take the amount owed to £330.25

Saturday i got a Notice of Sum in Arrears and it states - Opening Balance of £315.93 and then " Shortfall for the Purpose of this Notice £602.10" how on earth can this be.

 

What do i do or say to stop these guys or can they just do what they like!

 

Please Help

[Maycaz]

I have been reviewing other posts about Welcome ,Can you tell me -should Ii notify them that i wish to put the account into dispute - you seem to advise that in a number of cases or do i just write to them and say that i have taken advise on the matter and that the figures have been reviewed and unfortunately it has come to my attention that the initial figures on my agreement are incorrect and in my understanding, along with that fact that my initial loan agreement ( the one i have in my posession) is not signed by anyone from Welcome Finance would mean that the loan itself ius un-enforceable. Or is this the wrong tack to take with these guys- would they take me to court?

[Maycaz]

Is anyone able to advise?