WF figures are wrong, can someone check these for me please

[jamesbrown3123]

Just been reading a few threads, and after trying to get a figure for VT with welcome, I looked at the figures and these seem to be wrong. It looks like the final payment includes the insurance twice.

 

The way I see this is as follows (figures from doc and also apr calculator):

 

Loan ammount £9448

Monthly payment £259.83

Interest £3023.94

 

Total Payable £12,471.94

 

Insurance £420

monthly £11.55

Interest £134.43

 

Total Payable £554.43

 

Now I paid a £500 deposit, which I have already deducted from above.

 

SO I see it as total borrowed £9,868

total interest 3,158.37

Total to pay back - £13,026.37 or 48 payments of £271.38. correct?

 

 

but according to the document below, Total ammount payable for goods is £12,972.36 which is wrong according to the apr calculator,

 

and

 

Insurance total is £554.40 which is correct on the apr calculator.

 

Ading these together totals £13,526.76, which is £281.80 per month for 48 months.

 

It looks like they have added the Insurance in (B) and again in (E), so looking at the document the figures are wrong. Can someone confirm.

 

 

Thanks

 

ps I hane not got a scanner so have edited a document and over typed my figures.

Edited March 20, 2010 by jamesbrown3123

[leelakey07]

I could be wrong but Im not sure your supposed to be paying interest on insurance?

[jamesbrown3123]

Thanks Lee, I can make the figures work, but still think that that there is something wrong..

[ozzywizard]

James, I am at work so not time to go through this now but just letting you know that I have bookmarked this thread and as soon as I can, hopefully tonight I will check these figures for you.

 

Lee, the interest charge on the insurance is correct.

 

Are you claiming back the PPI? do you feel it was missold ?

[jamesbrown3123]

Thanks Ozzy,

 

The way I see this is that they have given me a total payable for goods of £12,972.36 with a VT price of £6,485.68.

 

Now after 24 months I should have paid £6,512.88 + deposit of £500. The issue is that I asked for VT and have been told that there is an outstanding of £1,600 is, left the figure at work. Just dont see where they get this figure from.

 

I'll spk to you when you are finished work. Thanks again.

Edited March 21, 2010 by jamesbrown3123

[jamesbrown3123]

Looking at the figures again I get the following

 

A (ammount if credit for goods) £9,448 + B (ammount of credit for Insurances) £420.00 - £9,868.00

 

+

 

V (charge for credit for goods) £3,024.36 + W (charge for credit for Insurances) £134.40 - £3,158.76

 

Total £13,026.76, which is correct on the agreement, but the figure in D is wrong if you use the figures above? WTF.

[postggj]

mrning all

sorry but been off the grid for a while

 

now to get back in business and decode this agreement

 

we have a loan of £9448 over 48 months at 15.33 % apr

 

that gives a monthly repayment of £260.93

interest £3036.74

total payable £12,524.74

 

insurance £420

that gives a monthly payment £11.55

interest £134.43

total payable £554.43

 

so add the car interest £3036.74 with insurance interest £134.43

total £3171.17

 

so amount of credit £9448 plus insurance £420 plus total interest £3171.17

and £1 option fee with no aceptance fee

 

£13040.17

 

total payable

 

devide by 48 gives a monthly figure of £271.67

 

thats my figures and ive done it on 15% not 15.33%

 

[jamesbrown3123]

Thanks Post,

 

Does this make any difference, the figures are out by about £200, (Cant see the document from work). At half term they are saying that I will still owe £1,600, but £271.37 x 2 = £6,512.88, not the £6,700 odd that the document states, plus £1,600 that they want over and above.

 

Thanks

James

[postggj]

Ill Do This Later Today

 

Still Catching Up On The Threads

 

Dam Knee Again So Been Off Line

[jamesbrown3123]

Hi Post,

 

any joy, looking to chalenge the VT figure this week if possible.

 

thanks in advance