Jump to content


How on earth do Welcome calculate their interest


hybrid77
style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4459 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

  • Replies 185
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

If anyone believes that Welcome would reduce the interest rate as the agreement progressed to enable anybody to finish it in the time frame stated on the agreement I would like to meet them

Link to post
Share on other sites

hello Postggi,

 

Feeling a bit disheartened thats all.

 

My agreement says 25000 at 121 months at 14% at 419.47

 

My statement from them says 27985 at 121 months at 13.2%

 

Judge has already said in last hearing that we borrowed £27985 (not sure how this relates to regulated agreement?), because its made up of:

 

25000 total amount of credit

235 acceptance fee

2750 mif

 

I just cannot get the figures to work unless I change the interest rate to 13.20% as per the statement. But this was not what we signed for on the loan agreement, but it does mention a variable rate on the loan agreement.

 

Also,

 

£27985 at £419.47 per month at 14% will take 130 months to pay off.

£25000 at £419.47 per month at 14% will take 103 months to pay off AND NOT 121 as stated on loan agreement.

 

How can I get this unenforceable?

Link to post
Share on other sites

I am new to this but I think you will find that Welcome work on a monthly Interest rate however they state on there agreements a compounded monthly rate instead of a rate per annum. I think you will find whats on your statement is the rate per annum. In view of my previous posts I would then question wether the interest rate on the agreement is misrepresented.

Link to post
Share on other sites

Welcomeby Design, And Dliberate, Hide The True Value On The Agreement

 

They Use A.i,r Which Is Annual Interest Rate

 

The Oft Frown On This

 

As Its The Apr

 

Annual Percentage Rate That Gives The True Cost Of Credit And Welcome Frontload All There Interest From The Start Of The Agreement So It Works Like A Mortage

Link to post
Share on other sites

Hi Post you said the same about mine but same as Emanevs the FOS say it is correct and they will not uphold it???.

As always please check and double check what myself and other Caggers inform.

 

If you like my Post please dont be shy give my Scales a little tickle :-)

Link to post
Share on other sites

Well The Figures Dont Lie

 

Ive Double Checked

 

Even Including And Not Including The Acceptance And Mif In The Interest Rate

 

 

All I Can Say Is Go To A Chartered Accountant To Get A Full Break Down

 

Fos Are Crap As Late Ref Welcome

Link to post
Share on other sites

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4459 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Guest
This topic is now closed to further replies.
  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...