Jump to content


  • Tweets

  • Posts

    • Thanks for posting the CPR contents. i do wish you hadn't blanked out the dates and times since at times they can be relevant . Can you please repost including times and dates. They say that they sent a copy of  the original  PCN that they sent to the Hirer  along with your hire agreement documents. Did you receive them and if so can you please upload the original PCN without erasing dates and times. If they did include  all the paperwork they said, then that PCN is pretty near compliant except for their error with the discount time. In the Act it isn't actually specified but to offer a discount for 14 days from the OFFENCE is a joke. the offence occurred probably a couple of months prior to you receiving your Notice to Hirer.  Also the words in parentheses n the Act have been missed off. Section 14 [5][c] (c)warn the hirer that if, after the period of 21 days beginning with the day after that on which the notice to hirer is given, the amount of unpaid parking charges referred to in the notice to keeper under paragraph 8(2)(f) or 9(2)(f) (as the case may be) has not been paid in full, the creditor will (if any applicable requirements are met) have the right to recover from the hirer so much of that amount as remains unpaid; Though it states "if any applicable ...." as opposed to "if all applicable......" in Section 8 or 9. Maybe the Site could explain what the difference between the two terms mean if there is a difference. Also on your claim form they keeper referring to you as the driver or the keeper.  You are the Hirer and only the Hirer is responsible for the charge EVEN IF THEY WEREN'T THE DRIVER. So they cannot pursue the driver and nowhere in the Hirer section of the Act is the hirer ever named as the keeper so NPC are pursuing the wrong person.  
    • This is simply a scam site.  It's been shown to be a scam in the national press and on national TV. Please fill in the the forum sticky and upload the invoice you've received. In fact what you have is an invoice, not a fine, a private company doesn't have the power to issue fines.  
    • Moved to the Private Parking forum.
  • Recommended Topics

  • Our picks

    • If you are buying a used car – you need to read this survival guide.
      • 1 reply
    • Hello,

      On 15/1/24 booked appointment with Big Motoring World (BMW) to view a mini on 17/1/24 at 8pm at their Enfield dealership.  

      Car was dirty and test drive was two circuits of roundabout on entry to the showroom.  Was p/x my car and rushed by sales exec and a manager into buying the mini and a 3yr warranty that night, sale all wrapped up by 10pm.  They strongly advised me taking warranty out on car that age (2017) and confirmed it was honoured at over 500 UK registered garages.

      The next day, 18/1/24 noticed amber engine warning light on dashboard , immediately phoned BMW aftercare team to ask for it to be investigated asap at nearest garage to me. After 15 mins on hold was told only their 5 service centres across the UK can deal with car issues with earliest date for inspection in March ! Said I’m not happy with that given what sales team advised or driving car. Told an amber warning light only advisory so to drive with caution and call back when light goes red.

      I’m not happy to do this, drive the car or with the after care experience (a sign of further stresses to come) so want a refund and to return the car asap.

      Please can you advise what I need to do today to get this done. 
       

      Many thanks 
      • 81 replies
    • Housing Association property flooding. https://www.consumeractiongroup.co.uk/topic/438641-housing-association-property-flooding/&do=findComment&comment=5124299
      • 161 replies
    • We have finally managed to obtain the transcript of this case.

      The judge's reasoning is very useful and will certainly be helpful in any other cases relating to third-party rights where the customer has contracted with the courier company by using a broker.
      This is generally speaking the problem with using PackLink who are domiciled in Spain and very conveniently out of reach of the British justice system.

      Frankly I don't think that is any accident.

      One of the points that the judge made was that the customers contract with the broker specifically refers to the courier – and it is clear that the courier knows that they are acting for a third party. There is no need to name the third party. They just have to be recognisably part of a class of person – such as a sender or a recipient of the parcel.

      Please note that a recent case against UPS failed on exactly the same issue with the judge held that the Contracts (Rights of Third Parties) Act 1999 did not apply.

      We will be getting that transcript very soon. We will look at it and we will understand how the judge made such catastrophic mistakes. It was a very poor judgement.
      We will be recommending that people do include this adverse judgement in their bundle so that when they go to county court the judge will see both sides and see the arguments against this adverse judgement.
      Also, we will be to demonstrate to the judge that we are fair-minded and that we don't mind bringing everything to the attention of the judge even if it is against our own interests.
      This is good ethical practice.

      It would be very nice if the parcel delivery companies – including EVRi – practised this kind of thing as well.

       

      OT APPROVED, 365MC637, FAROOQ, EVRi, 12.07.23 (BRENT) - J v4.pdf
        • Like
  • Recommended Topics

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 4486 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

Its not a multiple loan agreement.

 

The APR is different from the flat rate.

 

The AIR is derived from the flat rate.

 

All i can suggest if you dont understand is to get an accountant to tell you. I too was just as annoyed when i found out the figures were right. If welcome had been more upfront in telling me the calculations in the first place i wouldnt have been going round in circles for months. I took some bad advice off here about how they work out the interest nd was told my agreement was unenforceabe and that led me on a right garden path. I have only just got to the real answer now and yeah its not what i wanted to hear.

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

hi emaneves:)

 

I have just used that calculator:rolleyes:

 

1 -17.75APR (approx £20 over):eek: HIGHER

2 -16.20AIR (approx £3 under):eek: LOWER

 

FIGURES ALL WRONG:roll: "can not explain it"

 

chin up:) (any replies/opinions on APR/ AIR "mystery")

 

do not trust FOS ."just got a feeling they are in "ca hoots" with welcome.

(my personal take)

also - how many people have welcome taken to court.IF ALL thess agreements are so "kosher" why are they so reluctant to go to court:rolleyes:

 

emaneves , i believe you are going to court(sorry you could be the exception) "I dont know". keep fighting:), I WILL BE:)

Link to post
Share on other sites

thanks happhamr!

 

I am getting my accountant to give me a view.....

 

What nobody can dispute is the figures I have uploaded which clealry demonstrate that this agreement is a load of b*lll*cks!

 

 

I am in Court at present, took them originally on unfair charges.

 

As for steven's comment about getting figures wrong well listen to this.

 

First statement from the ****, they showed loads of charges, but didnt debit them to the loan account.

 

Second statement when threatening them with CPR, got another statement totally different from all of my previous.

 

They are an absolute shower, and I am up for a fight with them either way - Court an all!

 

Lets see if they or anyone else can prove my figures are wrong with an AIR/APR calculation on this loan agreement from start to finish!!!!!!!

 

oh, and as for the FOS, they have had these calculations as well......

 

Lets see if they can dispute them and reasons why as well!!!!!!!

 

BRING IT ON!

Link to post
Share on other sites

What nobody can dispute is the figures I have uploaded which clealry demonstrate that this agreement is a load of b*lll*cks!
I dispute it!

 

As I said before - Welcome get lots of things wrong but not their sums. The interest rates are correct. THe fact that they put something different on your statement is irrelevant - it is the agreement that counts and the interest rates on that are right.

 

Listen to what BB is telling you.

 

Interest calculations are very complicated. You need to understand some basic maths to understand it and you cannot calculate APR using a spreadsheet- it is all explained in my interest tutorial.

 

 

Link to post
Share on other sites

so its ok to tell a layperson they are borrowing x, but pay back y?

 

I would agree with you if you could provide from month 1 to month 121 how I repay this loan in full, including all charges, mif, and acceptance fees?

Link to post
Share on other sites

hellow emaneves and bebobebo:)

 

I take it we all have secured loans (yes),and when we took them out we had our original (APR) yes. (all different ,of course )

 

SO WHEN did welcome inform you ,emaneves/bebobebo ,any of us of this

"magical" change/switch to AIR:confused:

How can they keep "changing the goalposts" to suit them:mad:

 

sorry bebobebo, that calculator just produced "wrong" figures in regard to my APR:confused: and AIR:confused:

 

SO MANY "CALCULATORS", so many calculations :rolleyes: (all to mislead/confuse) " a bit like wellscum:rolleyes:

 

chins up:)

Link to post
Share on other sites

APR and AIR are not the same thing. In fact they will never be the same. APR will always be bigger than AIR

 

If you take your monthly interest rate, call that 'x'

 

AIR = 12*x

APR = (1+x)^12 - 1

 

(^ means to the power of)

 

If there are fees, the APR calculation is even more complicated. The complete formula for calculating APR is given in http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft144.pdf

 

Had a look at the above link. the apr on my agreement clearly says 17.30%

 

page 26 (1) (a) states clearly that the tolerance up to 1.0 or 0.1 below the correct APR.

 

As my agreement does not comply with this tolerance, then its unenforceable, as per schedule 6 and 7 CCA 1974.

 

The agreement also does not state the total amount payable (TAP)

Edited by emanevs
Link to post
Share on other sites

I am sorry to be a pain!!!!

 

APR ON MY LOAN SHOWS 17.30% APR:

 

Annual interest of 17.3% means a monthly interest rate of 1.34%

 

RATE OF INTEREST PER ANNUM SHOWS 14%

 

Underneath the rate of interest per annum, it says:

 

"interest will be calculated at the rate of interest (shown as 14%), on the daily balance outstanding of the total amount of credit (shown as £25000), and the acceptance fee of £235. It will be paid as part of your monthly payments".

 

SURELY, THIS DOES NOT WORK OUT, HOW IS THE MORTGAGE INDEMNITY FEE OF £2750 PAID OFF WITHIN 121 MONTHS???????

 

AIR OR APR OR NOT!!

;)

Link to post
Share on other sites

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

hellow:)

 

on this calculator the figures add up (pennies over),but this is on 17.75 APR ( original.)

 

however if i use the AIR 16.20 which appearead 2years later it comes out roughly £20 lower:confused: (statement)

 

also why is the calculator bebobebo put on his post the figures you get are different:rolleyes:

 

emaneves :)- that is what it says at the bottom of your/my statement (yeah),the funny thing is with my next statement(dont get many:rolleyes:)their is nothing about this "intrest will be calculated at the Rate of intrest"

blah,blah,blah. just wondered why they left this bit out.:wink:

 

cheers,:-) "thanks" emaneves and dx100uk:-)

Link to post
Share on other sites

emanevs

 

you have 3 different interest rates, ALL 3 are correct because they're used in different ways.

The 17.3% is the APR ... this includes charges for credit. It cannot be calculated using a spreadsheet. Consumers are told this figure because it provides the best way of comparing loans between different banks.

The 14% is the annual rate. This includes interest compounded (interest charged on interest)

13.2/12 is the monthly rate used to calculate the interest actually chargd each month. This is the figure you would put into most of the online calculators that don't have facilities to enter the other rates.

 

All 3 rates are linked to each other, they're not just magicked out of thin air.

 

My original question was how they calculate the monthly interest charges. It should be the same percentage each month, no matter what the loan agreement or statement says the interest rate is, but mine isn't. Plugging the monthly figures I have for other loans into amortisation schedules gives me the correct monthly interest charge straight away. Plugging Welcome's in doesn't, and when I reverse engineer the interest rates from their monthly figures, it's not the same rate used every month

Link to post
Share on other sites

£27,995.00

£419.62

13.20%

£22,779.02

£50,774.02

Amortisation Table

Pmt #_Principal_Interest__Balance

1_____£111.68___£307.94___£27,883.33

2_____£112.90___£306.72___£27,770.42

3_____£114.15___£305.47___£27,656.28

4_____£115.40___£304.22___£27,540.88

5_____£116.67___£302.95___£27,424.20

6_____£117.95___£301.67___£27,306.25

7_____£119.25___£300.37___£27,187.00

8_____£120.56___£299.06___£27,066.44

9_____£121.89___£297.73___£26,944.55

10____£123.23___£296.39___£26,821.32

11____£124.59___£295.03___£26,696.73

12____£125.96___£293.66___£26,570.78

13____£127.34___£292.28___£26,443.43

14____£128.74___£290.88___£26,314.69

15____£130.16___£289.46___£26,184.53

16____£131.59___£288.03___£26,052.94

17____£133.04___£286.58___£25,919.91

18____£134.50___£285.12___£25,785.41

19____£135.98___£283.64___£25,649.42

20____£137.48___£282.14___£25,511.95

21____£138.99___£280.63___£25,372.96

22____£140.52___£279.10___£25,232.44

23____£142.06___£277.56___£25,090.38

24____£143.63___£275.99___£24,946.75

25____£145.21___£274.41___£24,801.55

26____£146.80___£272.82___£24,654.74

27____£148.42___£271.20___£24,506.33

28____£150.05___£269.57___£24,356.28

29____£151.70___£267.92___£24,204.58

30____£153.37___£266.25___£24,051.21

31____£155.06___£264.56___£23,896.15

32____£156.76___£262.86___£23,739.39

33____£158.49___£261.13___£23,580.90

34____£160.23___£259.39___£23,420.67

35____£161.99___£257.63___£23,258.68

36____£163.77___£255.85___£23,094.90

37____£165.58___£254.04___£22,929.33

38____£167.40___£252.22___£22,761.93

39____£169.24___£250.38___£22,592.69

40____£171.10___£248.52___£22,421.59

41____£172.98___£246.64___£22,248.61

42____£174.89___£244.73___£22,073.72

43____£176.81___£242.81___£21,896.91

44____£178.75___£240.87___£21,718.16

45____£180.72___£238.90___£21,537.44

46____£182.71___£236.91___£21,354.73

47____£184.72___£234.90___£21,170.01

48____£186.75___£232.87___£20,983.26

49____£188.80___£230.82___£20,794.46

50____£190.88___£228.74___£20,603.58

51____£192.98___£226.64___£20,410.60

52____£195.10___£224.52___£20,215.49

53____£197.25___£222.37___£20,018.24

54____£199.42___£220.20___£19,818.83

55____£201.61___£218.01___£19,617.21

56____£203.83___£215.79___£19,413.38

57____£206.07___£213.55___£19,207.31

58____£208.34___£211.28___£18,998.97

59____£210.63___£208.99___£18,788.34

60____£212.95___£206.67___£18,575.39

61____£215.29___£204.33___£18,360.10

62____£217.66___£201.96___£18,142.44

63____£220.05___£199.57___£17,922.39

64____£222.47___£197.15___£17,699.91

65____£224.92___£194.70___£17,474.99

66____£227.40___£192.22___£17,247.60

67____£229.90___£189.72___£17,017.70

68____£232.43___£187.19___£16,785.28

69____£234.98___£184.64___£16,550.29

70____£237.57___£182.05___£16,312.73

71____£240.18___£179.44___£16,072.55

72____£242.82___£176.80___£15,829.72

73____£245.49___£174.13___£15,584.23

74____£248.19___£171.43___£15,336.04

75____£250.92___£168.70___£15,085.11

76____£253.68___£165.94___£14,831.43

77____£256.47___£163.15___£14,574.96

78____£259.30___£160.32___£14,315.66

79____£262.15___£157.47___£14,053.51

80____£265.03___£154.59___£13,788.48

81____£267.95___£151.67___£13,520.54

82____£270.89___£148.73___£13,249.64

83____£273.87___£145.75___£12,975.77

84____£276.89___£142.73___£12,698.88

85____£279.93___£139.69___£12,418.95

86____£283.01___£136.61___£12,135.94

87____£286.12___£133.50___£11,849.81

88____£289.27___£130.35___£11,560.54

89____£292.45___£127.17___£11,268.09

90____£295.67___£123.95___£10,972.41

91____£298.92___£120.70___£10,673.49

92____£302.21___£117.41___£10,371.28

93____£305.54___£114.08___£10,065.74

94____£308.90___£110.72____£9,756.85

95____£312.29___£107.33____£9,444.55

96____£315.73___£103.89____£9,128.82

97____£319.20___£100.42____£8,809.62

98____£322.71____£96.91____£8,486.91

99____£326.26____£93.36____£8,160.64

100___£329.85____£89.77____£7,830.79

101___£333.48____£86.14____£7,497.31

102___£337.15____£82.47____£7,160.16

103___£340.86____£78.76____£6,819.30

104___£344.61____£75.01____£6,474.69

105___£348.40____£71.22____£6,126.29

106___£352.23____£67.39____£5,774.06

107___£356.11____£63.51____£5,417.96

108___£360.02____£59.60____£5,057.93

109___£363.98____£55.64____£4,693.95

110___£367.99____£51.63____£4,325.97

111___£372.03____£47.59____£3,953.93

112___£376.13____£43.49____£3,577.80

113___£380.26____£39.36____£3,197.54

114___£384.45____£35.17____£2,813.09

115___£388.68____£30.94____£2,424.42

116___£392.95____£26.67____£2,031.47

117___£397.27____£22.35____£1,634.19

118___£401.64____£17.98____£1,232.55

119___£406.06____£13.56______£826.49

120___£410.53_____£9.09______£415.96

121___£415.04_____£4.58________£0.91

Link to post
Share on other sites

Here is the response that welcome supplied the FOS, This explains in black and white what Ive already told you. at the end of the day its down to you which route you take your case. I would however advise you to look at the letter I recieved this is the facts on how welcome work agreements out also make you fully understand what myself and Steven are telling you. I think failing this an Accountant will be able to explain how you agreement is worked out.

I will again say how frustrated I was when I recieved this letter because I honestly believe it isnt clear enough for a lay person to understand and it has took me a while to grasp. I wish you the best of luck with your case.

 

http://i870.photobucket.com/albums/ab266/rottweilermick/Final%20Responses/Interestcalculations.jpg

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

£27,995.00

£419.62 (MONTHLY PAYMENT - INCORRECT, yes I know its only 15 pence per month, but STILL INCORRECT)

13.20%

£22,779.02 (INTEREST CHARGE - this is incorrect on my loan agreement - stated as £22770.87, yes I know its only £9.09 but STILL INCORRECT)

£50,774.02 (Total Amount Payable - this is NOT SHOWN ON MY LOAN AGREEMENT.)

Amortisation Table

Pmt #_Principal_Interest__Balance

1_____£111.68___£307.94___£27,883.33

2_____£112.90___£306.72___£27,770.42

3_____£114.15___£305.47___£27,656.28

4_____£115.40___£304.22___£27,540.88

5_____£116.67___£302.95___£27,424.20

6_____£117.95___£301.67___£27,306.25

7_____£119.25___£300.37___£27,187.00

8_____£120.56___£299.06___£27,066.44

9_____£121.89___£297.73___£26,944.55

10____£123.23___£296.39___£26,821.32

11____£124.59___£295.03___£26,696.73

12____£125.96___£293.66___£26,570.78

13____£127.34___£292.28___£26,443.43

14____£128.74___£290.88___£26,314.69

15____£130.16___£289.46___£26,184.53

16____£131.59___£288.03___£26,052.94

17____£133.04___£286.58___£25,919.91

18____£134.50___£285.12___£25,785.41

19____£135.98___£283.64___£25,649.42

20____£137.48___£282.14___£25,511.95

21____£138.99___£280.63___£25,372.96

22____£140.52___£279.10___£25,232.44

23____£142.06___£277.56___£25,090.38

24____£143.63___£275.99___£24,946.75

25____£145.21___£274.41___£24,801.55

26____£146.80___£272.82___£24,654.74

27____£148.42___£271.20___£24,506.33

28____£150.05___£269.57___£24,356.28

29____£151.70___£267.92___£24,204.58

30____£153.37___£266.25___£24,051.21

31____£155.06___£264.56___£23,896.15

32____£156.76___£262.86___£23,739.39

33____£158.49___£261.13___£23,580.90

34____£160.23___£259.39___£23,420.67

35____£161.99___£257.63___£23,258.68

36____£163.77___£255.85___£23,094.90

37____£165.58___£254.04___£22,929.33

38____£167.40___£252.22___£22,761.93

39____£169.24___£250.38___£22,592.69

40____£171.10___£248.52___£22,421.59

41____£172.98___£246.64___£22,248.61

42____£174.89___£244.73___£22,073.72

43____£176.81___£242.81___£21,896.91

44____£178.75___£240.87___£21,718.16

45____£180.72___£238.90___£21,537.44

46____£182.71___£236.91___£21,354.73

47____£184.72___£234.90___£21,170.01

48____£186.75___£232.87___£20,983.26

49____£188.80___£230.82___£20,794.46

50____£190.88___£228.74___£20,603.58

51____£192.98___£226.64___£20,410.60

52____£195.10___£224.52___£20,215.49

53____£197.25___£222.37___£20,018.24

54____£199.42___£220.20___£19,818.83

55____£201.61___£218.01___£19,617.21

56____£203.83___£215.79___£19,413.38

57____£206.07___£213.55___£19,207.31

58____£208.34___£211.28___£18,998.97

59____£210.63___£208.99___£18,788.34

60____£212.95___£206.67___£18,575.39

61____£215.29___£204.33___£18,360.10

62____£217.66___£201.96___£18,142.44

63____£220.05___£199.57___£17,922.39

64____£222.47___£197.15___£17,699.91

65____£224.92___£194.70___£17,474.99

66____£227.40___£192.22___£17,247.60

67____£229.90___£189.72___£17,017.70

68____£232.43___£187.19___£16,785.28

69____£234.98___£184.64___£16,550.29

70____£237.57___£182.05___£16,312.73

71____£240.18___£179.44___£16,072.55

72____£242.82___£176.80___£15,829.72

73____£245.49___£174.13___£15,584.23

74____£248.19___£171.43___£15,336.04

75____£250.92___£168.70___£15,085.11

76____£253.68___£165.94___£14,831.43

77____£256.47___£163.15___£14,574.96

78____£259.30___£160.32___£14,315.66

79____£262.15___£157.47___£14,053.51

80____£265.03___£154.59___£13,788.48

81____£267.95___£151.67___£13,520.54

82____£270.89___£148.73___£13,249.64

83____£273.87___£145.75___£12,975.77

84____£276.89___£142.73___£12,698.88

85____£279.93___£139.69___£12,418.95

86____£283.01___£136.61___£12,135.94

87____£286.12___£133.50___£11,849.81

88____£289.27___£130.35___£11,560.54

89____£292.45___£127.17___£11,268.09

90____£295.67___£123.95___£10,972.41

91____£298.92___£120.70___£10,673.49

92____£302.21___£117.41___£10,371.28

93____£305.54___£114.08___£10,065.74

94____£308.90___£110.72____£9,756.85

95____£312.29___£107.33____£9,444.55

96____£315.73___£103.89____£9,128.82

97____£319.20___£100.42____£8,809.62

98____£322.71____£96.91____£8,486.91

99____£326.26____£93.36____£8,160.64

100___£329.85____£89.77____£7,830.79

101___£333.48____£86.14____£7,497.31

102___£337.15____£82.47____£7,160.16

103___£340.86____£78.76____£6,819.30

104___£344.61____£75.01____£6,474.69

105___£348.40____£71.22____£6,126.29

106___£352.23____£67.39____£5,774.06

107___£356.11____£63.51____£5,417.96

108___£360.02____£59.60____£5,057.93

109___£363.98____£55.64____£4,693.95

110___£367.99____£51.63____£4,325.97

111___£372.03____£47.59____£3,953.93

112___£376.13____£43.49____£3,577.80

113___£380.26____£39.36____£3,197.54

114___£384.45____£35.17____£2,813.09

115___£388.68____£30.94____£2,424.42

116___£392.95____£26.67____£2,031.47

117___£397.27____£22.35____£1,634.19

118___£401.64____£17.98____£1,232.55

119___£406.06____£13.56______£826.49

120___£410.53_____£9.09______£415.96

121___£415.04_____£4.58________£0.91 STILL UNPAID AFTER 121 MONTHS!!!!!

 

Therefore this must be AUTOMATICALLY unenforceable because there is a breach of the prescribed terms.

 

1) monthly repayment

2) cannot pay the full amount over the 121 months as stated on the agreement.

3) TAP not shown on the agreement.

Link to post
Share on other sites

I am sorry to be a pain!!!!

 

APR ON MY LOAN SHOWS 17.30% APR:

 

Annual interest of 17.3% means a monthly interest rate of 1.34%

 

RATE OF INTEREST PER ANNUM SHOWS 14%

 

Underneath the rate of interest per annum, it says:

 

"interest will be calculated at the rate of interest (shown as 14%), on the daily balance outstanding of the total amount of credit (shown as £25000), and the acceptance fee of £235. It will be paid as part of your monthly payments". - WHAT ABOUT THE MIF, U CANNOT INCLUDE THIS I IN THE LOAN CALCULATIONS BECAUSE IT DOESNT STATE SO, therefore the calcs have to exclude the mortgage indemnity fee????

 

SURELY, THIS DOES NOT WORK OUT, HOW IS THE MORTGAGE INDEMNITY FEE OF £2750 PAID OFF WITHIN 121 MONTHS???????

 

AIR OR APR OR NOT!!

;)

SEE ABOVE?

Link to post
Share on other sites

Hybrid

 

Whats been charged on a monthly not matching what it should is also my problem, if you work it out let me know.

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

Emanevs, if you notice Hybrid has started with the wrong amount which is why its slightly out.

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

Here is the response that welcome supplied the FOS, This explains in black and white what Ive already told you. at the end of the day its down to you which route you take your case. I would however advise you to look at the letter I recieved this is the facts on how welcome work agreements out also make you fully understand what myself and Steven are telling you. I think failing this an Accountant will be able to explain how you agreement is worked out.

I will again say how frustrated I was when I recieved this letter because I honestly believe it isnt clear enough for a lay person to understand and it has took me a while to grasp. I wish you the best of luck with your case.

 

http://i870.photobucket.com/albums/ab266/rottweilermick/Final%20Responses/Interestcalculations.jpg

 

Hi Bebo,

 

Please can you upload your agreement as well?

 

many thanks

Link to post
Share on other sites

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4486 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...