Jump to content

 

BankFodder BankFodder


hybrid77

How on earth do Welcome calculate their interest

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3008 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Prescribed Terms are stipulated in other schedules. Schedule 6 tells you what they are and that they have to be correct and not misrepresented

Share this post


Link to post
Share on other sites

Hi Emaneys

 

Not Jumping Ship, Just Trying To Keep Up

 

Give An Update Please

Share this post


Link to post
Share on other sites

so go for unenforceability on the breach of schedule 6?

 

i suppose they would argue the variable??

Share this post


Link to post
Share on other sites

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

Share this post


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?

Share this post


Link to post
Share on other sites

When Is This Back In Court

 

Any Variance In The Apr By 1% Will Render The Agreement Unenforceable

 

CAN YOU GIVE A LINK TO THE AGREEMENT PLEASE

Share this post


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.

Share this post


Link to post
Share on other sites

Also if the interest rate is misrepresented it could mean the APR is as well.

Share this post


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

Share this post


Link to post
Share on other sites

Give Me Half An Hour

Share this post


Link to post
Share on other sites

Whats the difference between AIR and APR then

Share this post


Link to post
Share on other sites

promise?

;)

Share this post


Link to post
Share on other sites

Leave This With Me For A Few Days

 

When Is This Back In Court

 

Why Is This 121 Months

 

Thats 10 Years and One Month

 

I Smell A Rat

Share this post


Link to post
Share on other sites

can let me know if you think its unenforceable, and why including any figures, because I got to get back to court in a week.

Share this post


Link to post
Share on other sites

I MAKE THE Apr At 14 % SO WHY THE 17.30 % QUOTED

Share this post


Link to post
Share on other sites

thats on the agreement?

Share this post


Link to post
Share on other sites

17.3% and 14% are ON THE AGREEMENT?

Share this post


Link to post
Share on other sites

This Is The Figures For

 

Total Loan

 

£27985 Over 121 Months @14 % Apr

 

121 Monthly Payments Of £432.86

Total Repaid £52,376.06

Interest £24,391.06

Share this post


Link to post
Share on other sites

Now £27985 Over 121 Months @ 17.30 %

 

121 Monthly Payments Of £480.18

Total Payable £59,311.78

Interest £31,326.78

Share this post


Link to post
Share on other sites

I Cant Get The Figures To Balance Either Way

 

As Usual Under Welcomes Figures

 

Youjust Cant Finish The Loan In The Time Period

Share this post


Link to post
Share on other sites

You Are Short By £1620.19

Share this post


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 :-)

Share this post


Link to post
Share on other sites

So how do I tell the court that this agreement is unenforceable?

Share this post


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

Share this post


Link to post
Share on other sites
style="text-align:center;"> Please note that this topic has not had any new posts for the last 3008 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you
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...