Jump to content


  • Tweets

  • Posts

    • The firm has benefited from the AI boom, making it the third-most valuable company in the US.View the full article
    • Former billionaire Hui Ka Yan has been fined and banned from the financial market for life.View the full article
    • In terms of "why didn't I make a claim" - well, that has to be understood in the context of the long-standing legal battle and all its permuations with the shark. In essence there was a repo and probable fire sale of the leasehold property - which would have led to me initiating the complaint/ claim v SPF in summer 19. But there was no quick sale. And battle commenced and it ain't done yet 5y later. A potential sale morphed into trying to do a debt deal and then into a full blown battle heading to trial - based on the shark deliberately racking up costs just so the ceo can keep the property for himself.  Along the way they have launched claims in 4 different counties -v- me - trying to get a backdoor B. (Haven't yet succeeded) Simultaneously I got dragged into a contentious forfeiture claim and then into a lease extension debacle - both of which lasted 3y. (I have an association with the freeholders and handled all that legal stuff too) I had some (friend paid for) legal support to begin with.  But mostly I have handled every thing alone.  The sheer weight of all the different cases has been pretty overwhelming. And tedious.  I'm battling an aggressive financial shark that has investors giving them 00s of millions. They've employed teams of expensive lawyers and barristers. And also got juniors doing the boring menial tasks. And, of course, in text book style they've delayed issues on purpose and then sent 000's of docs to read at the 11th hour. Which I not only boringly did read,  but also simultaneously filed for ease of reference later - which has come in very handy in speeding up collating legal bundles and being able to find evidence quickly.  It's also how I found out the damning stuff I could use -v- them.  Bottom line - I haven't really had a moment to breath for 5y. I've had to write a statement recently. And asked a clinic for advice. One of the volunteers asked how I got into this situation.  Which prompted me to say it all started when I got bad advice from a broker. Which kick-started me in to thinking I really should look into making some kind of formal complaint -v- the broker.  Which is where I am now.  Extenuating circumstances as to why I'm complaining so late.  But hopefully still in time ??  
    • At a key lecture in the City of London, the shadow chancellor will also vow to reform the Treasury.View the full article
    • Despite controversy China's Temu is becoming a global online shopping force.View the full article
  • 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
      • 160 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 4449 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

I think I will anyway.

 

14% interest rate is 1.66666667 per month.

 

1.6666667 x amount outstanding = interest (as stated on the agreement)

 

repayment is 419.47 per month.

 

Do the math.

 

It just doesnt work out.

 

The dualcalc is not available now.......

 

wonder why........??

 

perhaps is WRONG?

 

It also does not detail the repayment of a loan in full with either.

 

It just spurts out a few figures.....

 

Welcome are now also saying that my interest rate is 13.20 and "total amount of credit is 27985.

 

I didnt sign for that - BUT NOW I AM REPAYING THAT??????????

 

WHAT A JOKE

Link to post
Share on other sites

Em

 

I am in exactly the same boat as you and understand your frustration. I too was led to believe the figures were wrong.

I wish I had been told correct info back then. I am glad I didn't take them to court. Ask yourself how many agreements have you seen that have declared unenforceable on hear I have yet to come across one.

 

 

If u can help u I will certainly try welcome aren't as daft as they look and they seem to have an answer for everything

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

just a thought if the ones you thought were wrong are right,perhaps the ones that were thought right are now wrong?

 

It certainly makes you wonder

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

When Is This Back In Court

 

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

 

So if they have 'varied' my interest rate by more than 0.1% even though they refer to a variable interest rate its unenforceable?

 

CAN YOU GIVE A LINK TO THE AGREEMENT PLEASE

 

any thoughts?

Link to post
Share on other sites

Emm, at work so I can't really spend time on here but I'll be on tonight.

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

Hellow emaneves:)

 

my agreement it says 17.75APR (march 07)

 

ON Statement, received march 09(1st one) my AIR:confused: IS 16.20:rolleyes:

 

This is a difference of 1.55:rolleyes: "get my drift".

 

also this is a fixed sum loan agreement regulated by the cca 1974.

 

so 17.75(original agreement),then 16.20 (statement 2 years later:rolleyes:)

 

its totally confusing/illogical "nuts" . chin up emaneves:)

Link to post
Share on other sites

im even more confused!!!!!!

 

what about:

 

1) My calculations?

2) Total amount of credit wrong?

3) Changes in interest rates from my loan agreement to statement

4) How do I pay all of this loan off within 121 months.

 

 

Should I still see my accountant??

emanevs

 

1) as I said, you cannot work out APR using a spreadsheet - you need more computing power than that. Try dualcalc

 

2) do you mean total amount of credit or total cost of credit? Total cost of credit is (monthly repayment)*(number of payments) + fees - (loan amount)

 

3) As I said, this is irrelevant

 

4) you pay the monthly amount 121 times

 

Hope this helps

 

 

Link to post
Share on other sites

Hellow emaneves:)

 

my agreement it says 17.75APR (march 07)

 

ON Statement, received march 09(1st one) my AIR:confused: IS 16.20:rolleyes:

 

This is a difference of 1.55:rolleyes: "get my drift".

 

also this is a fixed sum loan agreement regulated by the cca 1974.

 

so 17.75(original agreement),then 16.20 (statement 2 years later:rolleyes:)

 

its totally confusing/illogical "nuts" . chin up emaneves:)

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

Edited by steven4064

 

 

Link to post
Share on other sites

emanevs

 

1) as I said, you cannot work out APR using a spreadsheet - you need more computing power than that. Try dualcalc - I have but it doesnt show the full repayment of the loan in full.

 

2) do you mean total amount of credit or total cost of credit? Total cost of credit is (monthly repayment)*(number of payments) + fees - (loan amount)

 

"total amount of credit" on loan agreement is 25000

"total amount of credit" on annual statement is 27985

 

"rate of interest per annum" on the loan agreement is 14%

"annual interest rate" on the statement is 13.20%

 

3) As I said, this is irrelevant - ????

 

4) you pay the monthly amount 121 times - yes, but at what interest rate and how much in total. I signed up for the loan agremeent as set out by the consumer credit act 1974, not a "flexible loan, with flexible repayment and interest rates, to be paid off when the **** choose to say its completed.

 

Hope this helps

 

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 interestlink3.gif rate, call that 'x'

 

AIR = 12*x (based on 14% (rate of interest per annum) this is 1.66666667 per month.

APR = (1+x)^12 - 1 - (please can you explain ^)

 

I also attach all of my calculations. NONE OF THEM WORK. (See attached 'A', 'B' ,'C', 'D')

 

Please upload your full calculations, demonstrating that I am incorrect.

 

Many thanks,

A.pdf

B.pdf

C.pdf

D.pdf

Link to post
Share on other sites

with APR being 17.75 at start of agreement, how after 2 years can they just change this to 16.20(AIR):eek: on statement:eek:

 

this AIR just seems to appear "out of the blue".(how can this be?)

 

by the way emaneves on my agreement i have different "total amounts of credit" on , agreement,statements 1 and 2:eek:.

 

"Absolutely crazy"(you could not make it up:rolleyes:)

 

keep going:)

Link to post
Share on other sites

hellow steven4064.:)

 

i realise that APR and AIR are different,but how can apr be on your agreement at the beginning,and air put on, added,changed (whenever welcome feel like it:confused:),remember its a "fixed sum loan agreement".

 

could you please clarify(help/advise)"thank you":)

 

also - NO mention of AIR in terms and conditions..

 

also- When was AIR ever put in/on welcome agreements?

 

cheers:)

Link to post
Share on other sites

Emanevs

 

I know how frustrated you are i was exactly the same. I then started to read the OFT publication on APR bit long winded but it then made look at the annual interest rate which is different to the apr, but then you have the interest rate too. Steven is right in what he is saying.

 

Your APR is 17.30 % this is a compounded rate that also includes the charge for credit.

 

The 14% stated on your agreement is the annual rate which also includes the effect of compounding.

 

The AIR is your annual interest rate which is your monthly amount x 12, this is because welcome charge interest on a monthly flat rate which is calculated on the outstanding balance. Which in your case appears to be 13.20.

 

The PDFS that you uploaded what programme hav used to generate these please?

 

25000 +235 +27500 = 27985.00

 

(121 months * 13.20) 22770.87

 

Loan Repayment Calculator

50755.87 / 121= 419.47

 

I hope this helps.

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

Hello Bebo,

 

.......but I didnt sign the loan agreement based on 13.20% interest rate, and "total amount of credit" of £27985......

 

they are clearly not allowed to vary the APR or any interest rate in this way.

Link to post
Share on other sites

Hiya Ems,

 

I know you didnt, you did sign up to 14% interest rate. This is the annual flat rate which included the effect of compoundind. By that i mean interest charged on interest. 13.2 is the AIR of the annual flat rate on your agreement.

 

Go on the following link and put in your interest rate of 14 %, select yearly to monthly and it give you your monthly rate. times this by 12 gives you 13.2%

 

Interest Rates Guide: Everything you ever wanted to 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

style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 4449 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...