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Help with Welcome charges


nicben
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Interest on charges is not compound interest, it is simple interest. Also Welcome have no legal obligation to refund any fees on that statement, if a letter is sent to the complaints department worded in a way to acknowledge why they have added charges but you find the amount of charges unfair when the branch were aware of your financial situation they MAY remove some of them as a gesture of goodwill.

 

well for a start EVERYTHING that has FEE in it

you can hit them with a reclaim

at THEIR interrest rate from the date of its charge to the date of you claim compounded monthly

and then on that figure you get 8% stat as well from the date of the charge to the date of your claim.

 

there are spreadsheets in the stickys or use:

Compound interest calculator

 

we need that agreement to hiot hem with PPI etc etc too

 

dx

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no

 

they are unlawful charges not agreed with the customer and you have charged interest on them EVERY month as the statements above CLEARLY show ...so it IS compounded monthly.

 

oh you're gonna get battered if you stay around.

 

dx

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... 

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Right, first things first I do NOT appreciate your threat of me being "battered" round here. I would rather people have the correct information that having people like yourself misguiding them if this is intentional or not I may never know.

 

Secondly I feel a simple lesson is in order about the difference between compound a simple interest and how it is applied separately on a loan agreement. Lets keep it simple for all to understand shall we? Don't want you to not understand what I'm explaining.

 

Compound Interest - Can be charged on a monthly basis the way a loan is normally charged.

Lets have an example

I have a loan of £500, this month my interest is charged at £5 and I do not make a payment then next months interest will be charged on £505. Compound interest allows you to charge interest on interest.

 

Simple Interest - Can ALSO be charged on a monthly basis.

Lets have another example

I have not made my payments and have charges on my loan of £100. This month the interest is £1 and I do not pay anything off my charges. Next months interest will be charged on £100. Simple interest only charges on the initial amount and does not charge on interest that has been applied.

 

I can assure you that Welcome Finance charge SIMPLE INTEREST on the charges or DEFUALT SUMS as they are called and COMPOUND INTEREST on the actual loan. Although it is not shown this way on a statement the default sums and the actual loan are separately calculated.

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it was not a threat, just you'll get mullered, nice advice actually

i hope you'll stay but .....

trying to defend your companies terrible antics are going to be a tough job.

 

if you think your posts are going to be taken as the truth then i'd think again.

 

if you are really from them and not another wind up as before then the next few weeks will be interesting to say the least.

 

and i also hope its just not another attempt by welcome to put 'false truths' on the forum to confuse people and make them give up, again we've had those on here too.

 

how do you ever expect anyone to believe what you are saying when in your own word you say:

 

we don't actually tell you how we calcuate interest on charges on the statement...it's our little secret

 

hehe one thing one day, one thing the next.

 

one story to one thread another story to another.

 

dx

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... 

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Helen I dont think DX meant to cause offence or alarm-neither is he misguiding.

To the contrary DX is a very well respected CAG member and is extremely experienced in these areas.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Sorry I was not aware that Helen was here in an official capacity for WF.

Helen can I ask that you email admin;admin@consumeractiongroup.co.uk and clarify your brief here within an official capacity.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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:lol:creep...

 

let me play........

 

dx

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... 

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Dont suppose we will see it as an EX employee.

I have to say that reading the first post it seems to me that it can be construed as quite intimidating to many who have been victims of WF extremely questionable business practices.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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nicben....apologies for the temp distractions-lets get back on track with your issues.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Hi Nicben,

 

To start with you can claim all the PPI back so:

 

£468.22 + Interest @ 14.7% =

 

£468.22 + £203.22 = £671.44

 

Next you calculate the 8% statutory interest on each monthly repayment, from the date of that repayment until the date welcome refund your money. This is tricky because when your bf was paying reduced payments, there is no way of knowing how much of the repayment amount was being paid against the PPI element of the loan.

 

Then you calculate 8% statutory interest on the PPI + interest ( £671.44 ) from the date this was settled until the date welcome refund your money. Again very tricky as we have no way of knowing when the PPI loan was paid off.

 

So with the simple interest calculations, I am going to ask if anyone else can offer some help or guidance on this???

 

As for the charges there are certainly plenty of them and absolutely no doubt they are unfair. However whether welcome will refund them or not is another matter. I suggest you do as Dx has suggested and enter each charge onto a spreadsheet along with the date the charge was made.

 

Now, while I agree with Dx about the compound interest being charged, I am fairly confident welcome will not pay this. So I suggest you charge 8% simple as with the PPI figures and send the calculations to welcome along with a letter outlining the situation and you wish for the PPI to be refunded and the charges as well.

 

Good luck

 

DJ

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with all the changes made here recently and my lack of time to 'settledown' with where things are and how to find them [i'll let others do that]

 

there are two new recent rulings by the FOS directly related to the way co's who fleece people with PPI and unlawful charges should repay them and the interest refunds

 

one of them i know addresses the way they have 'rejigged' how calculations are done, it has particular meaning toward their term

'the customer must be refunded in a way that puts them back to the state whereby PPI was never taken out'

 

it is something along the lines of additional interest would not have been charged because the outstanding sum would have been lower, thus not incurring said interest. the customer should also be re-imbursed by 8% on this figure too.

 

sorry its thursday and the nightclubs are kicking out so's i've not got time to find things whilst watching the screens.

 

comeback postggj.....

 

dx

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... 

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I no longer work there, haven't for some time and have no allegiances, I came here because I know people have problems with them & I know their policies and procedures for getting something sorted so I can help from that side of it. The fact I know that they apply Simple interest and not Compound interest to default sums is a start over others on here already...

 

Sorry I was not aware that Helen was here in an official capacity for WF.

Helen can I ask that you email admin;admin@consumeractiongroup.co.uk and clarify your brief here within an official capacity.

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Helen your post regarding the calculation of interest may be of use on this thread HERE

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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on what?

 

dx

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... 

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is the next stage not your ppi spreadsheet?

 

dx

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... 

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yes there is a letter as such

 

have a look at the stickis at the top of the ppi forum

 

particularly the ones like 'notes for claimants'

 

dx

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... 

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