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Hi

 

I have had three loans with welcome over the years, I recently sent off a SAR as over the years I was not convinced that the settlement figures and everything were correct. Since having all the paperwork back I am still none of the wiser, it is all so confusing. Does anyone know of a company I could send off my paperwork to for it to be checked out?

 

Also, I noticed on the statements that they have charged me interest on the telephone calls and letters they have sent out, can they do this? they also charged me interest on inurances i purchased with them.

 

Any help would be much appreciated.

 

Many thanks

 

Hayley

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Hi

All the insurances will be reclaimable, if you feel they were not adequately explained or were inappropriate or where taken out under pressure in order to get the loan.

You really need to post the agreements on here for us to have a look at.

They can charge interest on the insurances if they are included in the total credit figure.

If they are not, any interest charged must make up the total charge for credit along with contractual interest, it is quite a complex procedure.

No they should not be charging you interest on collection costs again need more details.

Peter

Edited by peterbard
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Thank you Peter,I will upload all the agreements later, I will be grateful for any help anyone can give. The APR on the statements also dont match up with the actual credit agreements, it is all so confusing I really need some advice. Thanks again.

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Thank you Peter,I will upload all the agreements later, I will be grateful for any help anyone can give. The APR on the statements also dont match up with the actual credit agreements, it is all so confusing I really need some advice. Thanks again.

 

HI

 

Yes an incorrectly stated APR can be an indication of the TCC being incorrect.

 

Best have a look

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Hi

 

I have attached the three different agreements I am unsure about, if I give you a bit of background it may make more sense.

 

In July 2005 I took out a loan for £3450.00 (£3000 loan, £375 insurances, £75.00 acceptance fee), original loan term was over 36 months, I settled after 22 months after taking out a second loan with Welcome. In the time I had the loan I made actual payments of ££3112.74. The payments were £146.46 per month and the total repayable was £5272.49. The APR on the credit agreement is 38.7% variable but on the statement it is 30%. I am confused as I made payments of £3112.74 plus they took £2292.67 out of the second loan to settle this one which in total is £5405.41 but the total repayable on the credit agreement was only £5272.49 and I settled the loan 14 months early so surely I wouldn't have had to pay all that interest? I also had charges of £135.00 for telephone calls, letters etc.

 

In May 2007 I took out a second loan for £5075.00 over 36 months (£5000 loan, £75.00 acceptance fee) (£2292.67 Paid off previous loan), the total repayable was £8442.35 and the APR on the contract was 44.20% variable but on the statement it states 36%. I made payments of ££2434.50 and was struggling to pay the £232.45 per month. After 17 months into the loan in October 2008 Welcome suggested I take out another loan just to pay off this loan (i.e. I didn't have any money it was just to pay loan off) over 48 months, as it would be cheaper for me so I had no other option and agreed. I also had charges of £170.00 for telephone calls, letters etc.

 

 

In October 2008 welcome gave me another loan just to pay off the previous loan they said the settlement on the previous loan was £5488.44 over 48 months (£5413.44 loan, £75.00 acceptance fee) APR on credit agreement is 13.51% variable but on statements it is 12%. I have paid £144.56 per month since taking it out and never missed a payment so up to date I have paid £4624.99.

 

I don’t know whether the settlement figure is right for the second loan as again the agreement was ended 19 months early so surely I would not have had to pay so much interest?

 

I have not got a clue about credit agreements and interest rates and need to know if everything looks ok, I am only questioning it as I thought the first loan agreement didn’t look right as I have paid them more to settle it than what was on the actual credit agreement, if they are all ok that is fine I will continue to carry on paying my last loan until it is paid off, but would like a second opinion on it all if anyone has the time, I will be extremely grateful.

 

Many thanks

 

Hayley

loan 1.jpg

loan 2.jpg

loan 3.jpg

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Thanks Peter, will see if I can make any sense of it now.

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Hi

 

First thing i would do is send a claimm for you PPI, i cant see your agrements (to small), but we can look at them later.

If you look on Rebel signature earlier in the thread you will see a tutorial on interest and also instructions on claiming PPI.

I will check the various settlement figures and get back to you

 

Perhaps Stephen or one of the other PPI experts will drop in.

 

Peter

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Hi

Going off the figures you have provided,

Your first loan should have been for £3375 (the fee should not be included in the Credit.)

22 Payments OF £146.46 = £3222.12?

APR36.8%?

Settlement due after 22 weeks should have been £ 1783. 34

The total mount payable if the loan had run its course is correct at £5272

This is without any adjustments forn miss sold PPI etc .

Have seen many of the earlier Welcome agreements and a great percentage of them are improperly executed, on many occasions they encourage people to re sign new agreement (post 2007) because they realise this. I don’t know yet if this is the case on your agreements but it seems a possibility.

Any way going off this it seems the settlement figured is incorrect unless there were other charges added to the figure.

Best double check when we see the agreement then send a recorded letter querying their calculation

Peter

Edited by peterbard
decimal places
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  • 3 weeks later...
Hi

Going off the figures you have provided,

Your first loan should have been for £3375 (the fee should not be included in the Credit.)

22 Payments OF £146.46 = £3222.12?

APR36.8%?

Settlement due after 22 weeks should have been £ 1783. 34

The total mount payable if the loan had run its course is correct at £5272

This is without any adjustments forn miss sold PPI etc .

Have seen many of the earlier Welcome agreements and a great percentage of them are improperly executed, on many occasions they encourage people to re sign new agreement (post 2007) because they realise this. I don’t know yet if this is the case on your agreements but it seems a possibility.

Any way going off this it seems the settlement figured is incorrect unless there were other charges added to the figure.

Best double check when we see the agreement then send a recorded letter querying their calculation

Peter

 

Hi Peter

 

Sorry for the late reply, I have been on holidays for two weeks. How do I upload to credit agreements so you will be able to see them? also, I dont think I can get the ppi back as it wasn't ppi as such it was homecare, medicare and another insurance and I think I may have made a claim through the homecare insurance. Thanks for your time.

 

Hayley

 

Hayley

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Hi Peter

 

Sorry for the late reply, I have been on holidays for two weeks. How do I upload to credit agreements so you will be able to see them? also, I dont think I can get the ppi back as it wasn't ppi as such it was homecare, medicare and another insurance and I think I may have made a claim through the homecare insurance. Thanks for your time.

 

Hayley

 

Hayley

 

If you can scan them and save them as pdf, this will be the best way. You can claim insurance back if it was mis-sold even if you made a claim. It may be a bit trickier but not impossible. YOu can claim back unfair charges they placed on your account as well. Aside from the agreements you need to have full statements and record of all payments made.

Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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If you can scan them and save them as pdf, this will be the best way. You can claim insurance back if it was mis-sold even if you made a claim. It may be a bit trickier but not impossible. YOu can claim back unfair charges they placed on your account as well. Aside from the agreements you need to have full statements and record of all payments made.

 

Thanks Mrz I will try and put them on again, not very good with computers.

 

I do have full statements, I have put all the info off them in previous thread (payments made, charges applied etc) I noticed that they have charged me interest on all the charges aswell not sure if they can do this:???:. My main aim is to just find out whether the settlement figures were correct from the first and second loan really, once I know whether they are correct or not I will focus more on the ppi and charges.

 

Thanks for the info, I will once again try to upload the agreements :-)

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Thanks Mrz I will try and put them on again, not very good with computers.

 

I do have full statements, I have put all the info off them in previous thread (payments made, charges applied etc) I noticed that they have charged me interest on all the charges aswell not sure if they can do this:???:. My main aim is to just find out whether the settlement figures were correct from the first and second loan really, once I know whether they are correct or not I will focus more on the ppi and charges.

 

Thanks for the info, I will once again try to upload the agreements :-)

 

Most scanning software will allow you to scan as pdf. Check the software help section for your particular software. If thats not available, you can download a free pdf printer driver. This way you can select print and nstead of printing it to paper, it will make a pdf file. Just google free pdf printer driver.

 

As part of your claim you will be claiming the interest they have charged you as well.

Please overlook my typos and spelling mistakes, sometimes my fingers arent in sync with my brain :)

I am just a consumer and have no legal training. My posts are opinion only, based on my own limited experience. If in doubt you should seek legal advice from a qualified practitioner.

 

Activ Kapital - Disputed £4,000.00 - 04/04/2011 Settled! WON!

HSBC Current Account - Defaulted for £200.00 Charges. - 19/05/2011 Charges Refunded Default Removed! WON!

HSBC Loan Account - £16,000.00 Unsecured Loan - 05/07/2011 Disputed No Further Contact WON! (for Now)

Barclaycard Account - Disputed account and £1500.00 Charges. - 18/07/2011 Charges Refunded! WON!

London Scottisht - Disputed account and Charges. £25,000.00 - 06/2011 Balance reduced by 95% WON!

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  • 2 weeks later...

Hi Hayley

 

Only just noticed this thread.

 

I'll have a look at the figures for you this evening and post back later when I have considered it and done some spreadsheet work on your case.

 

Hope thats ok

 

ims

 

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Hi Hayley

 

Only just noticed this thread.

 

I'll have a look at the figures for you this evening and post back later when I have considered it and done some spreadsheet work on your case.

 

Hope thats ok

 

ims

 

Thank you so much, I really appreciate it :-)

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