Welcome Finance any dealings???

davefirewalker · April 21, 2007

if you signed on trade premises then its a non cancellable agreement....that term doesnt apply. although lots of other things still do

the total amount of loan should be on there...........but, if the interest rate is variable they might not have to show it

the main items are here copied from the oft guidelines

What the agreement must contain

1 A heading in one of the following forms of words shown prominently on the first

page:

Hire-Purchase Agreement regulated by the Consumer Credit Act 1974

or

Conditional Sale Agreement regulated by the Consumer Credit Act 1974

or, in any other case,

Credit Agreement regulated by the Consumer Credit Act 1974.

Where the document embodies an agreement, of which at least one part is a credit

agreement not regulated by the Act, the word ‘partly’ must be inserted before

‘regulated’ in the heading – unless the regulated and unregulated parts of the

agreement can be clearly seen to be separate.

2 The name and a postal address of both trader and customer.

3 A description (in sufficient detail to identify it) of any security to be provided by the customer and a description of its subject matter. The description must be in the main agreement, but the full terms can be in a separate document referred to in the main agreement.

4 Details of any default charges which the customer or a relative of his is required to pay if he breaches the agreement.

5 Certain financial and related particulars (see below).

6 Statements of certain protection and remedies provided for the customer by the Act (see page 12).

7 A signature box (see page 14).

full text here

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft019.pdf

rgds

Dave

Alley-Cat · April 22, 2007

Hi again

can anyone help, am in the middle of writing my first letter to welcome to try and claim back my PPI. Is it right to be charged a penalty charge for settling the account early? :confused:

itsmeandonlyme · April 22, 2007

Hiya Falcon, Many thanks for your response. I will have a proper read later on tonight. I have another question also. They seem to put on a hell of a lot of "Interest Posting" on my statements every months which are just as much as I am paying back.....is this right as the loan in effect will never seem to go down. If i was paying 332.32 a month and they were putting 295.66 each month back onto the account, where do I stand on that?

Hello Alley-Cat, Interest posting is big at the begginning because by rule 78, that has been applied to our accounts, you pay more interst and less loan ammount....So if you cancel in the middle of the contract the interest more or less would be paid off(including PPI and Medicare)... you can check the thread Rule 78 unfair? could we claim on this alone? It helped me to understand WF statements...including Interest posting charge.

can anyone help, am in the middle of writing my first letter to welcome to try and claim back my PPI. Is it right to be charged a penalty charge for settling the account early?

read your cancellation paragraph...it could say that they can apply a fee if canceld early