Welcome Finance - This company needs to be banned.

[andie_303]

Im even more confused now, this is EXACTLY why PPI is just so much more fun

 

I nicked that APR calculation of someone else so don't blame me if it's rubbish

[Voda]

Morning Andie,

 

Thanks, I'll give it a go.

 

Take care

 

Voda

 

 

As a general rule of thumb take the APR and divide by 2 this should give you roughly the base rate. You need to then multiply the base rate by the number of years you have borrowed the money over.

 

example

 

£5000 over 3 years @ 7.9% apr

 

7.9 divide by 2 = 3.95 x 3 = 11.85

 

£5000 x 11.85% = £592.50

 

So total repayable is £5592.50 divide by 36 monthy payments = £155.35

 

Hope this helps

[postggj]

Einstine A Go Go

[42man]

A couple of useful threads for those trying to work out their figures....

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/169592-urgent-help-wanted.html

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/168115-mathematicians-needed-help-credit.html

[082stewie]

I thought I would stir the pot a bit this morning with a friendly call to my local Welcome branch and speak to "account manager". From the sound of his voice I suspect he has just cracked puberty and has serious identity issues.

 

I went back in my diary and I have been waiting just over 3 weeks for a return call back from him and countless messages I have left. So I came to the conclusion he isnt going to call back. So I called him.

 

Plainly the branch CANNOT explain how the figures are calculated on the agreement, he DOES NOT know if interest is added onto the acceptance fee and if it is indeed valid to do so. He suggested I come into the local office to have a meeting to discuss my agreement with him and the branch manager.

 

I have accepted the invite and will schedule it for early next week, pending the outcome of some documents I have asked for from head office. I wonder if they would object to me filming the session and then posting it up on YouTube?

 

Anyhow they have no bloody clue. I have only ever been into the branch once and I left because the person I was meant to meet with was sick that day and didnt make it. Nice to let the customer know!

 

I really have a massive dislike for this company and all they stand for.

 

This morning I sent off my agreement to two major accounting firms and hand delivering it to Delloits this afternoon. Im so excited about this!

 

The rebate on PPI could be my saving grace at this stage. The fact they have not re-calculated the loan is a big NO NO in the industry, and the fact no needs and demands statement was taken is also cause for concern. 60 month insurance term on a 180 month loan agreement is substandard and could rule very heavily in my favour.

 

 

Just an update

Stewie8-)

[postggj]

Stewie

 

People Need To Concentrate On This.

60 Month Of Inusrance On A 180 Month Loan, Very Strange

 

But Gets Even Better

 

Remember, You Will Be Paying For Only 60 Months Of Cover Over 180 Months

 

I Am Having This Checked So I Will Get Back To You On This

 

Me Thinks

 

Extortionate Credit Bargin On This One But Needs To Be Confirmed

[andie_303]

I thought I would stir the pot a bit this morning with a friendly call to my local Welcome branch and speak to "account manager". From the sound of his voice I suspect he has just cracked puberty and has serious identity issues.

 

I went back in my diary and I have been waiting just over 3 weeks for a return call back from him and countless messages I have left. So I came to the conclusion he isnt going to call back. So I called him.

 

Plainly the branch CANNOT explain how the figures are calculated on the agreement, he DOES NOT know if interest is added onto the acceptance fee and if it is indeed valid to do so. He suggested I come into the local office to have a meeting to discuss my agreement with him and the branch manager.

 

I have accepted the invite and will schedule it for early next week, pending the outcome of some documents I have asked for from head office. I wonder if they would object to me filming the session and then posting it up on YouTube?

 

Anyhow they have no bloody clue. I have only ever been into the branch once and I left because the person I was meant to meet with was sick that day and didnt make it. Nice to let the customer know!

 

I really have a massive dislike for this company and all they stand for.

 

This morning I sent off my agreement to two major accounting firms and hand delivering it to Delloits this afternoon. Im so excited about this!

 

The rebate on PPI could be my saving grace at this stage. The fact they have not re-calculated the loan is a big NO NO in the industry, and the fact no needs and demands statement was taken is also cause for concern. 60 month insurance term on a 180 month loan agreement is substandard and could rule very heavily in my favour.

 

 

Just an update

Stewie8-)

 

Good luck Stewie

 

We are all behind you

[Voda]

Right here we go.

 

£7039.63 over 6 years @ 13.10% APR

 

13.10 divide by 2 = 6.55 x 6 = 39.30

 

£7039.63 x 39.30 = £2766.57

 

So total repayable is £9806.20 divide by 72 monthly repayments = £136.20

 

On my agreement the amount of each monthly repayment is £139.09 !!!

irrespective of the Acceptance Fee being added in or not.

 

The total charge for credit says £2975.02 and the Acceptance Fee is listed underneath at £75.

See: http://i653.photobucket.com/albums/uu257/Voda/DSC08253.jpg

and: http://i653.photobucket.com/albums/uu257/Voda/DSC08333-1.jpg

 

 

H'mmmmmmmm !!!

 

 

 

 

As a general rule of thumb take the APR and divide by 2 this should give you roughly the base rate. You need to then multiply the base rate by the number of years you have borrowed the money over.

 

example

 

£5000 over 3 years @ 7.9% apr

 

7.9 divide by 2 = 3.95 x 3 = 11.85

 

£5000 x 11.85% = £592.50

 

So total repayable is £5592.50 divide by 36 monthy payments = £155.35

 

Hope this helps

Edited March 25, 2009 by Voda

[postggj]

Voda

 

You Cant Have That Much Of A Difference

 

If Its Confirmed, Its Goodby Welcome

[mojo8]

stewie, that is also my plan of attack, a 5 year policy spread over the full ten years, no needs and demands, no initial disclosure document....does not add up and surely makes the agreement unenforceable.

[postggj]

Mojo

 

You Bet It Does

But Like I Said

 

It Needs To Be Confirmed

[Voda]

Hi Postggj,

 

Wow !!!

 

I have just added the agreement link and also my recent Statement to my posting.

 

Do you mind having a look for me.

 

I would love to say "Goodbye" to these guys.

 

Cheers

 

Voda

 

Voda

 

You Cant Have That Much Of A Difference

 

If Its Confirmed, Its Goodby Welcome

[postggj]

In Your Position Mojo, I Would Do This

 

Send Mr P A Letter Stating The Obviouse

Ask For A Final Response On The Matter As Further Action Is Pending

 

You Need Welcomes Reply Before Anything Else To Cover Your Back

[postggj]

Voda

 

The Acceptable Difference On An Agreement Is 1% Under Or 0.1% Over

 

Anything Else You Can Tear The Agreement Up

[Voda]

Hi again postggj,

 

Do Welcome have a loophole because on the agreement against the APR it says variable ?

 

See: http://i653.photobucket.com/albums/uu257/Voda/DSC08253.jpg

 

Voda

 

The Acceptable Difference On An Agreement Is 1% Under Or 0.1% Over

 

Anything Else You Can Tear The Agreement Up

[andie_303]

How does this sound for an account still in dispute letter...

 

Dear Mr

 

I am in receipt of your letter dated 20th March 2009 and its contents are noted.

I just had to write that as that is how they start their letters

 

I have however decided to exercise the right you referred to in your letter and will be asking that in light of receiving your final response that they Financial Ombudsman Service continue to investigate this matter.

 

In the meantime I would also bring your attention to the fact that I am currently in litigation with your company and therefore the account remains in dispute.

 

Therefore my direct debit will remain cancelled.

 

As this account remains in dispute I remind you, you may not demand any payment on the account, nor am I obliged to offer any payment. You may not add further interest or charges to the above account nor are you to pass this account to a third party.

Lastly you may not register any information in respect of this account with a credit reference agency nor are you allowed to issue a default with regards to this account.

 

Edited March 25, 2009 by andie_303

[postggj]

Voda

 

Is Yours A Secured Loan

[mojo8]

In Your Position Mojo, I Would Do This

 

Send Mr P A Letter Stating The Obviouse

Ask For A Final Response On The Matter As Further Action Is Pending

 

You Need Welcomes Reply Before Anything Else To Cover Your Back

 

 

Im sorry to be a bit thick but i know he has been refered to in this post but who is mr p and whats his address

[Voda]

Hiya again,

 

No, it's not secured on anything as I rent my home.

 

Voda

 

Is Yours A Secured Loan

[postggj]

Bingo

 

That Only Appiles To Secured Loans And Base Rate

 

Go Get Em

[postggj]

Mojo

 

Ime Sending You A Pm With Details As He Cant Be Identified

 

Its All Cloak And Dagger

[Voda]

Brilliant.

 

Now where do I start.

 

CAB, FSA or both?

 

Bingo

 

That Only Appiles To Secured Loans And Base Rate

 

Go Get Em

[andie_303]

Im sorry to be a bit thick but i know he has been refered to in this post but who is mr p and whats his address

 

opps i identified him - gone now sorry x

[mojo8]

Mojo

 

Ime Sending You A Pm With Details As He Cant Be Identified

 

Its All Cloak And Dagger

 

 

thanks post

[082stewie]

Ok Im getting into this pretty heavily today.

 

If you read over your policy documents regarding the PPI, a few things jump out.

 

GImme a few minutes to scan them. This is VERY VERY interesting to Andie