Welcome Finance - This company needs to be banned.

[mojo8]

I have a pdf copy of the link provided earlier if needed

would you mind pm,ing it to me thanks

[Confused of essex]

Thanks Mojo8

[traz39]

mine says monthly payment 316 acceptance fee 75 total monthly payment 319 over 36 months is this right

[The wife]

sorry traz I got a bit lost with that.

[GhostDebt]

Welcome still haven't replied to our CCA request or SAR request and I can't find a copy of the alleged agreement.

However have noticed on a settlement figure we had from them it states

'Rebate of acceptance fee and credit charges' - £1,805.55

 

Sounds to me like they charged interest on the acceptance fee then...!

 

Does anybody else agree?

 

Will have to wait for the agreement to be sure though...

 

regards.

 

Any thoughts on the above please...

 

Regards

[traz39]

sorry traz I got a bit lost with that.

sorry its says my monthly payment is £316 then acceptance fee is £75 then total monthly payment is £319

[traz39]

so acceptance fee is £3 per month x 36 months is £108

[dadofholly]

When an agreement has "broker fee" can interest be charged on this ?

 

I have an agreement from another lender which has "funds transfer fee" which is administration but also has "broker fee"

 

The transfer fee was only £23 and the broker fee £162.50. Both were added to the total then interest charged.

 

reading the link that post has given then it looks like you have an unenforceable agreement...but you will need clarifictaion form someone with bit more experience than me... my personal view is that there is enough in the judgment on that link that would make me go for it...

[The wife]

without interest your acceptance fee should only be £2.08. is that on the APR calculator monthly payments or the welcome agreement

[traz39]

agreement

[The wife]

have you put the loan plus any PPI into an APR calculator? excluding the fee and interest? or are we on a different conversation that I have mistaken

[traz39]

no i havent how do i do that

[The wife]

click on the APR and Loan calculator link on page 331 post #6606 add your total credit, your APR as stated on the agreement and term of loan...comparer that to what you have on the paper work look paticularly at the interest it says you should be paying and compare that to what the agreement says...

 

it will be interesting to see if you have a £75 difference on your interest on the agreement compared to the calculator

[traz39]

ok will do thankyou will get back to u and let u know

[The wife]

thank you, I am not sure if it means anything except the APR on the loans is wrong which would mean adjusting the APR to find out how much it is and in theory finding out definitavely whether interest is being charged on the fee..

[traz39]

it seems i am paying 108 over they agreement not just 75

[The wife]

strange... would you be able to put down the figures as shown on the calculator and on the agreement? or PM me if you prefer

[Sol]

got exactly the same response from them, however the signature on the royal mail website looks like a childs scribble... they are there own worst enemy, been waiting for my agreement and SAR for nearly 4 months and have told them no more payments till i get them...idiots...no wonder they have no money

 

Yep you sound as though you're having the same difficulty.

 

After a couple of months of nothing, they're now throwing everything possible at the one time, so I need to decide what to do next. The FOS have told me to resume payments until they make a final decision

[traz39]

strange... would you be able to put down the figures as shown on the calculator and on the agreement? or PM me if you prefer

the agreement says charge for credit 3970.93 the calculator says 4046.08

[The wife]

thats a difference of little over £75 off welcomes interest charges.

 

are the monthly payments approximately the same?

[traz39]

exactly the same

[The wife]

there must be something wrong with putting down the wrong APR and equally there must be the correct APR to cover the acceptance fee as well.

 

can any of the intelligent, mathematical minded caggers please check my theory out with your own contracts etc and tell me if i am chasing my tail or actually onto something PLEASE??

[traz39]

i wished i knew more but i am not good at things like this it is actually with fos for the insurance

[citizenB]

there must be something wrong with putting down the wrong APR and equally there must be the correct APR to cover the acceptance fee as well.

 

can any of the intelligent, mathematical minded caggers please check my theory out with your own contracts etc and tell me if i am chasing my tail or actually onto something PLEASE??

 

If you put a link here to the post you are referring to, I will ask steven4064 to look in on you, he seems to know about these things.

[The wife]

I am just at the CCA and SAR stage so I at the very beginning.

 

but someone did tell me it was likely I was paying interest on my fee but the figures confused me...so what I have probably done is simplify his example but without all the figures and the know how of working out the actual APR with the fee included too