Welcome Finance - This company needs to be banned.

[Picador]

mine is laid out exactly the same as pickaname's one above.

 

Welcome want me to go into their local office to me to sign a new agreement to lower the current monthly payments.

 

EEEEEKKKKK NEVER EVER DO THIS, THATS WHAT THEY DID TO ME! NO, NO NO....

[postggj]

no cooling off period

 

signed sealed and delievered

 

go straight to jail, do not pass go

[andie_303]

Also I've asked this before but not had a response but trying again....

 

The APR on my loan when you put that in a calculator the interest rate comes out ALOT lower than stated on my agreement? - is that ok?

 

Also if my interest rate is lower than what is stated on my agreement why haven't my payments gone down or if they have stayed the same why aren't I paying off my loan any quicker??

 

I really don't understand the difference between interest and APR so sorry if I sound really stupid

[postggj]

andie

 

ill pm the master your agreement

 

he will prob be on tonight

 

he does not say a lot but allways spot on when it comes to agreements

[andie_303]

take a few black coffee

 

if the apr stated has more than a 1% difference each way, up or down,

the agreement is crap, end off

 

short enough for you

 

start the calculator again

 

oh happy days me thinks knowing welcome agreements

 

 

ok anyone know of a backward calculator? how can I work out what the APR should be - sorry the only calculator I've been using tells you an amount you should be paying per month working out from the APR not showing how to work the APR

[andie_303]

andie

 

ill pm the master your agreement

 

he will prob be on tonight

 

he does not say a lot but allways spot on when it comes to agreements

 

Thanks i'm pretty sure I've got them but just need all the ammo I can get

[postggj]

andie

 

i think its a bit early for a maths exam

[andie_303]

andie

 

ill pm the master your agreement

 

he will prob be on tonight

 

he does not say a lot but allways spot on when it comes to agreements

 

Let him know the PPI on my agreement is crap as I shouldn't have been sold it with a preexisting medical condition - so I've got them on that it's just the rest of it.

Interest on acceptance fee, there is a variation of the figures but i'm not sure it's enough and the rate of interest should be 10% lower than it is.

I hate numbers almost as much as I hate Welcome!!

[postggj]

welcome (pun)

 

to the club

 

slowly slowly

 

catchy monkey

[Voda]

Morning again everyone,

 

Just been watching Andrew Marr's "Darwin" programme on BBC2 last night via 'i'player.

 

I hope that Welcome will become extinct soon ....

[dadofholly]

Option Fee?

 

Hi guys noticed a couple of people had questioned the option fee of their Hp agreements. I also have an option fee added to my agreement and thought i would share what i have found in the T&C's.

 

under section 4.2 of my agreement it reads "At the end of this agreement, provided you have paid all monies owing under this agreement and that the agreement has not been terminated, you may buy the goods. You may exercise your option to buy the goods by paying the option fee together with and in addition to your final monthly payment"

 

Now i might be wrong but does this mean i should pay the option fee at the end of the agreement IF i decide to keep the goods? And if this is the case should it be charged under charges for credit in the agreement?

 

Also in relation to the acceptance fee there is a paragraph at the bottom of the first page the begining of which reads "Interest, calculated on the amount of credit and acceptance fee outstanding from time to time throughout the duration of the agreement, taking into account the payments above, make up the finance charges for goods and the charge for credit for the insurances, which will be paid by you as part of each payment." Does this mean that i am being charged interest on the acceptance fee? my working out seems to make me think i am, and does this then make the agreement unenforceable?

 

Sorry for such a long winded opening.... i am not always so boring... honest.

 

keep up the good work guys and any feedback would be great.

 

PS my account is already in dispute ref: PPi but the more i can hit them with the better.

[itrends]

itrends

 

not forgot about you

 

give a bell in the morning

 

Thanks Any moment you get to look at http://www.consumeractiongroup.co.uk/forum/show-post/post-2052366.html would be great. PM or reply to thread, whatever is easiest Just desperate to know.

[andie_303]

Thanks Any moment you get to look at http://www.consumeractiongroup.co.uk/forum/show-post/post-2052366.html would be great. PM or reply to thread, whatever is easiest Just desperate to know.

 

they have added your £100 deposit back in to the figures - or have I still got my stupid head on?? :?

[andie_303]

they have added your £100 deposit back in to the figures - or have I still got my stupid head on?? :?

 

 

yes they have the total should be £11,742.20 - so their total amount payable is wrong - now it depends (i think) whether they have calculated your APR with or without this £100 - let me see what I can do.

[082stewie]

Thanks Any moment you get to look at http://www.consumeractiongroup.co.uk/forum/show-post/post-2052366.html would be great. PM or reply to thread, whatever is easiest Just desperate to know.

 

 

Do you have a clear copy of this?

[andie_303]

ITrends - I can't see what is your monthly payment?

[andie_303]

morning stewie - my head is aching from continually looking over my own agreement and trying to understand financial stuff - I'm still no clearer - what a minefield!!

[pickaname]

http://i663.photobucket.com/albums/uu355/pickaname42/CCF20032009_00000.jpg They have done the same to itrends as the have mine.

 

It does not make sense, pete very kindly replied earlier. but is it right or not???

 

Thanks.

[082stewie]

Hi all, apologies for my tantrum yesterday.

I’m back! But I have a request.

No un-invited guests and please do not post this link onto any other forums. Apart from the unwanted attention, the comments I submit on this forum are my own thoughts and I do not wish to share them with people that do not share the same concerns.

We have a common goal and I do not consider investor sites part of what we are trying to achieve here. So post your messages on them or the link to your OWN thread. Not the communal area where we all speak freely.

I can assure you that you are NOT driving down the share price or affecting the final outcome of Cattles.

Unwanted attention is un-WELCOME

I consider myself a good contributor to this board and I would prefer my comments not to be plastered all over the net.

Stewart

[082stewie]

morning stewie - my head is aching from continually looking over my own agreement and trying to understand financial stuff - I'm still no clearer - what a minefield!!

 

Its a case of APR vs interest charge. Remember APR is basically EVERYTHING coupled together. You will have two figures on your contract. An APR and a Interest rate.

 

You have to seperate the two and calculate price for goods and insurance seperate to acceptance fee and broker fee etc.

 

So you cannot take the lump sum "total charge" and apply only the APR.

 

APR stands for Annual Percentage Rate. It's the percentage rate which your loan will cost you each year including all charges. Where the APR is 'fixed', it means the rate will stay the same throughout the repayment period. Where it says the rate is 'typical', it means that the lender has to offer the quoted rate to at least two thirds of its customers.

 

Stewie

[itrends]

ITrends - I can't see what is your monthly payment?

 

242.85 i believe.

[andie_303]

Hi all, apologies for my tantrum yesterday.

 

I’m back! But I have a request.

 

No un-invited guests and please do not post this link onto any other forums. Apart from the unwanted attention, the comments I submit on this forum are my own thoughts and I do not wish to share them with people that do not share the same concerns.

We have a common goal and I do not consider investor sites part of what we are trying to achieve here. So post your messages on them or the link to your OWN thread. Not the communal area where we all speak freely.

 

I can assure you that you are NOT driving down the share price or affecting the final outcome of Cattles.

 

Unwanted attention is un-WELCOME

 

I consider myself a good contributor to this board and I would prefer my comments not to be plastered all over the net.

 

Stewart

 

Hear Hear!

[andie_303]

Its a case of APR vs interest charge. Remember APR is basically EVERYTHING coupled together. You will have two figures on your contract. An APR and a Interest rate.

 

You have to seperate the two and calculate price for goods and insurance seperate to acceptance fee and broker fee etc.

 

So you cannot take the lump sum "total charge" and apply only the APR.

 

APR stands for Annual Percentage Rate. It's the percentage rate which your loan will cost you each year including all charges. Where the APR is 'fixed', it means the rate will stay the same throughout the repayment period. Where it says the rate is 'typical', it means that the lender has to offer the quoted rate to at least two thirds of its customers.

 

Stewie

 

 

Hmmm clear as mud! sorry I really am thick today.

 

So interest doesn't matter? My real point is the APR that my loan is at shows a 10% difference in what the interest rate should be. So is it a case of as long as APR is correct interest doesn't matter?

And if that is the case how do they calculate their 'capitalisation' charges on their statement (which i believe is just their name for interest)

 

My rate says variable btw

 

so in order to see if the APR is right I need to take out the acceptance fee and just put the figures for insurance and goods in the calculator? does the credit charges for these go in as well?

 

Sorry I know I must be irritatingly stupid but want to make sure I'm getting it right.

[pickaname]

andie I am glad you have asked was I just about to, it is not making sense today at all. lol

[andie_303]

Loan Calculation, Fri, 20 Mar 2009

 

 

 

Number of Monthly Repayments:48 Monthly Loan Repayment (£):£243.53 Total amount to repay (£):£11,689.40 Total Interest charged (£):£5,112.78

 

 

This is what I get - ITrends