Welcome Finance - This company needs to be banned.

[Dipply75]

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

 

 

About Stewies info above on the advertised typical apr. I have had numerous mailshots from them etc and they stated around the 20 to 27% apr mark. In fact, the poster in their office stated 19%!

 

There is just no way in hell 2 thirds of welcome customers get that rate. If they do I will eat my own shoes.

 

Or will those be the non existant agreements done by the branches to boost figures?!

[082stewie]

Loan Repayment Calculator

 

 

Try this one. But DO NOT add in the acceptance fee or the broker fee. Just the Amount of credit for cash advance and Amount of credit for insurance.

[andie_303]

Loan Repayment Calculator

 

 

Try this one. But DO NOT add in the acceptance fee or the broker fee. Just the Amount of credit for cash advance and Amount of credit for insurance.

 

is the interest rate on this one - the interest rate of the APR?

[alb10n]

Hi Andie is there any chance you could look at my thread http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/190214-welcomes-loan-cca-has.html

 

Iv not got a scanner so i couldnt scan in the cca but iv got down all the details, i posted it last night at 2 in the morning so there werent alot of people about that could help.

 

Im having trouble working out how they got to the figures, iv even tried to work it out with formulas and that just confused me more.

 

Thanks

[sammyc1974_Derby]

Last week i sent a letter to compliance telling them that my acceptance fee had interest charged on it and got a letter back almost straight away from MR PALMER stating that i should send him the evidence on which i wish to rely on, I have sent him the calculated breakdown of my policy showing the £117 interest charge and haven't heard a single thing yet..............

[andie_303]

Loan Repayment Calculator

 

 

Try this one. But DO NOT add in the acceptance fee or the broker fee. Just the Amount of credit for cash advance and Amount of credit for insurance.

 

 

Ok - using that on both interest and APR the figures are wrong - by a mile!

 

Also as I settled a previous loan I have a amount of credit to settle loan - I assume that goes in as well - so I add credit to settle loan, credit for insurance and credit for cash advance correct?

[andie_303]

Last week i sent a letter to compliance telling them that my acceptance fee had interest charged on it and got a letter back almost straight away from MR PALMER stating that i should send him the evidence on which i wish to rely on, I have sent him the calculated breakdown of my policy showing the £117 interest charge and haven't heard a single thing yet..............

 

 

surprise surprise - I'm being ignored - I wrote mine weeks ago and they told me yesterday they hadn't even bothered to look at it yet.

[sammyc1974_Derby]

Well I think that MR PALMER ought to get his finger out and get his job done properly, Might buy him a new calculator as his seems to be broken............either that or he failed his maths exam..........good job for me i didn't.....

[082stewie]

As I mentioned yesterday I had a very interesting conversation with Direct Group and Welcome.

 

Firstly - Direct group have now automated a message diverting people to call Welcome for policy issues. They are ONLY the administrators and will not disclose any additional information as to price or what the policy excluded. They did however confirm it was cancelled in July of 2008.

 

This now gets very interesting.

 

You will need to know how much your contribution is per month toward PPI (Statement of price)

 

In my case its £43 per month for the term of the loan. So basically £43 x 180 months = £7740 for the PPI.

 

I however cancelled my PPI last year as mentioned and had a rebate of £1827 credited to my account, thus bringing the loan balance down.

The monthly installments will remain the same £296.55 per month over 180 months.

 

This is where it becomes even more interesting.

 

Welcome assure me the loan will be reduced by the amount of installments the credit was added. So the loan will complete 6 months early due to the rebate being taken off my balance. But I am still paying a full installment.

 

This is a BIG no no. Basically I am paying for something I dont have (PPI) and the interest is still calculated even though I no longer have the facility.

 

What should happen is the loan should be recalculated and my monthly premium reduced by £43 per month saving me the £7740 over the term of the loan.

If Welcome do not follow the process of recalculation and re-allocation of the loan amounts with the PPI credited over time the contract is then un-enforceble.

 

This is an issue I can take to trading standards as they are calculating interest on a service no longer in use and making profit on it.

 

Something to think about.

 

Stewie

[andie_303]

As I mentioned yesterday I had a very interesting conversation with Direct Group and Welcome.

 

Firstly - Direct group have now automated a message diverting people to call Welcome for policy issues. They are ONLY the administrators and will not disclose any additional information as to price or what the policy excluded. They did however confirm it was cancelled in July of 2008.

 

This now gets very interesting.

 

You will need to know how much your contribution is per month toward PPI (Statement of price)

 

In my case its £43 per month for the term of the loan. So basically £43 x 180 months = £7740 for the PPI.

 

I however cancelled my PPI last year as mentioned and had a rebate of £1827 credited to my account, thus bringing the loan balance down.

The monthly installments will remain the same £296.55 per month over 180 months.

 

This is where it becomes even more interesting.

 

Welcome assure me the loan will be reduced by the amount of installments the credit was added. So the loan will complete 6 months early due to the rebate being taken off my balance. But I am still paying a full installment.

 

This is a BIG no no. Basically I am paying for something I dont have (PPI) and the interest is still calculated even though I no longer have the facility.

 

What should happen is the loan should be recalculated and my monthly premium reduced by £43 per month saving me the £7740 over the term of the loan.

If Welcome do not follow the process of recalculation and re-allocation of the loan amounts with the PPI credited over time the contract is then un-enforceble.

 

This is an issue I can take to trading standards as they are calculating interest on a service no longer in use and making profit on it.

 

Something to think about.

 

Stewie

 

WOW - they actually cancelled your insurance - my first correspondance about the PPI went to them in FEB 08 - and guess what I'm still paying it cos they've never let me cancel it!!

 

Anyway thats all with the court now - so they'll give me my money back and it'ss cost Welcome more in the end

[andie_303]

Thankful I got to DG 2 months ago then when they were a lot more compliant about giving you the ammo to go against Welcome with - I got all the stuff on my 'policy' and even a nice little written confirmation that DG do not get money from Welcome.

[pickaname]

The more you read about this bunch of crooks the madder you get.

 

They helped me when it was needed, but why oh why do they have to take the p**s.

 

Cattles are probably trying desperately to get some back room take over to prevent them going under. They know when it gets out to the public over 50% of their customers will never pay another penny.

 

Then all the accounts going to dispute, they may be owed a lot of money but will they see much of it?

[andie_303]

Well I think that MR PALMER ought to get his finger out and get his job done properly, Might buy him a new calculator as his seems to be broken............either that or he failed his maths exam..........good job for me i didn't.....

 

 

Now Now, we know Mr P reads this thread cos he comments about it on facebook so perhaps we should appeal to his shoddy employer to provide him with a new calculator.

 

I suppose I'm feeling charitable today when I say he can't help who he works for - he's probably only doing what he is told! :-|

[andie_303]

Hi Andie is there any chance you could look at my thread http://www.consumeractiongroup.co.uk/forum/general-consumer-issues/190214-welcomes-loan-cca-has.html

 

Iv not got a scanner so i couldnt scan in the cca but iv got down all the details, i posted it last night at 2 in the morning so there werent alot of people about that could help.

 

Im having trouble working out how they got to the figures, iv even tried to work it out with formulas and that just confused me more.

 

Thanks

 

 

Albion - i've had a look and sorry but I think the figures are right

 

I'd love to be corrected though

[082stewie]

Albion - i've had a look and sorry but I think the figures are right

 

I'd love to be corrected though

 

 

This one is pretty much standard.

 

Number of Monthly Repayments:36

Monthly Loan Repayment (£):£131.51

Total amount to repay (£):£4,734.35

Total Interest charged (£):£2,234.35

 

Its correct through APR calculations.

 

You can double check it

Loan & APR Calculator

 

How much do you want to borrow??£2500

years3 @55.55

Your monthly payment would be: £127.68

Your total amount repayable: £4,596.48*

 

Wierd! But I suspect this is due to the acceptance fee needing to be added. I did the APR checker and Interest rate and you will notice the numbers are different due to APR being the TOTAL cost of everything together.

[Dipply75]

As I mentioned yesterday I had a very interesting conversation with Direct Group and Welcome.

 

Firstly - Direct group have now automated a message diverting people to call Welcome for policy issues. They are ONLY the administrators and will not disclose any additional information as to price or what the policy excluded. They did however confirm it was cancelled in July of 2008.

 

This now gets very interesting.

 

You will need to know how much your contribution is per month toward PPI (Statement of price)

 

In my case its £43 per month for the term of the loan. So basically £43 x 180 months = £7740 for the PPI.

 

I however cancelled my PPI last year as mentioned and had a rebate of £1827 credited to my account, thus bringing the loan balance down.

The monthly installments will remain the same £296.55 per month over 180 months.

 

This is where it becomes even more interesting.

 

Welcome assure me the loan will be reduced by the amount of installments the credit was added. So the loan will complete 6 months early due to the rebate being taken off my balance. But I am still paying a full installment.

 

This is a BIG no no. Basically I am paying for something I dont have (PPI) and the interest is still calculated even though I no longer have the facility.

 

What should happen is the loan should be recalculated and my monthly premium reduced by £43 per month saving me the £7740 over the term of the loan.

If Welcome do not follow the process of recalculation and re-allocation of the loan amounts with the PPI credited over time the contract is then un-enforceble.

 

This is an issue I can take to trading standards as they are calculating interest on a service no longer in use and making profit on it.

 

Something to think about.

 

Stewie

 

Right, am gonna try and get on here and catch up for half hour. Sorry I cant do much at the moment, life just turned upside down and got lots to sort, and to top it all off I now have chickenpox....of all things.

 

Stewie, once again you have given me lots to think about lol. Did I read that right BTW, are they actually refusing to tell you what the exclusions of your own policy are?!

 

Andie, if Mr P is reading this and after reading your 'feelings' yesterday, I will take £10 they don't turn up pmsl!

[082stewie]

Right, am gonna try and get on here and catch up for half hour. Sorry I cant do much at the moment, life just turned upside down and got lots to sort, and to top it all off I now have chickenpox....of all things.

 

Stewie, once again you have given me lots to think about lol. Did I read that right BTW, are they actually refusing to tell you what the exclusions of your own policy are?!

 

Andie, if Mr P is reading this and after reading your 'feelings' yesterday, I will take £10 they don't turn up pmsl!

 

When are you due to appear?

 

You have to ensure you were NOT eligble for the PPI and it was miss sold.

 

They are sneeky little buggers!!! Im trying on different avenues and everyone im coming up trumps.

 

The acceptance fee issue is a bit tricky as you have to know and understand the formula of calculation. Its hard and takes about 30 minutes to do one. And thats if you got it down pat.

 

Stewie

 

PS: I had chicken pox last year Dec. The joys of having a three year old!! You look like a lepper for a while but its not to bad. You should go to court like that. They will dismiss the case in about 3 seconds flat in fear of what you have. Just cough alot, that freaks people out.

[sammyc1974_Derby]

Just recieved a letter from the FOS regarding my Complaint, it just state that they are going to ask the business their side of things then it will be passed to an ajudicator, am i right in thinking that while the complaint is with the FOS then WELCOME Cannot Reposess the car...

[Dipply75]

Not put court papers in yet, going through the FOS first but Andie did mention she has a book going on whether Mr P will turn up at hers lol.

 

Lets see, what have I got them on so far.....

 

Major breach of DPA for profit - common law fraud basically

Missold PPI

Adding interest to acceptance fee

Not paying enough (if any lol) tax on PPI on my behalf

If charges were applied, they were actually removing them then reapplying them after that months interest posting to ensure max interest charged

Charging me when there was no contractual provision to do so (2004 agreement)

Not giving rebates on settlement of loans and PPI's

Adding oddles of charges for non existent calls/letters

 

Hmmm, what else?

[alb10n]

This one is pretty much standard.

 

Number of Monthly Repayments:36

Monthly Loan Repayment (£):£131.51

Total amount to repay (£):£4,734.35

Total Interest charged (£):£2,234.35

 

Its correct through APR calculations.

 

You can double check it

Loan & APR Calculator

 

How much do you want to borrow??£2500

years3 @55.55

Your monthly payment would be: £127.68

Your total amount repayable: £4,596.48*

 

Wierd! But I suspect this is due to the acceptance fee needing to be added. I did the APR checker and Interest rate and you will notice the numbers are different due to APR being the TOTAL cost of everything together.

 

I thought as much it was worth a look at though, my cca says the total intrest charged is £2234.36, its only a 1p difference but still its incorrect

 

Also i thought the interest was worked out before adding the acceptance fee, does this mean that iv been swindled or am i just reading it wrong. Sorry my heads not really focused completley im typing up my dissertation.

[Dipply75]

Not put court papers in yet, going through the FOS first but Andie did mention she has a book going on whether Mr P will turn up at hers lol.

 

Lets see, what have I got them on so far.....

 

Major breach of DPA for profit - common law fraud basically

Missold PPI

Adding interest to acceptance fee

Not paying enough (if any lol) tax on PPI on my behalf

If charges were applied, they were actually removing them then reapplying them after that months interest posting to ensure max interest charged

Charging me when there was no contractual provision to do so (2004 agreement)

Not giving rebates on settlement of loans and PPI's

Adding oddles of charges for non existent calls/letters

 

Hmmm, what else?

 

Oh yeah...forgery and not even started the interesrt/apr thing yet....seeing how much of a headache it is!

[082stewie]

Whats his full name. I want to facebook the guy and see what this is about

[082stewie]

I thought as much it was worth a look at though, my cca says the total intrest charged is £2234.36, its only a 1p difference but still its incorrect

 

Also i thought the interest was worked out before adding the acceptance fee, does this mean that iv been swindled or am i just reading it wrong. Sorry my heads not really focused completley im typing up my dissertation.

 

 

Im sorry Alb,

 

It looks correct to me my friend. The 1p difference would possibly be a carry over. If it was £2234.3556 they would bump it up to the nearest pence to round it off.

[alb10n]

Thats cool, only reason i asked was if the calculator rounded it down then it would suggest that the decimal was to small to round up.

[andie_303]

Whats his full name. I want to facebook the guy and see what this is about

 

 

Christopher Palmer Nottingham Network - he's on a train station platform looking though a donut (i couldn't make it up!!)

 

Last weekend his status was Christopher can't believe they are talking about his dress sense of the internet.

 

But more interestingly on the 26th of Feb he says he is sick of WFS!!

 

Well who could blame him??