Welcome Finance - This company needs to be banned.

[Peterbard]

On my agreement the accpetance fee is under the charge for credit, but i have been charged £117 interest on the acceptance fee is that correct..

 

http://i722.photobucket.com/albums/w...4/Page1of2.jpg

 

http://i722.photobucket.com/albums/w...4/Page2of2.jpg

 

HI Sammy

 

Sorry it is a bit small for me to read

 

If they have include the interest within the total charge for credit it would not be cause for a claim of improper execution of the agreement it is still however questionable practice and worth reporting to the fos.

 

Peter

[Notsosure]

Hi

Glad to give an opinion if you want me to but you will have to tell me where the agreementis is,i am a stranger around hear just followed my friend postpagg in

Peter

 

Would you mind having a look at mine Peter if you have time. Mine is plastered on page 83 (couldnt even manage to post it correctly) post no 1656. Many kind people have looked at it and done the maths but I am non the wiser what to do next. I have sent WF a SAR and a CCA this week.

[sammyc1974_Derby]

I've stoloen this off another thread but I think its right

 

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

 

So I have:

£7464.00 over 4 years @30.7% Apr

30.7 / 2 = 15.35 x 4 = 61.4

£7464.00 x 61.4% = £4582.90

 

Total to pay back = £12046.90 / 48 payments = £250.98

Actual Amount on agreement is £12354.40 / 48 payments = £255.30.

 

My apr on the agreement states 30.7% and rate of interest per anum is 15%, they have worked my agreement out on the 15%......

 

So what now.........

[Sol]

I've stoloen this off another thread but I think its right

 

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

 

Andie, when you tried this formula did it come with the correct repayments? Mine are out by 65p per month.

[sammyc1974_Derby]

HI Sammy

 

Sorry it is a bit small for me to read

 

If they have include the interest within the total charge for credit it would not be cause for a claim of improper execution of the agreement it is still however questionable practice and worth reporting to the fos.

 

Peter

 

Just enlarged it...

 

http://i722.photobucket.com/albums/ww223/1sammyc1974/Page1of2.jpg

[Sol]

ha ha ha - Just rang Welcome to see out of interest how much was outstanding on my account and after 2 years and 3 months of paying £190 per month I have just gone under the original amount I borrowed by £59!!!

 

So all the past 26 months have been is interest and crappy PPI that I can't ever claim on!!

 

How conned do I feel? -------> VERY!!

 

Though the man I spoke to did cheer me up a bit and reaffirm my belief about Welcome employees when I gave him my postcode and he said "Is that N for Sugar!!!!" LMAO

 

You're not alone. I borrowed £1500 in Nov 05 and after paying a total of £1999.53 back to them, my balance is - £1793.42.......go figure!

[dadofholly]

quote=peterbard;2053851]Hi

Glad to give an opinion if you want me to but you will have to tell me where the agreementis is,i am a stranger around hear just followed my friend postpagg in

Peter

 

Hi peter if you get chance to look at this at your leisure it would be appreciated... im beging to go round and round in circles now lol

 

thanks.

 

link to aggreement. http://i638.photobucket.com/albums/uu110/dadofholly/img004-1.jpg

Edited March 20, 2009 by dadofholly
correcting link

[Peterbard]

Hi

Sorry biddy it seems to check out

APR calculates to 27.588%

 

All charges seem to be in there correct places.

 

Peter

[sammyc1974_Derby]

So what happens if the apr and the interest per anum on agreement don't add up.......... Apr 30.7% Interest Per Anum 15%, So if the Interest Per Anum is 15% Shouldnt the APR be 30% or if the APR is 30.7% the shouldnt the interest per anum be 15.35%, doing the calculations they have used the 15% per anum so doesn't that make my APR out by .7%?????????????????????

 

I also wrote and complained about the interest on the acceptance fee and i was told that none had been charged, so if it is a corect practice why didn't they just write back to me and say that they are allowed to do this, but Mr Palmer asked for further evidence that i wish to rely on, which i have now sent.... But no reply

Edited March 20, 2009 by sammyc1974_Derby

[082stewie]

Hi Peter.

 

I have one for you if you have the time.

 

Thanks

Stewie

 

http://s448.photobucket.com/albums/q...Pg1Welcome.jpg

 

http://s448.photobucket.com/albums/q...Pg2Welcome.jpg

[postggj]

meny thanks for droping in peter,

 

i know your time is preciouse and is much appreciated

[andie_303]

WF pictures by andie_303 - Photobucket

 

Hi Peter,

 

Could you check that - I have a rock solid case for PPI and am in court with them at the moment - thought I had them for unenforcable agreement but with what you wrote about interest on acceptance fee being ok I doubt it now. Can you double check for me either way please?

 

Also out of interest can I put the agreement into dispute whilst the PPI case goes through??

[082stewie]

Hi Peter.

 

I have one for you if you have the time.

 

Thanks

Stewie

 

http://s448.photobucket.com/albums/q...Pg1Welcome.jpg

 

Image hosting, free photo sharing & video sharing at Photobucket

 

Looks like crap I will re-load.

[andie_303]

Think I'm screwed Postggj

 

Oh well will have to see what the PPI brings perhaps my judge will not like their 'dodgy' tactics and make believe policies so maybe he'll tell them to get bent!

[Peterbard]

So what happens if the apr and the interest per anum on agreement don't add up.......... Apr 30.7% Interest Per Anum 15%,

 

I also wrote and complained about the interest on the acceptance fee and i was told that none had been charged, so if it is a corect practice why didn't they just write back to me and say that they are allowed to do this, but Mr Palmer asked for further evidence that i wish to rely on, which i have now sent.... But no reply

 

The interst and the apr are not directly reliant on each other nor can you calculate one using a value from the other.

Flat rate or standard Interest is calculaed using

Total credit ,total repayment time, and total amount of interest.

 

APR uses: total ampunt of credit , periods of payment, amounts of individual payments and charges that make up the total charge for credit(interest and other charges and fees).

 

Peter

[confusedbywcf]

hi

i originallyh in a moment of madness took out a car loan with wcf in feb 07 at £367 for 4 years and charged me 10.5k for a car not worth half that

in dec 07 my account manager restructured the loan for me as i had been made redundant through illness but wasnt covered on the insurance

the new loan is at £161 over 7 years which has been paid until now when ive found myself redundant yet again and find the modified loan has no insurances and is infact according to the statements i have been sent a home improvement loan

the office states its ahp agreement and head office say its a improvement loan so im very confused

they are threatening to remove the car at the end of the month but surely if its a home improvement loan its not attached to the car

 

the office wont agree even to reduce payments for 3 months there seems to be no leeway at all with them

 

any help or advice much appreciated

 

CONFUSED:cry: What are your rights at work Follow this link to read the review of the Guide to your Rights at work, published by Lawpack

[Peterbard]

Hi Biddy

just as an afterthought the agrement mentions medicare insurance this would have to be optional if the agreement was to be correctly executed and thus enforceable

 

Peter

[082stewie]

[Peterbard]

hi

i originallyh in a moment of madness took out a car loan with wcf in feb 07 at £367 for 4 years and charged me 10.5k for a car not worth half that

in dec 07 my account manager restructured the loan for me as i had been made redundant through illness but wasnt covered on the insurance

the new loan is at £161 over 7 years which has been paid until now when ive found myself redundant yet again and find the modified loan has no insurances and is infact according to the statements i have been sent a home improvement loan

the office states its ahp agreement and head office say its a improvement loan so im very confused

they are threatening to remove the car at the end of the month but surely if its a home improvement loan its not attached to the car

 

the office wont agree even to reduce payments for 3 months there seems to be no leeway at all with them

 

any help or advice much appreciated

 

CONFUSED:cry: What are your rights at work Follow this link to read the review of the Guide to your Rights at work, published by Lawpack

 

HI

Do yu still have both agrements?

 

Sounds very dodgy

[sammyc1974_Derby]

Peter,

 

I've rescanned the agreement should be better now.

 

Thanks

http://i722.photobucket.com/albums/ww223/1sammyc1974/Page2of2003.jpg

[postggj]

andie

 

ime going to concentrate on your grief

 

has dipply seen the statement of price yet

 

send him a pm and link

[confusedbywcf]

Hi Yes I Have Both Agreements Still

 

Any Suggestions Cab Said It Wasnt Their Area Of Expertise And To Talk To Wcf Office So Going Round In Circles

[jacksi]

I may sound a little confused here but is this a free for all post, just new to the site so not sure, i have BIG problems with WF as well, so i am finding all this intersting reading,,

Caroline aka Jacksi

[confusedbywcf]

Hi

 

What Sort Of Problems

[Dipply75]

Hi Yes I Have Both Agreements Still

 

Any Suggestions Cab Said It Wasnt Their Area Of Expertise And To Talk To Wcf Office So Going Round In Circles

 

The thing that stands out is that your insurance did not cover you....did you try claiming or did they just tell you that in the office?

 

You have possibly paid a lot for a policy that was always useless!