Welcome Finance - This company needs to be banned.

[082stewie]

Sorry about that! I corrected the link.

 

 

 

And I hope you dont mind if I use that little bit of Gold dust to send to Welcome! I do have my own but this one is streets ahead!!

 

I think this is where most people get confused. It certainly got me thinking everything has interest on it!!

 

http://i448.photobucket.com/albums/qq203/082stewie/Welcomestatementofprice.jpg

 

http://i448.photobucket.com/albums/qq203/082stewie/Pg2Welcome.jpg (I was trying to connect the link without being signed in -Ohhh Duuumb ass Stewie)

[postggj]

Biddy

 

If They Dont Supply One, You Are Entitled To With Hold Payments While They Are In Default With No Enforcement,

 

Next Step Is Sar Them

If No Agreement Then, Its By By Welcome

[Peterbard]

Actually I have just found this on my terms and conditions:

 

2. Acceptance Fee

In order to ensure as far as possible that you will be able to meet yor obligations under the loan, we will review your income and expenses, including any current indebtedness and other outgoings. The acceptance fee will be charged to you, by being included in the total advance to cover this credit counselling.

 

so I guess here they are saying they have included it in the total amount of credit and therefore can charge the interest on it ???

 

Hi

No they cannot it would have to go into the total charge for credit as it would be a compulsarry chaharge.

 

BIg differns one is lawful one is not.

 

If they have done this the correct way the TAP would rise by the amount of the fee but the total credit would stay the same so the total charge for credit would have to go up because tcc+tc=tap

 

Peter

[082stewie]

Sorry about that! I corrected the link.

 

 

 

And I hope you dont mind if I use that little bit of Gold dust to send to Welcome! I do have my own but this one is streets ahead!!

 

I think this is where most people get confused. It certainly got me thinking everything has interest on it!!

 

http://i448.photobucket.com/albums/qq203/082stewie/Welcomestatementofprice.jpg

 

http://i448.photobucket.com/albums/qq203/082stewie/Pg2Welcome.jpg (I was trying to connect the link without being signed in -Ohhh Duuumb ass Stewie)

 

my statment of price was what threw me! £43 per month just for PPI over 180 months..Bit if a shocker! Considering I was only covered for 60 months and the term of the agreement is 180? Hmmmm

[bandape]

Hi Post, I would love if one of you could do a letter for me (as long as it really rubs Mr Ps nose in it!!), and thanks for all the help you have given both myself and the other caggers! Every small victory helps put another nail in Cattles coffin!

[postggj]

It Gets Better Stewie

 

I Would Think A Bit Later An Explanation In English Is Needed On Latest Events

 

Dont You Think

[biddy65]

have asked for a s.a.r also,i know they have more time to do this,but if they cannot supply an agreement how do i get the charge removed

[postggj]

Bandape

 

Welcome To The Welcome Won Club

 

Getting Bigger All The Time

 

May Your Knowledge And Experience Help Others

[postggj]

Biddy

 

Its 14+2 For A Cca Request

40 Days For A Sar

 

Getting An Agreement Cancelled And To Remove A Charge Can Only Be Done Through A County Court,

 

Its Not That Bad And Most Of The Time You Dont Have To Appear,

The Judge Looks Over The Evidence And Rubber Stamps It

 

Wait For Your Sar And Cca To Come Back

 

No Agreement After 14 Days, You Can With Hold Any Payments

[Peterbard]

Peter, you have no idea how happy and relieved you have made me!! I thought I was going to be stuck paying this for another 4 years! What should I do now? Can i ask them to clear the debt? or just stop paying citing the reason you gave me? Can I still claim back PPI I believe was missold? Thanks for your help

 

Hi

 

are yu in arrears at the moment?

 

You need to write to them would you like me to knock up a letter ?

 

PM me if you like

 

Peter

[postggj]

Crap

Edited March 22, 2009 by postggj
CRAP

[postggj]

Peter

 

Please You Do The Letter

 

You Have Done All The Work

 

The Honour Belongs To You

[082stewie]

What gets to me, is in my statement it shows only £3.72 acceptance fee. Should be £275 upfront but multiply over 180 months.

 

Break down is £669.60 over the term of my loan? Surely this is incorrect?

 

And the broker fee (DONT GET ME STARTED!!) £2138.40 over the term of the loan!!!

 

The PPI is over £7K

 

It all adds up over time!

 

Peter does the statement of price have any bearing on the actual contract?

 

Stewie

[bandape]

Hi Peter, I have arrears of £1,200 from late fees , telephone calls and letters (I was only told about these 4 weeks ago when I asked if I had any) over the past 6 years. I wrote a letter of complaint to them 2-3 weeks ago regarding the late fees, acceptance fee added on, and PPI I believe was missold. I told them I wouldn't be paying last month (£231) until I got this sorted. It wasn't sorted but when I contacted my local office to tell them, they said I had to make payments as contracted, so next week I owe them 2 months. They also have until Tuesday to comply with my SAR. If you could help me out with advice/letter I would really appreciate it because I am a bit unsure of how to continue.

[082stewie]

I want to get a letter drawn up to reclaim the charges imposed to!

 

Like the banks they are in court for cost of charges. Why shouldnt Welcome be in the dock? £25 for a letter -Give me a break. And £10 for a call. Doesnt add up. So I am hoping to have a nice letter and Ill be the first inline to take them to task on this.

 

I have seen someone with a £1000 loan from Welcome with £1500 worth of penalty charges!! Shocking!

 

Stewie

[postggj]

Notice For You People

 

Its Only Bank Claims That Are Stayed At The Moment

 

Credit Cards/loans Etc

 

Go For The Charges, Its Open Season

[Millymo]

Hi

No they cannot it would have to go into the total charge for credit as it would be a compulsarry chaharge.

 

BIg differns one is lawful one is not.

 

If they have done this the correct way the TAP would rise by the amount of the fee but the total credit would stay the same so the total charge for credit would have to go up because tcc+tc=tap

 

Peter

 

Hi Peter - they have put it the correct way on the agreement. The TAP does rise by the fee amount. but what I am concerned about is the fact they have added the fee to the total amount of credit and then calculated the interest charge:

If I put £13740 in loan calculator at 30.45% I get £26239.07 not the £26689.47 that is on agreement for interest charge.

 

If I put £13975 (total amount of credit + acceptance fee) in I get £26687.85 for interest charge which is close to interest charge on agreement and within a penny of monthly payment.

 

However onto this £26687.85 it would appear they add the £235 again to get total charge for credit = £26924.47????

 

Now I am not sure if they are allowed to work it out like this ???? the agreement on the surface looks ok but when you work out figures it does not make sense - I am so sure I have just confused everyone myself included

[082stewie]

Right, im off to buy over priced flowers and a card for mommies day. I have to be the good son in law -Grin!!

 

I will pop in later if im allowed.

 

Stewie:grin:

[postggj]

Stewie

 

A Thing To Note Ref Welcomes Telephone Charges,

On The Computer Screen Shot Notes, The Name Of The Operator With Call Details Should Be Listed,

 

On My Old Notes Only The Charge Was Listed,

 

They Can Just Dream Up Any Charge, Apply It To Your Account With No Proof Of The Call

 

Very Wrong And Illegal

[postggj]

Millmo

 

Thats Why The Forum Has Experts On Agreements

 

Like Most People, Maths Not My Strongest Subject.

 

Its All Over My Head And Welcome Rely On This

[postggj]

Back Later

 

Just Like Stewie, Mothers Day And All That

 

Keep Fighting

[Millymo]

Post - I really do appreciate the experts taking the time to look at this for me - I have tried to work it out myself (Maths was my strongest subject at school) but can't get my head round it. Welcome think they have stupid customers (this couldn't be further from the truth) and as you say rely on their confusing agreements so it helps to have the experts take a look and offer their advice

[jacksi]

Am i right in what i have read, head going lala, they arnt allowed to charge interest on the acceptance fee, going over my figures now.

[Peterbard]

Peter if this is the case is the actual form itself wrong, the title of which is:

 

"Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974"

 

Hi sorry what is the date of the ageement?

 

Peter

[tigga_1961]

Peter i would appreciate if you could cast your eye over my oh agreement and mine, the 2nd one is mine but was rewritten in 2008 without ppi, first one was signed at home by post with ppi boxes ticked ready, thank you

 

image-1-1.jpg picture by hadgy - Photobucket

 

wfs-1.jpg picture by hadgy - Photobucket