Welcome Finance - This company needs to be banned.

[jp1000]

Glous,

 

Could you expand on what you mean by 'made enquiries with them'

 

Are Welcome able to see customers who have enquired about going with CCCS before they do?

 

Why do Welcome have a branch dealing with CCCS accounts when they dont even freeze interest?

 

 

sorry - can't be on for long. When you call CCCS to enquire about a DMP they update their systems and if you are a customer wanting to include a welcome debt - welcome can phone and see if you have been in touch with CCCS just by asking eg Has mr/mrs so and so called you regarding their debts? do you have a plan in place with them???

[Voda]

Hi Postggj & everyone,

 

There appears to be a problem with the calculation formula that I used this morning.

 

See my post 3185 and the contents at the bottom here:

 

Before writing to Welcome, I Google searched and entered APR Calculator.

 

I found this site:

 

Loan & APR Calculator A firm of Accountants

 

and this one:

 

Dodd Lewis - Solicitors in Blackheath and Lewisham, South East London A firm of Solicitors

 

Both of them worked out the following and they came to the same figures:

 

Loan Amount - £7039.63

APR - 13.10%

Loan Duration - 6 years

 

This worked out at 72 payments of £139.00 a month

 

Total Amount to repay - £10,007.82

Total Interest charged - £2968.19

 

Now on my Welcome Agreement it says:

 

Loan Amount - £7039.63

APR - 13.10%

Loan Duration - 6 years

 

They have me paying 72 payments @ 139.09 a month

 

Total Amount to repay - £9939.65 plus £75.00 Acceptance Fee = £10014.48 which gives me the £139.09 a month

Total Interest Charged ( seperate to the Acceptance Fee) - £2900.02

 

So Welcome's Interest charge is less than the two other calculations by £68.17(weird) but the repayments each month are .09p more ( equally weird). WF have not added in the Acceptance Fee of £75.00 before working out their figures because if they had then the monthly repayment figure would have been as follows:

 

Loan Amount £7039.63 + £75.00: £7114.63

APR: 13.10%

Total number of monthly repayments: 72 x £140.48

Total Payments: £10.114.45

Total Interest: £2999.82

 

So it looks as if Welcome's figures are pretty accurate as I see it and I have no comeback on them.

 

 

THIS MORNING'S POST 3185

 

Right here we go.

 

£7039.63 over 6 years @ 13.10% APR

 

13.10 divide by 2 = 6.55 x 6 = 39.30

 

£7039.63 x 39.30 = £2766.57

 

So total repayable is £9806.20 divide by 72 monthly repayments = £136.20

 

On my agreement the amount of each monthly repayment is £139.09 !!!

irrespective of the Acceptance Fee being added in or not.

 

The total charge for credit says £2975.02 and the Acceptance Fee is listed underneath at £75.

 

See: http://i653.photobucket.com/albums/u...a/DSC08253.jpg

 

and: http://i653.photobucket.com/albums/u...DSC08333-1.jpg

 

 

H'mmmmmmmm !!!

 

 

 

 

 

Quote:

Originally Posted by andie_303

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

 

Hope this helps

[felixfly]

Surely that is against the data protection act until you sign something authorising them to give out that infomation.

[082stewie]

I got Dualcalc from here, forgot all about this ace calculator, it was 42mans link that led me to it...

 

Early settlement

 

The download link is in the paragraph udner the formula

 

Got some panadol before I give that one a go!!!

 

Stewie:D

[jp1000]

Surely that is against the data protection act until you sign something authorising them to give out that infomation.

 

 

not really as all they have done is ask if you have enquired, not any personal info like how much you owe, where you live etc

[scarborosmoggy]

felixfly I was thinking the same thing, they wouldn't tell you this information, the first you would know about it was when you had heard from them surely,

[andie_303]

Hi Postggj & everyone,

 

There appears to be a problem with the calculation formula that I used this morning.

 

See my post 3185 and the contents at the bottom here:

 

Before writing to Welcome, I Google searched and entered APR Calculator.

 

I found this site:

 

Loan & APR Calculator A firm of Accountants

 

and this one:

 

Dodd Lewis - Solicitors in Blackheath and Lewisham, South East London A firm of Solicitors

 

Both of them worked out the following and they came to the same figures:

 

Loan Amount - £7039.63

APR - 13.10%

Loan Duration - 6 years

 

This worked out at 72 payments of £139.00 a month

 

Total Amount to repay - £10,007.82

Total Interest charged - £2968.19

 

Now on my Welcome Agreement it says:

 

Loan Amount - £7039.63

APR - 13.10%

Loan Duration - 6 years

 

They have me paying 72 payments @ 139.09 a month

 

Total Amount to repay - £9939.65 plus £75.00 Acceptance Fee = £10014.48 which gives me the £139.09 a month

Total Interest Charged ( seperate to the Acceptance Fee) - £2900.02

 

So Welcome's Interest charge is less than the two other calculations by £68.17(weird) but the repayments each month are .09p more ( equally weird). WF have not added in the Acceptance Fee of £75.00 before working out their figures because if they had then the monthly repayment figure would have been as follows:

 

Loan Amount £7039.63 + £75.00: £7114.63

APR: 13.10%

Total number of monthly repayments: 72 x £140.48

Total Payments: £10.114.45

Total Interest: £2999.82

 

So it looks as if Welcome's figures are pretty accurate as I see it and I have no comeback on them.

 

 

THIS MORNING'S POST 3185

 

Right here we go.

 

£7039.63 over 6 years @ 13.10% APR

 

13.10 divide by 2 = 6.55 x 6 = 39.30

 

£7039.63 x 39.30 = £2766.57

 

So total repayable is £9806.20 divide by 72 monthly repayments = £136.20

 

On my agreement the amount of each monthly repayment is £139.09 !!!

irrespective of the Acceptance Fee being added in or not.

 

The total charge for credit says £2975.02 and the Acceptance Fee is listed underneath at £75.

 

See: http://i653.photobucket.com/albums/u...a/DSC08253.jpg

 

and: http://i653.photobucket.com/albums/u...DSC08333-1.jpg

 

 

H'mmmmmmmm !!!

 

 

 

 

 

Quote:

Originally Posted by andie_303

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

 

Hope this helps

 

voda I did say it was off another thread and the author does say general rule of thumb. however when I used it to calculate another loan I have it was only 1p out.

[Voda]

Hiya Andie,

 

Using this calculator the figures are:

 

Dodd Lewis - Solicitors in Blackheath and Lewisham, South East London

 

Amount borrowed: £5000.00

APR: 7.9%

Interest: £ 609.67

 

Total to Repay: £5609.67

 

36 payments @ £155.82 a month

 

Pretty close eh?

 

Quote:

Originally Posted by andie_303

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

Edited March 25, 2009 by Voda

[Voda]

Hiya Andie,

 

Please I was not being critical of you as you and Postggj are simply amazing.

 

I just wanted to make sure of the calculations before writing to Mr P as I don't want to have incorrect figures and make myself silly.

 

Looks as my agreement is fine as far as Welcome is concerned.

 

Take care

 

Voda

 

PS. I have cancelled the appt with the solicitors as there is no point going to see them now.

 

 

 

voda I did say it was off another thread and the author does say general rule of thumb. however when I used it to calculate another loan I have it was only 1p out.

Edited March 25, 2009 by Voda
PS

[andie_303]

not really as all they have done is ask if you have enquired, not any personal info like how much you owe, where you live etc

 

that is wrong. if you disclose ANY information it's a breach of dpa

[felixfly]

So if i phone CCCS and ask if Mr P has been in contact with them to enquire about their services then they are allowed to tell me?

 

That doesnt sound right?

[Voda]

Hi everyone,

 

I am already dealing with CCCS and I will be calling them tomorrow anyway.

 

I will ask them about these matters and see what they say.

 

I will report back tomorrow.

 

 

So if i phone CCCS and ask if Mr P has been in contact with them to enquire about their services then they are allowed to tell me?

 

That doesnt sound right?

[scarborosmoggy]

I wonder why she hasn't responded, she was on for a good while and then as soon as I posted this she logged off.

Edited March 25, 2009 by scarborosmoggy

[postggj]

as things are a bit quiet

 

has anybody got any decent reply from direct group or norwich union today or are they still playing three wise monkeys

[biddy65]

sent of for c.c.a from welcome had a letter back today saying that they had received my request for a s.a.r and my £1 and i would hear from them shortly.

[Mrs.Wifey]

Hi, this seems to be a thread totally devoted to Welcome and I've got a bit of an issue with them and their debt collectors. I've posted on one issue several days ago, but no one responded so I asked in the DCA section and had a bit of luck, but now the matter has taken a new turn and I want to post in the best place with ALL the facts. Can someone direct me please?

 

Thank you

[mojo8]

Dear xxxxxxx

Please accept our apologies for the delay, we are currently speaking to Norwich Union who will confirm all details with you. As soon as I am in receipt of any information, I will contact you by phone and by post.

King Regards

Gill Senior

 

this is what i received today after being promised info on my policy

[JonCris]

I have missed so much - which thread is it you would like comment on??

 

 

Yes chuck..........where you been......... we was all worried about you:D

[JonCris]

If I Were Cccs

I Would Tell Welcome To Bog Off

 

Is There Some Sort Of Contract Between Welcome And Cccs

 

 

Are Cccs Making Any Money Allowing Creditors Access To The Lists,

 

I Go On

 

Do Debt Companies Have Access So To Try And Sell Iva,

All The Time Cccs Getting Paid

 

I Know This Is Prob All Waffle, But Makes You Think

 

Answer .............remember WHO the people are that fund this 'charity';-)

[JonCris]

PS & how many times have CCCS advised a debtor an agreement is unenforceable............when it is clearly IS unenforceable.......I suspect never .......how many times have CCCS told a debtor that despite how they've been sold to or treat by a lender they still have a 'moral' obligation to pay irrespective of their legal standing

[postggj]

correct as usual

no smoke without fire

[JonCris]

Did anyone answer the question re validity of 60 month PPI against 180 month loan. If so I'm interested in the responses

[sammyc1974_Derby]

voda I did say it was off another thread and the author does say general rule of thumb. however when I used it to calculate another loan I have it was only 1p out.

 

I have just used both calculators,

Here's what i have put in

Total loan (car and Insuurances) £7464.00

Apr 30.7%

48 Monthly payments @ £256.20 (agreement says £255.30) dif 0.90p

Total Amount to Repay £12,297.52 (agreement says £12354.40)dif -56.88

Total Interest Charged £4,833.52 (agreement says £4890.40)diff -56.88.

 

They are undercharging me by 90pence a month, but have overcharged my interest,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

So i am now thinking that possibly my calcs are still wrong, would someone else have a look............;-)

[42man]

Did anybody read something about Cattles in the Telegraph last week end ?

[postggj]

was that one about rbs

do you have a link