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Welcome Finance - This company needs to be banned.


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Hi Guys,

 

How is this wrong?

 

Cash Price of Goods - £5995.00

Less Deposit - £ 995.00

Balance Borrowed - £5000.00

Acceptance Fee - £ 150.00

Finance Charge - £2266.00

Total Amount Payable - £7416.00

 

48 payments @£154.50 = 7416.00 CORRECT

 

It seems that WF's agreement is wrong surely D + E + H ???? = Total Amount Payable of £8411.00

 

 

 

img015-1.jpg

img017.jpg

 

err i think i'v done it, sorry to just land this in, I did ask last night, but taken all day to get this far, hope its ok. Hope someone can take a look, i dont understand any of it.

 

Thanks

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Am I missing something ???

 

Hiya,

 

I appreciate that but the repayment total is £7416

 

PS. I appreciate that the Termination & Repossession figures are wrong so that makes the agreement a nonsense but Notsosure has not been paying too much as I see it ( except the interest on the Acceptance Fee )

Edited by Voda
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Makin me blush lol

 

Think I have just became very cynical, welcome helped do this to me.

 

Tigga - you could ask, since DG do the actual admin of your policy...what information they provided NU about you when they opened it for you, when this was and what ref or policy number this would be under with NU as they are having trouble tracing it. Even a copy of the correspondence would help (pmsl).

 

Lets see them answer that :D

 

 

LMAO - you having a laugh??

 

When I did this with DG 2 months ago they said then that NU don't have to know about me as it's a bulk policy - yeah right DG first I've heard of an underwriter not having to have my details

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7416 Plus 995 Deposit

 

You Get 8411

 

This is correct.

 

the amount you have borrowed is 7416 but you have still paid 995 deposit, they are added together as a summary to say you have paid this in total.

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Hiya,

 

I appreciate that.

 

Sorry I must be stupid.

 

So what you are saying is that the agreement is a nonsense and this makes it invalid although the client only paid £7416.00 plus the Optional Insurance, of course.

 

My Head Still Hurts

 

Going Over Again And Again

 

The Total Ammount Payable Cant Be 8411

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My Head Still Hurts

 

Going Over Again And Again

 

The Total Ammount Payable Cant Be 8411

 

When the agreement has ended (assuming no charges :-|) - the total amount which has been paid WILL be 8411.

 

First payment of £995 + 48x 154.50.

 

They've actually done you a favour if you decide to terminate early, because the 4205.50 includes the deposit, so you'd only need to have paid around 20 instalments, rather than 24

 

Same with the 1/3 before court authorisation bit

Carpe Jugulum

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Geez - you go and do 3 hours of work and have 7 pages of posts to trawl through when you get back!

 

I told you lot not to do anything without me :)

 

2 days in a row tried to get hold of Mr Palmer and co but none of them want to talk to me :(

 

I would be offended but I know why they don't want to talk to me :p

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LMAO - you having a laugh??

 

When I did this with DG 2 months ago they said then that NU don't have to know about me as it's a bulk policy - yeah right DG first I've heard of an underwriter not having to have my details

 

Is that what they said?! Bulk policy? Well thats not what is said in the T&C's of th agreement I signed and for the premium I paid dearly for... quote "We shall effect a policy in your name"

Dipply75

 

I am in no way a legal advisor and only speak from my own experiences and the helpful advice of those in the same boat! :p

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img015-1.jpg

img017.jpg

 

err i think i'v done it, sorry to just land this in, I did ask last night, but taken all day to get this far, hope its ok. Hope someone can take a look, i dont understand any of it.

 

Thanks

 

 

Ok I am getting good at this. Ive done this over about 6 times now and do not get the same numbers. Lets leave the insurance side of things for now and just look at charge for credit and good etc "agreement for goods"

 

 

 

Goods (A) £5995

Finance Charge (F+G) £2416

Sub Tot £8411

 

Less Dep (B) - £995

Less Accep fee (F) - £150

 

TOTAL IS £7266 (If they had done this legit)

 

Number of Monthly Repayments:48 @23% APR Monthly

Loan Repayment (£):£224.53

Total amount to repay (£):£10,777.53

Total Interest charged (£):£3,511.53

 

 

Work that one out???

 

Loan & APR Calculator

 

 

Even if you multiply £154.50 x 48 months you get £7416. Its CLEAR as day they have calculated the APR incorrectly

 

Damm I couldnt just let this one go!

 

Stewie

Edited by 082stewie
Forgot subtotal

I need to change my avatar..But cant find a good replacement.

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Just had a coutesy call from "Bright house finance", think they are trying to shift my welcome loan over to them, I hung up

 

You did right.

Bright house are one of the few companies which are worse than Welcome (in my opinion, allegedly, your mileage may vary, e&oe)

Carpe Jugulum

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still cannot get agreement to scan but it is the same as shella but without the medicare insurance is this agreement unenforceable,just tried ringing the compliance number again,they've changed the message,you still cannot talk to them about your account because they cannot access any details but if you know your account number you can ring another number and make a payment or email crc@cattles.

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