Hi decided to take a different route, but first the question on APR and multi agreements. When i took out the agreement for hp on a car i also took out shortfall ins (GAP) what i want to know is are they allowed to set the APR at different rates, ie 38.6% for car and 35.9% for GAP is this common practice? thanks ataxidriver

I would suggest, in future your OH carries an air powered angle grinder in the cab to remove the offending clamp, i have heard on the grapevine about loads of drivers who have used this method mainly on the motorway service areas. ataxidriver also ex HGV

Hi totaly lost my self in these figures now lol, given me a head ache, but got there in the end. Even thought it works out at £219.7875p thats £219 and .7875 of a penny plus £195 devided by 48 = £4 and .0625 of a penny plus the £8.98p = 232.83 x 48 = £11175.84 total really need to know if they can charge 2 different interest rates on the same agreement. unless you know different!!!!!!!!!!!!!!!!!! Thanks a worn out taxidriver64

Just going through paper work i have, there is a policy for the GAP/shortfall insurance which states a loan ammount of £6350 with mthly payments of £232.83p, i actualy borrowed £6155 would this be proof that the loan amount is in fact wrong as they have added acceptance fee before calculating the interest. ataxidriver

Looks like i could have been barking up the wrong tree on the agreement it looks like the APR rate is 35.9% but looking now for the figures to be right it has to be 38.6%. this is for the £5910 (the other APR for GAP insurance of £245 is correct at 35.9%) using that 2nd rate of 38.6% all the figures add, but it seems to be a strange coincedence that the difference between the 2 happens to be £195 + interest on the acceptance fee. A couple of questions are they allowed to use 2 interest rates on the same agreement. also should the APR be written down And have i got it all wrong and welcome have me over a barrel on this agreement, Looks like i will be facing court for a repo of the car, and court for the outstanding balance, have i got any options on this ie claiming back the unlawfull charges back before they took me to court Thanks ataxidriver

Hi thanks, some of the paper work i have is with trading standards at the moment waiting to hear what they say about it, they have had it since thursday, am hoping welcome ring in the mean time and will tell them, just to see what there reaction is, i will update when i hear from either certainly not gonna back down with welcome as its been going on for so long ataxidriver

Hi these are the figures i have worked out from what i have off WF agreement and statement which shows a sum of £148.19p which happens to be the interest for the acceptance fee of £195 but 1 pence out amount ----int ---------mth pay-------total -----------APR £5910 -----£4491.46 ---£216.70------ -£10401.46------35.979 car £245 ------£186.04 -----£8.98 ---------£431.04--------35.95 GAP £195------ £148-------- £7.15-------- -£343.20 -------35.979 Fee £6350----- £4825.84 ----£232.83 -------£11175.84 ----35.979 TOTAL £6155----- £4677.65 ----£225.68 ------£10832.65------35.979 TOTAL W/O FEE £6155------£4677.65----£420.68-------£11027.65-------35.979 TOTAL WITH ACC FEE ON 1st PAYMENT £11027.65 TOTAL CREDIT £148.19 INTEREST ON FEE @ £195 £11175.84 WHAT IS OWED Does this look correct or am i not working things out right, it does look convincing to me. i think one of the sums is about 40p out but on nearly £12000 its not far off lol. ataxidriver

Hi thanks, i wasnt aware of the fee bit until i came on here, but i only started delving because in the 2 years since i stopped paying welcome finance they have done nothing legal to recover what i owe them, even though they kept saying they would (car finance) and i still have the car in daily use, 2 weeks ago they offered a 67% reduction for full and final settlement for what i owe approx £7000, why would a co like WF do something like that, they could easy repo the car if they wanted to, but havn't they have threatened it plenty of times. i have also payed more than a third so they need a court order to repo ta ataxidriver

Hi had a look but it is to small to read. ataxidriver

Hi thanks for your reply, a couple of points, on the statement i have off WF it states an opening balance of £11175.84 were did they get that figure from, and also i have read on here that adding acceptance fee onto loan and paying interest on that fee for the term was a no no re. Wilson V The State case. Thanks again ataxidriver

So are welcome figures on this agreement right or wrong if wrong what are my options. ataxidriver

Yes Or no? anyone ataxidriver

can any one help on this? ataxidriver

Any comments would be appreciated also i have been in contact with trading standards. and would put what i found to them if its correct ataxidriver

Not sure what i did with this post but if you click the photobucket pics or writing it does bring up the image also does any one know what i did wrong with the images lol ataxidriver

Hi can any one tell me what is wrong with this agreement, i am convinced some thing is wrong, just want to know if any one agrees with what i have found. WELCOME AGREEMENT picture by ataxidriver64 - Photobucket You will notice i borrowed £6155 with 48 payments of £232.83 total payable £11175.84 but that last figure doesnt appear on the agreement. If you calculate the actual amount i did borrow it comes up with this what i borrowed picture by ataxidriver64 - Photobucket you will notice total amout payable is now £10832.65 and 48 x £225.65 on those figures there is a difference of £343.19 which brings this to light, acceptance fee added to the total ammout borrowed acceptance fee figures picture by ataxidriver64 - Photobucket so do these figures all using an APR rate of 35.979 any input will be welcome ataxidriver

Basicly the easiest and quickest way to resolve this is to contact your local MP and make a complaint to him/her about your problems with CRB, then they have a duty to chase it up for you, CRB dont like letters from the house of commons, because they get a kick up the backside from high up, i went this route regarding tax credits and had it resolved in a week with an apology. ataxidriver

Sorry try this link http://i597.photobucket.com/albums/tt54/ataxidriver64/welcomesfigures.jpg this should bring up the calculations i have done working on total amount to be payed £11175.84p with a monthly payment of £232.83. you will notice it means i borrowed £6350 ataxidriver

Hi found this re student loans From September 1998 new style or ‘income contingent’ student loans include rules to say that repayments will be automatically deducted directly from your wages or through your tax return if you are self-employed. This means that the SLC are still allowed to take money from your wages for a loan over six years old as they do not have to go to court to do so. so doesnt look as if they can arrest your bank account. Click HERE is this relevent ataxiriver

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http:// this is the figures i did ataxidriver

been going through these figures again, when i work out what i borrowed off them the sums dont add up, i thought they were actually charging 38.6% instead of 35.9% APR if you work it out as borrowing a figure of £6155 it doesnt work out at £232.83 a month, the only way i can see to get that monthly payment is if they work it on a borrowing figure of £6350 which happens to be £6155 plus £195 acceptance fee also the correct APR rate is 35.978. please can some one check these figures are correct, if so the agreement would fall into the same one as the wilson case ie charging interest on an acceptance fee. ataxidriver

Inresting or worrying, but been on that site for a look and it seems i need a £44 licence to have the radio on in my taxi with customers in. ataxidriver

Hi i have 2 originals of my agreement ie customer copies, plus a copy from welcome via SAR any way looking at them my copies dont have an agreement number on them, but the copy i recieved off welcome does, should my copies have a number on then, because obviosly WF have put this on there copy before they sent it out to me, i am in contact with TS over this and will update later ataxidriver

Its our friends at welcome finance, thats what i figured out also they put a fee of £50 on the amount owed at the start of the agreement which would about add upto the £195 acceptance fee, there is no explanation for this £50 fee, do you think i should ask them what it was for? if i can find a way to screw this company i will go all the way with it. ataxidriver