Welcome Finance- is this true?

[andie_303]

there may be some good new here...

 

the £1855 does that include the £75??

[andie_303]

Loan Repayments and APR Calculator

Loan Amount (£) APR (Interest Rate) % Loan Duration 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 years 0 1 2 3 4 5 6 7 8 9 10 months

Loan Calculation, Mon, 04 May 2009

 

 

 

Number of Monthly Repayments:36 Monthly Loan Repayment (£):£98.54 Total amount to repay (£):£3,547.57 Total Interest charged (£):£1,692.57

 

 

This means £75 added in before APR calculated me thinks...

 

can some just double check for me please??

[angel17]

On the loan agreement the £1855 inc cash advance and insurance, the statement of needs as Stevie said is odd as it breaks it down and has two different rates

[angel17]

Thanks so much for looking into this for me, as along with the agreement and the statement of needs, the numbers do look odd.However, I have never looked into this before in great detail so would really appreciate as Andie has asked if someone could double check his calculation.

[andie_303]

Let someone check I am right but I'm suire your £75 has been added in before the APR calculation.

 

If it is send them this - ammend to suit

 

Dear Sir/Madam

 

I am writing to you with regard to the above account. In scruitinsing my agreement I have come across what I believe and can prove to be a breach of the Consumer Credit Act 1974 hence rendering the above account unenforceable.

 

I have discovered from your companies paperwork that whilst my agreement shows an acceptance fee of £75 that is calculated into the overall loan total your company has failed to disclose on this document that the £75 has been added prior to the APR being calculated. This contravenes s.61 of the Consumer Credit Act 1974 and has been proved in court through Wilson V First County Trust.

 

I would also say that I feel your company has deliberately mislead their representations as the acceptance fee is clearly shown as a separate figure on the agreement. I will be referring this matter to the Financial Services Authority as I deem this to be a direct attempt to mislead the customer.

 

Therefore as this account is now unenforceable I will be cancelling my future direct debits to your company with immediate effect and request a refund of all payments made to your company before this date.

 

As this account is now in dispute you may not demand any payment on the account, nor am I obliged to offer any payment. You may not add further interest or charges to the above account nor are you to pass this account to a third party.

Lastly you may not register any information in respect of this account with a credit reference agency nor are you allowed to issue a default with regards to this account.

 

If my request is not complied with within 14 days I will have no further option to file this matter in the courts.

 

I expect a swift response to this matter

 

Yours Faithfully

[andie_303]

On the loan agreement the £1855 inc cash advance and insurance, the statement of needs as Stevie said is odd as it breaks it down and has two different rates

 

you'll have to forgive me as I cannot see the figures and thats why I'm asking loads of questions does the £1855 have the £75 added in to it??

 

can you breakdown the £1855 into what it consists of and the amount

[andie_303]

Oh I see it now - sorry Angel I got your hopes up.

 

The £1855 doesn't include the £75 and therefore has not be used prior to calculating APR.

 

Really sorry but this is ok

[angel17]

Thanks again! no please ask as many questions as I would like more clarity on this matter.

 

The £1855 consists of the following:

 

Amount of credit for cash advance- £1500

Amount of credit for insurances £355 lifecare £180 and Personal Accident Plan £175.

[angel17]

Thanks- no problems Andie!!!

[angel17]

Hi, all just wanted to let you know received a little good news from welcome today.

 

Back in April 09 I got a final response stating that I had not been missold insurance. So I filed a complaint with the FOS. Today, I received a letter dated 22nd May stating ( wrote by the same person as in April) sorry for delay, but they will offer me a full refund plus interest on any insurance premiums I have already paid. They realise that this should not have happened, but they have opened a new account and will go back to the begining and put all payments made into the balance from the start. However, as this account is due to be paid off in 2 months, they will clear the balance and refund any left over premiums already paid. Does this sound ok, should i be looking to put an 8% interest on or anything else?

 

Many thanks