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Is this loan unenforcible?


beyondhope
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Cant find anything wrong with mine majorly :( (post #56 of this thread)

 

although my HP agreement hmm that description is perfect :lol:

 

I have been following your thread and your list of things wrong made me look like :rolleyes: you seem to have most common problems all in one go lol

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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hi beyond

going over the figures]as you know ive got rather good at decoding welcome agreements

 

£2000 loan

interest over 36 months at 65.1 % apr would be £1949.66

total amount payable would be £3949.66

 

so now we do the total charge for credit, thats aceptance fee and interest

 

interest is £1949.66 plus £75 aceptance fee gives £2024.66

now add that onto the £2000 amount of credit gives a total of £4024.66

devide that by 36 gives a monthly figure of £111.79

 

 

welcome have a figure of £3950.65 total to repay devide by 36 give a monthly figure of £109.74

 

 

why on a fixed sum loan agreement does it have variable interest rate

 

hope my figures make sense

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Hi Post thanks for dropping in :)

 

Yes makes sense so in that case the loan would be around £2 a month in arrears so to speak anyway

 

I have asked them the variable question and it got ignored what a shock :D

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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ime getting this shortfall on most welcome agreements

 

people think they have paid off the loan but then in for a nasty surprise

two quid a month out does not sound alot but times that over three years at say 50 % apr

 

nice profit margin

 

i would say the total amount repayable is incorect, but welcome have omitted that part

 

again to confuse the borower on the total amount to repay

 

you can use this as the true apr is mis-stated in welcomes favour, being a prescribed term

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Thanks Post i shall add it to my FOS form :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Ok some help please on fos my complaints are:

 

CRA info wrong - was ignored

Incomplete SAR - was ignored

Is variable apr permitted on fixed sum - was ignored

Charges to account - responded but not actioned

Still receiving collectiona activity despite being in dispute for months - ignored

and also total amount payable is wrong and apr is wrong in welcomes favour (as pointed out by post)

 

In your opinion what outcome would you like if you were filling out the FOS form? Im struggling with what would be acceptable as an outcome I know what id like to happen but.....

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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I have put this......is it ok?

 

Respond to queries, adjust Credit Reference Agency Information, refund all unlawful charges, assess agreement as to its enforcibility due to incorrect figures, adjust all payments correctly to show payments made under original agreement, cease collection activity until account no longer in dispute

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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OK i have scanned and printed all docs to save the usual we need more info thing dragging it out....

 

will send tomorrow morn by recorded so i can check its gotten there :)

 

letter stating still in dispute and as had final response passing to fos went to compliance this morn by first class recorded :)

Edited by beyondhope
more info

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Just received a letter from our wonderful friends- gives this account number but a balance of £16,293.24 which i assume relates to our other account seens as this was a £2,000 loan :loan: gives an offer of reducing balance by 25% if paid in full and final hmm let me think about it :lol::lol::lol: NO :lol:

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Received letter from FOS today saying they basically snowed under but will look at it asap and giving me reference number :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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had a letter from welcome today regarding this...

ill scan it in later but general jist is....

 

37 months is shown on CRA not 36 due to it being 37months in duration from inception to end as payment isnt made for 30days...payment amount is rounded up - neither info will be changed on CRA

 

variable APR on fixed sum agreement is allowed as its only the advance that is fixed

 

all fees have been removed and a statement provided to show they have

 

my complaint has been rejected by them.

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Scanner playing up but will keep trying :mad:

 

Im guessing as complaint is rejected I just have to leave it in the hands of FOS goodness knows how long that will take though and I havent given them chance to answer about the amount being out as post pointed out above so I dont think I'll get far with FOS :(

 

Time to start thinking about asking for bank details to pay by SO me thinks.....

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Heres the letter:

 

32.jpg

 

33.jpg

 

Any comments or suggestions please :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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I would complain to the FOS.

 

apr is mistated, its the £75 acceptance fee which causes it me thinks...

 

the interest on acceptance fee is wilson v fct and only applies if the acceptance fee has been included in the amount of credit.

the apr stated is incorrect being a prescribed term

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Its already with the fos the only thing i havent already asked welcome is the shortfall that post pointed out and thats the only thing left to answer with what the fos have

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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this is a rewrite with insurances removed coz i threw a wobbly at them its outside the 30days coz it took them that long to sort it as they kept 'losing' my request.

 

we signed 31.1.08 they signed 31.1.08

had the money oct 07 there was a cooling off on that

signed both at their offices

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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its a rewrite it is right they took it back to acceptance and cash advance then took off the payments we had already made

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

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Just received a letter from fos, will take a while for an adjudicator to have a look as high volume of complaints but they are contacting welcome for further information and to send them anything relevant in the meantime

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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