Subject Access request back, what is going on?

[menindee]

Just wondering if anyone can have a look at the figures and let me know whether or not these agreements make sense?

[ozzywizard]

Your first one for 1000 is over 24 months at APR of 59.0 %

 

 

 

thats a monthly repayment of £65.18

Interest is £564.44

total payable is £1,564.44

 

You have no insureances we all we need to do now is add your acceptance fee of 75 pounds to the 1,564.44 and we have 1639.44 so if we divide this by the term of 24 it is a monthly payment of £68.31 .

 

So welcome failed to add on the acceptance fee so you would of been left with this extra at the end of the 2 years, they probably wouldnt of told you nd you would of had all kinds of charges added on etc. . . They also got the APR wrong which amazes me on such a simple loan of 1000 and no insurances etc. . . .

[ozzywizard]

Your next loan is for 1977.18 with an APR of 46.80

 

This is a monthly payment of £93.98

Interest is £1,406.25

So the total you pay back is £3,383.43

 

add the acceptance fee of 75 is full total payable £3458.43

 

divide by 36 is monthly payment of £96.07

 

They say its 94 pounds leaving the acceptance fee to be paid at the end of term just like the last one . . . . second time they still couldnt get it right.

[ozzywizard]

Ok lets see the last loan, maybe third time lucky and they got it right but dont forget it is based on 2 incorrect loans . . . .

 

 

It is a loan for 3,459.83 with an APR of 45% over 3 years.

 

This gives a monthly payment of £161.91 (straight away we see this is the same as welcomes final payable so we know they missed off the acceptance fee again)

total interest you paying back is £2,369.13

with total to pay being £5,828.96

 

add acceptance fee on is 5903.96 and you should be paying 164.00 a month.

 

When did they expect you to pay the acceptance fees, your left with it at the end when you breathe that sigh of relief thinking its all over, well its now all over for them

[menindee]

Ozzy thanks for your help. One thing that I am confused by, my second loan I was paying for about 14 months, I then renewed it and the amount that was needed to settle the amount outstanding was more than the original loan. Why would this be, when the first time that I renewed the loan I the settlement was less?

[menindee]

I have now had Welcome instruct a Debt Recovery agency to demand final payment on the Hire Purchase, I managed to put photos of my loan agreements up on this post, i will do the same for the HP.

[menindee]

Finally I have the HP ageement in a format that people should be able to read,

http://i814.photobucket.com/albums/zz69/sjozanduk/HPagreement.jpg

also the T&Cs

http://i814.photobucket.com/albums/zz69/sjozanduk/HPTC.jpg

http://i814.photobucket.com/albums/zz69/sjozanduk/HPTC-1.jpg

 

If anyone can have a look that would be appreciated.

 

I have heard back from the Information Commissioners office who stated that there was a breach of the Data Protection Act and that WF had informed them that they would provide some training for the staff involved.

[postggj]

hi menindee

 

going over the figures now

 

is the loan in the link the one you think is about finished

 

who is the dca

 

lewis

cl finance

[postggj]

can you wright out the figures

sorry

need glasses even in paint

[menindee]

The Loan would have been due to finish however I have been making token payments until I see whether the loan agreement is enforceable or not.

I did have a letter from Lewis Debt Recovery, I explained what was going on with Welcome and also that I was disputing the agreement with WF. They have sent the account back to WF until it is sorted out. I have not heard from them since.

I spoke with WF last week about things but haven't heard from them for the last week.

 

Cheers

[postggj]

well lewis is welcome in sheeps clothing so no panic there

 

can you wright out the figures please and ill decode them

[menindee]

The amount of credit for goods - 6500

Total amount of credit - 6500

Total amount payable - 11565.40

48 payments of - 239.91

APR - 36.7%

Acceptance Fee - 195

Finance for goods - 4820.40

Option Fee - 50

Charge for credit - 5065.40

Rate of interest on credit - 18%

 

I seem to remember paying 200 deposit type thing, but can't see that mentioned anywhere.

[postggj]

do you have an invoice from the garage and is there any insurance crap on the agreement

 

confirm the apr please

it looks 36.7%

[menindee]

I have the order form from the garage, It shows the price of 6500, however it appears that the amount was 6700 but the 7 has been tipexed and a 5 written over it.

I didn't have any insurance as I had pretty good protection with my work insurance policy.

[menindee]

I have given this info to a solicitor to see if they can challenge WF for the remainder of the HP.

I was wondering if you could have a look at the figures for my loans, see post #49. I don't know if the variations that Ozzywizard found would make it unenforceable.

 

The APR as written on my agreement shows

36.7%

 

The rate of interest on the credit shows 18%

[postggj]

a loan of £6500 over 48 months at 36.7% gives the following

 

ive rounded it off to 37 % very minor difference

 

monthly repayment £240.40

interest £5,039.41

total payable £11,539.41

 

we now add on acceptance fee £195

option fee 50

 

that gives a total payable £11,784.41

devide by 48 gives a monthly payment of £245.50

 

i smell undisclosed commission payments again

 

just checking the true apr now

[postggj]

seems you are in for a bit of good news

 

i make the true apr figure on welcomes figures as 39.3%

not the stated 36.7%

 

the varience allowed is 1%

 

game over welcome (again)

 

its all down to secret commission payments

 

ill let ozzy go over my figures to confirm is the next step

[menindee]

Postggj,

Does this mean that the HP Loan is unenforceable? If it was would this mean that WF cannot chase me up for any more payments, would they have to reimburse me or not?

Also if you could have a look at the loan details as per post #49 that would be appreciated?

 

Many thanks

[postggj]

the car agreement is crap

the debt would still exsist and welcome can ASK you to pay and i mean only ASK

 

YOU SAY BOG OFF

 

THE AGREEMENT CAN NOT BE ENFORCED, EVEN BY A COURT

 

YOU GET TO KEEP THE CAR

 

YOU AND WELCOME PART COMPANY

 

GOING OVER LOAN NOW

[menindee]

Postggj Thanks for having a look at the HP details, good to hear.

[postggj]

Ill Do The Third Loan

Thats The One That Counts

 

You Have An Advance Of £1000 Cash And £977.18 To Settle The Previous Loan

 

That Gives An Amount Of Credit As £1977.18

 

confirm Apr Please

[menindee]

Postggj,

The 3rd loan was

Amount of credit to settle loan - 2000

amount of credit for cash advance - 1459.83

 

Total amount of credit - 3459.83

 

36 payments of 161.91

APR 45%

 

Total charge for credit - 2368.93

Acceptance fee - 75

Interest charge - 2293.90

Rate of interest per annum 42.58%

[menindee]

Post,

something that has confused me, the original loan was 1000, i made some payments and then when i renewed it i needed 977.18 to settle it. That left 1911.18 as a total amount, then i made about 15 payments and then when i renewed it i had to borrow 2000 to pay off a loan that wasn't that amount in the first place. None of this makes sense.

[postggj]

Amount Of Credit £3459.83 Over 36 Months @ 45% Apr

 

Thats A Monthly Payment £161.92

Interest £2369.14

Total Payable £5828.97

 

Now Add Acceptance Fee 75

 

This Gives A Charge For Credit Of £2444.14

 

So £5828.97 Plus £75 Gives A Total Payable Of £5903.97

 

Devide By 36 Gives A Monthly Figure Of £163.99

 

Undeclared Commission Payments Again People

 

Checking True Apr Now

 

The True Apr Is 47.5% On Welcomes Figures

 

Game Over

 

Again Ill Let Ozzy Confirm My Figures

[postggj]

Ill Be Back On Line Later To Put The Agreements Into Dispute

 

Glad Ive Made Your Day