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In terms of wilson, be careful.

 

Its the total amount of credit that has to be incorrect.

 

A lot of people seem to be getting confused with the total charge for credit, which fees can be included in it.

 

I have just read wilson again and the way I read it is that the docement fee is not credit ie the amount she was borrowing so it should not have been added it should have ben added to the total amount of credit.

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Wilson interpreted S9(4) as specifically saying that the ‘charge for credit’ (including fees) was not credit. Following Wilson the fees must not be added to the total amount of credit.

 

Following Wilson they are not allowed to add fees to the total amount of credit (fees are part of the ‘charge for credit’)

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Could somebody check my figures please to see if the welscum agreement is correct I have given the original figures from the agreement then my calculation help is most grateful.

 

Amount of Credit for cash advance 15000

amount of credit for insurance 3533.69

Total amount of credit 18533.69

Duration of loan 180 months

 

amount of monthly payments 360.52

number of monthly payments 180

 

Interest Charge 46124.91

Acceptance Fee 235.00

Total charge for credit 46359.91

 

APR 25.08

 

 

The figures I come up with are as follows using there APR etc.

 

 

The loan 15000 over 180 Months at apr 25.08%

 

giving a monthly repayment of £292.54

 

interest £37658.74

 

Total Payable 52658.74

 

Insurance charged 3533.69 over 180 months at 25.08%

 

Interest £8871.61

Monthly payment 68.91

Total payable 12405.31

 

Total Interest £46530.35

add Loan 15000.00

Total Insurance 3533.69

Total repayable£65064.04

add acceptance 235.00

Total £65299.05

Divided By 180 £362.77

 

Total Intrest is 46530.35 and they come up with 46124.91 a diffrence of £405.44.

 

Can somebody please check and advise if they are correct and what I can do.

 

PS sorry its long

Thanks

 

John

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John your calculations are bang on m8, ive just followed you through.

 

Thanks ozzy what would be my next course of action with this,they are anxious for me to sign a re write as they are in the process of sorting out mt PPI. Should I put this in dispute with them,I also have one of there famous Default letters that everybody else has,your help would be gratley appreciated.

 

 

John

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just checked my credit file with equifax and welsum have put my secured loan down as a mortgage that can't be right surely or has equifax got it wrong and put that in.

 

 

Its welcome that will have it wrong - equifax just report what welcome tell them to put

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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and they wont change it either, unless they agree.

 

Thats true emanevs had the same proble with the Halifax and a wrong address and equifax said they would have to contact them.Halifax did admit they had made a mistake and had it changed.

 

Getting welscum to change anything is a joke.

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account in dispute doesnt actually count for anything anymore it appears so I would be careful about doing this. You can of course request cca and sar :)

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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account in dispute doesnt actually count for anything anymore it appears so I would be careful about doing this. You can of course request cca and sar :)

 

Thanks beyond it appears that this lot get away with murder its about time the FOS and the FSA got off thier backsides and started really investigating these loan agreements and car agreements. They send out DN that are incorrect there staff are trained to lie I think if they can get you to sign a new agreement they are happy.

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Thanks beyond it appears that this lot get away with murder its about time the FOS and the FSA got off thier backsides and started really investigating these loan agreements and car agreements. They send out DN that are incorrect there staff are trained to lie I think if they can get you to sign a new agreement they are happy.

 

 

I totally totally agree with you

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 think the next course of action is to try and seek legal help and see what they say to the dodgy agreements produced by a company thay not so long ago applied to have a banking licence and as I am awear was refused.You know fos have no real force on these people its the regulator FSa that we should all be hitting.

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I think the next course of action is to try and seek legal help and see what they say to the dodgy agreements produced by a company thay not so long ago applied to have a banking licence and as I am awear was refused.You know fos have no real force on these people its the regulator FSa that we should all be hitting.

 

Sounds like a plan! I agree the fos dont have enough power :(

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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Give Me A Quick Update

 

Hi post firstly good to see you back and hope you are well

 

the problem I have is they want me to sign a rewirte as they

have taken out the PPI and after I had a close look at the figures

I found them to be wrong and don't know what to do next. all the figures

and the agreements are on page 1 of this thread

 

 

Cheers

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So You Have A Loan Of £15000

Insurance £3553.69

Its Over 180 Months At 25%

 

Ill Do This In Two Parts

 

On £15000 To Begin With

 

Monthly Payment £291.81

Interest £37,525.08

total Payable £52,525.08 (ouch)

 

Insurance

 

Payment Protection £3318.69

Life Care £215

 

total £3533.69

 

Monthly Payment £68.74

Interest £8840.13

Total Payable £12,373.82 (double Ouch)

 

Acceptance Fee £235

 

So Add Loan And Insurance Interest Total £46,365.21

Now Acceptance Fee Of £235

total £46,600.21

 

Now Add Loan Of £15000 And Insurance £3533.69 With £46,600.21

 

total Amount Payable £65,133.90

Devide By 180 Gives A Monthly Repayment Of £361.85

Thats For A 15 K Loan

 

What A Joke

 

 

ill Now Do The Figures Minus The Insurance Crap

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