Welcome Finance anguish!!!!!!!!!

[dx100uk]

capitalisation is welcomes word for interest.

 

 

oh dear

you lots to reclaim here.

 

 

every charge solely called 'fee'

 

 

put each one on its one line

in this spreadsheet

CISheet v101.xls

 

 

put 17.46% in cell d 15

 

 

was the PPI repayment about 6/01/12 [RE:£3334.98 payment]

[mak803]

Yes that was the PPI repayment.

 

Do I just write to WF asking them to credit the balance with the amount of FEES / CHARGES ? can't imagine they will be very forthcoming with it......

 

Or do I get in touch with FOS or FSA ?

 

I dont suppose anybody has a template for how that letter might go ?

 

Thanks a lot dx

[dx100uk]

slow down..no rush

 

you need to do a bit of reading up first ideally

 

get the spreadsheet done

 

yes it goes to welcome

 

you are in the welcome forum

 

have a good read up

[mak803]

I will do, thanks for the advice swell dx it's much appreciated.

 

Just another question regarding my APR % :

 

On my CCA it states that the APR % IS 17.83% yet on my statement it says it's 22.20%. Is there a reason why it is different ?

 

Also does any body know why on my statement it has a fee of £10 and then on the same day it has a Capitalisation charge of the exact same amount ?

It is as though they are charging me a fee and putting an exactly the same Interest charge on for the same amount and the statement is littered with them ?

Edited May 10, 2015 by mak803
added some info

[dx100uk]

that's the way welcome statements work

they try and hide things

 

 

if you look at the running total

you'll see they don't actually change twice.

 

 

use the highest APR you can find in their written documentation

[mak803]

Does that change the compound interest rate or is a standard 17.46% and should I put the ''capitalisation'' charges on that mirror the FEE charges early on in the loan agreement i.e. on the same day a fee of £25 followed by a capitalisation fee of £25 on the same day, numerous times ?

[dx100uk]

they'll soon pull you up on the int rate if its 'wrong'

but this is welcome, they'll spoof anything to make their statements look good

 

 

put down 22%

 

 

as for the cap,

 

 

no just put the 'fees'

 

 

if you have a read of a few welcome threads here

you'll soon see that's std practice for them.

 

 

dx

[mak803]

Yep, happy with the fees but I'm just sitting down now to enter all the data.

 

Im being charged numerous amounts of capitalisation inside a month,

 

 

1 large amount which I understand is the interest on the loan

and in a lot of cases another capitalisation fee which is a carbon copy of the amount I have paid in fees within that month.

 

 

Ive read through lots of threads on here but have not seen this before in any of them.

 

Its as though I'm paying the Fees twice within a month and they are calling it 2 separate things?

[dx100uk]

no look - at the running total to the right on the statement carefully.......

 

you'll see the total does not increment on the fee and the cap by £20 each time

[mak803]

Thanks for that dx, much appreciated, I will post my findings on here for anybody else that is mathematically challenged.

 

Also any advice on the spurious signature signing me up for PPI ( of which I have allready claimed)

and something called " life24" of which I'm almost certain I would not of opted for as I have far better life and accident insurance policies

running for this type of agreement from sources that cater for serving soldiers.

 

I never opt in for policies that are sold as part of a loan agreement.

 

Thanks

[dx100uk]

ideally the life should have been included in the PPI refund.

 

 

you can reclaim now mind.

 

 

it would be nice to sit down and work out

if the PPI refund for that date was correct.

 

 

the sigs are for

1st customer

2nd customer

 

 

so wont be the same?

 

 

dx

[mak803]

Yes the second customer is my wife.

 

There are subtle differences between the signature for the loan and the signature for the insurance (both customer 1 signatures).

 

Is it worth a letter asking for the calculations used for the refund of the PPI before going down the route of trying to claim it back ?

 

For any other person who is going through similar, I have attached my compound interest calculation sheet to this thread to give you an idea of where to start as it was all new stuff to me too.

 

Note I have put the highest rate of interest I have been quoted as paying, so am inevitably waiting on a comeback from WF stating it's wrong, but thats an argument for another day.

 

Hope it's of some use !!!

 

*** It hasn't quite copied as it looks onto PDF, but you get the idea !!!

[dx100uk]

well I would think from the info you have and reading link1 below

 

if you are clever and set the claim to date to that PPI refund date

 

you might be able to check it

 

then you'll know if the life was included ...I bet not!

[mak803]

Well I have Received the INFO from my SAR request and I have to say I'm very disappointed in what DATA I have received.

 

Included was my CCA which if you read the thread I had already asked for via another request,

an activities table / spread sheet that only goes up to November 2013,

 

 

Loan History spreadsheet that only goes up to September 2013,

 

 

a MIDA Comments sheet that only covers the year of 2007,

 

 

Payment History sheet that runs up to March 2008,

 

 

1 complaint that I wrote in with in December 2102 and finally transcripts of very few telephone conversations.

Its as though they have nothing to give me from 2013 onwards apart from a few telephone calls.

 

No Correspondence letters from WF to me at all.

 

No Statements included.

 

Even from this I can see a couple of questions that I need answering such as:

 

1. A refund of £292.00 that was awarded to me in oct 2013 looks as though it has never been credited to my acct by looking at my past statements.

 

2. Interest rates that are different to the one on my original agreement. No correspondence of Interest rate changes included in SAR, (Letters / Phone calls).

 

What should my next move be, Write back stating not good enough give me the rest of it and RE SHOW!

 

Should I ask that I stop paying my DD and that all interest be STOPPED until my discrepancies be addressed (Should this be done in writing or via phone call).

 

TIA Guys

[dx100uk]

theres no remit to stop payments for a failed sar

 

 

if you think they've failed the sar

then theres a complaint letter in the top green library tab

where you can ask for the missing data.

 

 

 

 

......................

 

 

just looking back at your situation

its a secured loan for 10yrs at 18%

that is a killer, they fleeced you blind.

 

 

still don't think that PPI refund is correct

 

 

and you should claim for the 2*life ins too.

 

 

dx

[mak803]

I know, this sucker is going to haunt me into my grave I fear,

 

Have sent a letter off already asking them to re calculate the PPI rebate and have asked them to re calculate loan in accordance with the 17% agreement and not the 22% made up number they appear to have been charging me.

 

Just waiting for a reply by them but it will no doubt be another load of rubbish they send back in an effort to muddy the preverbiale waters.

 

In the meantime just trying to chuck everything I have at it, The bread and water is getting tiresome !!!

[theoldrouge]

Have you ever received notification during the course of the loan

 

Of interest rate increases? Your agreement was variable interest

 

which usually means it only varies in one direction , upwards

[theoldrouge]

Did your cca request reply include the t&cs?

 

I'm looking for clause 1 b, overleaf

[mak803]

Is that the '' allocates and expenses however caused or incurred by the lender in relation to this charge or any agreement covered by this charge''

 

Don't even understand what it means if I'm being really honest theoldrouge ?

[mak803]

To add to that, at 1 point when my wife was making reduced payments they reduced the interest, to 0.79% but put it back up to 1.85% after I took over and made large payments that were monthly. Please see attached PDF's.

 

However we have never been informed about any other changes to our Interest rate or APR % rising to 22.2%.

[theoldrouge]

So that is why your statements are currently showing a rate of 22.2

 

However your original rate calculates at actually 16.52, ( incorrectly calculated by WF, but in your favour)so you very much need to query why they have returnedyou onto a rate of 22.2

 

as you were never informed of any increases and you should have been returned to your original rate

 

We're there any other pages included with your cca reply? As it stands they have not provided you

 

with a compliant reply to your request

[mak803]

No, no other pages with CCA, I have since written a letter before action stating that they have failed to comply with my paid requests and that I will give 7 working days before taking action.

 

I'll not hold my breath!!!

 

But I have also queried interest rates and their lack of current up to date loan activity documents.

[mak803]

Hi all,

 

I know it's been a while but I have had a reply from WF in regards to the complaint letter I wrote after receiving my SAR.

 

On the surface it seems like quite good news, as a recap ill explain bullet point the past couple of months:

 

• Requested SAR
  
• SAR arrived, We noticed the Interest rate had been increased without our knowledge and there appeared to be loads of charges on a/c.
  
• Complaint letter sent highlighting both IR and charges - Compound interest calculator used and posted with complaint.
  

 

The attached 3 page document is what was received mid way through last month. In short a £2,322.40 refund onto our balance. (Taking it to just bellow £10.000.00

 

Is there any glaringi need to be aware of or any underhanded scheme as they have labelled this a FINAL RESPONSE to the complaint which to me say's ''TAKE IT OR LEAVE IT!!''

 

A big one,

I need some advice on is this thing called ''SCHEME OF ARRANGEMENT'' or ''SCHEME'' which in their words (Detailed in page 2)

is the reason I'm not entitled to my FEE's back, not to mention the compound interest on top of it.

 

In short,

I seem to have won on the Interest rate battle but got no where with the refund of any charges, of which there are many.

 

 

Also not too happy they haven't sent their calculations which in their words ''WOULD BE IMPRACTICAL TO PRESENT DUE TO THE COMPLEXITIES OF THE BACKGROUND CALCULATIONS''

 

Thanks you guy's

 

PS Ive been away with work hence the late correspondence in regards to this one!!

Edited August 3, 2015 by dx100uk
scans merged and reduced