Itsme VS Welcome Finance

[davefirewalker]

you go girl......

 

and they shouldnt have put the acceptance fee in before the interest either

 

 

Dave

[angela1606]

omg im jumping around the room now i didnt think it was right woo hoo so how can you find out what you have paid interest on is there a spreedy on here that can help me

[angela1606]

hang on a min just thought of something isnt the apr is the rate of interest x 12 isnt it so 3 x 12 = 36 not 48.5 or am i wrong on that one

[davefirewalker]

sort of, you're doing simple maths......APR is a bit more complicated.....

 

NOW It all now depends on what you want to do!

 

Are you in default, is the loan finished or still got a way to run,

 

what are your intentions?

 

my main intention was to get the dca's off my back and to renegotiate a more reasonable settlement. I must have hit a nerve by accident, I certainley never envisaged them writting off the whole debt.

 

I sent this letter and they cleared the debt........!!!

 

Dear Sirs

With regard to my alleged debt to your company, it has come to my notice that the documents sent to me after my request to view the original signed executed agreement do not seem to comply with terms laid down by the CCA 1974.

 

After being hounded and called endlessly because of missed payments due to unemployment, your representative came to my home and convinced me to sign a new agreement on the spot. This was done at my front door in the dark and NO terms and conditions were available to view. I felt pressurised and unable to refuse.

 

On further examination I have concluded that some of the statements on the document were also wrong.

 

In your agreement in the customer declarations it states that (d) you signed this agreement at our business premises. And (h) You confirm that you are in full time employment.

Neither of those statements were true as I signed at my home address and was still unemployed at the time.

 

Further the agreement does not seem to adhere to the guidelines laid out under the consumer credit act in that section 60 does not seem to have been complied with, in that:-

(a) the amount and rate of the total charge for credit (in the case of a consumer credit agreement), has not been shown

(b) the protection and remedies available to him under this Act

 

©there is no reference to the right to cancel

 

(d) the amount of loan appears to be wrong

 

As such It is now clear that the document does not seem to be a properly executed agreement within the meaning of the act. Therefore this agreement seems to be unenforceable.

 

As such I now require you to remove any and all defaults that you have placed against my account. If this is not done within 7 days I shall seek legal remedies and call into question your fitness to hold a consumer credit license.

 

I await your response

----------------------------------------------------

 

With an improperly executed agreement, you can walk away from paying it....The debt still exists but they cant enforce it (maybe!). But I dont want to be seen encouraging that. Morally you had the money (at an extortionate rate may i say) so morally you still owe it.

 

A whole lot now depends on their attitude and how they treat you. If they have always been fair and upfront then it would be reasonable to treat them in the same way. I would certainley go for charges and the like, without a second thought. BUT If they have been harrassing you or behaving like idiots then just go for them...but thats just my opinion.

 

Dave

[angela1606]

hi ive got a couple of payments left but the ppi was missold so i have asked them to put the account on hold for 21 days i sent the standard letter because they say we owe approx 700 now in aug when i won bank charges back i had intended to pay it off in full early but when they sent the final settlement i noticed about 300+ in fees so i figured if its 300+in fees + 352.52 owed in ppi due to miss selling then it would clear the debt when we took out the loan my husband noticed the ppi on the loan and asked the guy to take it off as he had been in employment with a major retail company (not going to name lol) for 3 years

a, he knew what a rip off ppi was at the time

b, he knew it was company policy if off ill it was with full pay so didnt need it also knew he wouldnt be made redundant

but we were bluntly told that if it wasnt put on we coulndt have the loan simple as that i had to reduce my hours at work to 15 hours due to my m.e so money was tight we needed the loan so we signed

[davefirewalker]

In that case.......you go girl

 

 

Dave

[angela1606]

lol ty dave i have sent them an s.a.r on the 20th so look forward to seeing what charges there is

[maybelline]

hi all

debt written off because of lousy agreement

 

link here

 

http://www.consumeractiongroup.co.uk/forum/general-debt/74733-credit-agreement-application-post690349.html#post690349

 

dave

dave can i send my copy they sent me to you, and how do it? i have scanned it as a word doc.

[davefirewalker]

dave can i send my copy they sent me to you, and how do it? i have scanned it as a word doc.

 

easiest way is to email me with it or do it via photobucket

 

pm me for email

 

Dave

[maybelline]

easiest way is to email me with it or do it via photobucket

 

pm me for email

 

Dave

 

re copy agreement, forgot to mention, t&c's would be on the back, i presume, of any photocopy, does this make any difference.

[davefirewalker]

Hi Maybelline....

 

No t&c are probably ok.... your gripe is with the precribed terms ie stuff that should be on there, in the right order, and correct

 

Dave

[maybelline]

TS rang - sorry cant help, I explained that I felt the agreement was unenforceable, that fees were added etc, sorry cant help, try cab.

 

thanks dave I think I will have to issue the N1 and take it before a judge who can look at the agreement?

[InKogneeToh]

oohhhhhhhh you have me v v v excited now

 

as mine is similiar on the fact that the total amount not on agreement

 

mine is b,1500 amount of cash

c, 100 healthcare

h, 352.52 optional(yeah right)ppi

i, 1952.52 amount of credit

j, 75.00 acceptance fee

k, 2027.52 total amount of loan

 

amount each month 119.72

apr 48.5%

rate of interest 3.0% a month

estimated repayment period 24 months

 

real total is 119.72 x 24 = £2873.28

 

so am i going to have some fun with welcome then lol

 

Hi

 

I'm afraid there is a bit of a misunderstanding here.

 

In the case of credit agreements where the interest rate is variable, then the TAP (Total Amount Payable) does NOT have to be shown. This is because the total may change if the interest rate is changed. Therefore the interest rate, APR, monthly repayment and estimated number of months to repay are acceptable. Also TAP, although a required term (where applicable), is not a prescribed term.

 

The 2 agreements that I have seen, Dave's and ItsMe's have the 'Amount of Credit' missing. This IS a prescribed term and it's absence makes those agreements totally unenforceable, even without any other errors.

 

If your agreement has the Amount of Credit entered, as you have quoted above then, then it does not fail for lack of prescribed terms, which are:

 

Amount of Credit

Interest Rate

Credit Limit (if applicable)

Repayments

 

 

That's not to say that your agreement is 100% okay. It will depend on the circumstances in which you signed it, and whether all the other required information is included.

 

Are you able to scan or photograph your agreement and post it up? Also, where did you sign it, at home, or on business premises?

 

Regards, Pam

[angela1606]

hi hun i will try and take a picture of it and post i put a thread in the forum with relation to the apr and it looks like it is wrong as someone has come up with the same apr as i did which is 42.6 or even 43%

not the 48.5% they state i tried about 7 diff calculators includind dualcalc from the oft and i used the apr finder on the zen spreadsheet and they all come back with 42.6% so it looks like ive been charged the wrong apr on the loan the monthly rate is 3%

[angela1606]

how can i put the pic on here lol

[InKogneeToh]

hi hun i will try and take a picture of it and post i put a thread in the forum with relation to the apr and it looks like it is wrong as someone has come up with the same apr as i did which is 42.6 or even 43%

not the 48.5% they state i tried about 7 diff calculators includind dualcalc from the oft and i used the apr finder on the zen spreadsheet and they all come back with 42.6% so it looks like ive been charged the wrong apr on the loan the monthly rate is 3%

 

Hi

 

When you post it up, don't forget to blank out your personal details. As regards the APR, I have noticed that the rates are huge and am suspicious of the calculations. I am going to try and get some help from any maths experts on here to look at the calculations.

 

Regards, Pam

[angela1606]

well im a trainee accountant and thats what i got no matter how many diff ways i done it lol it was mindiaz's spreedy i used lol not zen

[InKogneeToh]

how can i put the pic on here lol

 

Hi

 

You can register on this site (used by many CAGers) then follow the instructions to upload. Once the image is uploaded photobucket gives the image an IMG code - you simply copy the IMG code into the CAG forum. It's easy - so I'm told!

 

Image hosting, free photo sharing & video sharing at Photobucket

 

Regards, Pam

[angela1606]

right hope this works lol

 

 

 

 

[InKogneeToh]

Hi

 

I agree it's worth getting the figures checked as an error might make it improperly executed and if so, it might be only enforceable by a court. Did you sign this at home or on business premises?

 

Are you able to show the rest of the agreement (personal stuff blanked) so we can see what else is on there - statements of your rights etc.?

 

Regards, Pam

[angela1606]

hi it was at there building different address to whats on the form at the top does that make a diff will upload the other asap but need to head out soon so might have to do it when i get back im not that worried to much about the whole loan i apparently have 780 to pay approx 300 of that is charges and i want the ppi back as we were told no ppi no loan as we asked for it to be taken off before we signed plus are they allowed to charge intereston the ppi and healthcare i thought they had to add it on after working out the interest

[InKogneeToh]

hi it was at there building different address to whats on the form at the top does that make a diff will upload the other asap but need to head out soon so might have to do it when i get back im not that worried to much about the whole loan i apparently have 780 to pay approx 300 of that is charges and i want the ppi back as we were told no ppi no loan as we asked for it to be taken off before we signed plus are they allowed to charge intereston the ppi and healthcare i thought they had to add it on after working out the interest

 

Hi

 

I don't think the creditor's address is an issue - the one shown may be a head office. Also they can charge interest on PPI/Healthcare as they are extending you credit for these by paying the premiums in full to the insurers at the start of the agreement and then allowing you to repay in instalments (how kind! )

 

I may not get a chance to look at the rest of your agreement until the w/end but PM me if I don't respond by Monday.

 

Regards, Pam

[itsmeandonlyme]

Hello Guys..i am glad the thread keeps going...

If Pam and Dave helped you, please click on the scale...

Angela, i can help you with culculation...Vamp helped me and i saved the spreadsheet....I will do it for you....it just google is a bit slow...when was your first payment made?

 

regards,

 

Maria

[angela1606]

31/09/2004 it should have been paid up by now but ive been disputing it lol

[davefirewalker]

Hi guys

 

Looking again at my agreement which is *similar* in all respects to maria's and angela's, I dont know why the cleared the debt!

 

my interest rate is "variable in accordance with clause 1b overleaf"

so this puts it in the same categorie as maria's and angela's

 

The Only other reason I could suspect that they cleared it is that it was signed at home (and shouldnt have been)

 

I will check into it again.

 

ps why is my apr only14.2% and the other two are 45+..........anything to do with upfront charges ppi etc ?

 

rgds

 

Dave