Welcome Finance - This company needs to be banned.

[postggj]

I Like Your Sense Of Humour John

[postggj]

The Main Thing That Is Upsetting The Shareholders Is Fraud,

Cattles Have Nothing In Reserve To Cover All The Misselling Claims Etc

 

Ime Not Talking Just About Welcome

[Sol]

I don't think they've done this. I'll scan my agreement for you to look at. Quality might not be great tho as it's a small scan from the SAR I sent.

[JonCris]

I don't think they've done this. I'll scan my agreement for you to look at. Quality might not be great tho as it's a small scan from the SAR I sent.

 

Everyone will have an agreement. It's what happened AFTER you signed that REALLY matters;)

[Sol]

Hmmmm I wonder what you could mean. lol

[postggj]

Sol

 

Have You Posted The Agreement

[Sol]

Probably no different from anyone else, but hey

 

[postggj]

Sol

 

Is That It

 

Looks An Old Agreement

 

When Did You Sign It

[082stewie]

Probably no different from anyone else, but hey

 

 

 

This is a bit strange? What was the loan amount for? Was it for £1052.87?

 

The total charge certainly has acceptance fee and charge for interest together to make up the lump sum of £1732.92. But it does state your acceptance fee will be added into Total amount of credit.

 

The APR is spot on. I think someone else would have to work out the interest rate.

 

Stewie

[postggj]

Stewie

 

Where Is The Total Ammount Payable

 

Perscribed Term

[Sol]

It was signed in Sept 07, it's a re-written agreement to lower the monthly payments from 116.29.

 

Stewie becoz it was a re-written agreement I didn't get a loan, the orginal was for £1500 in Nov 2005.

[Sol]

Stewie

 

Where Is The Total Ammount Payable

 

Perscribed Term

 

TBH it's only been since we've all been investigating Welcome's agreements that I've looked at my own after receiving my SAR, and I was shocked to find out I owe almost £2,500! The agreement makes it look as though it's for £1732.92

[postggj]

Sol

 

You Realy Need Peter To Look At This,

My Opinion As To Dipply As Well

 

No Total Ammount Payable

 

Perscribed Term

 

Game Over

 

Dont Want To Get Your Hopes Up But Pretty Damm Sure

 

Wait For Peter Though

 

He Is The Master

[postggj]

The Total Ammount Payable Should Be Inserted As

 

£2412.97

[pt2537]

Sol

 

You Realy Need Peter To Look At This,

My Opinion As To Dipply As Well

 

No Total Ammount Payable

 

Perscribed Term

 

Game Over

 

Dont Want To Get Your Hopes Up But Pretty Damm Sure

 

Wait For Peter Though

 

He Is The Master

nope total amount payable is not a prescribed term, see Schedule 6 Consumer Credit agreement regulations 1983 for the prescribed terms

[postggj]

Pt

 

So The Total Ammount Payable Does Not Need To Be Inserted

 

ALSO PT

 

WITH OUT HITTING THE BOOKS

 

WHAT ABOUT AGREEMENTS UNDER CCA 1974

[Sol]

No probs, thanks for taking a look anyway

[pt2537]

total amount payable is a requirement of schedule 1 para 11 SI 1983 / 1553

 

it depends upon the type of agreement, but a breach of schedule 1 is not the same as a breach of schedule 6,

 

simply you need a major breach of schedule 1 really to affect the enforceability of the agreement, maybe 2 or 3 breaches

 

but in contrast, the slightest breach of schedule 6 kills the agreement

[pt2537]

Probably no different from anyone else, but hey

 

what was this loan for?

 

was it for a car? or did you recieve cash in your hand?

[082stewie]

Stewie

 

Where Is The Total Ammount Payable

 

Perscribed Term

 

 

A - Total amount of credit.

 

Sorry Sol I didnt see B - amount to settle loan. But why did they charge an acceptance fee if it was a re-loan? Thats a big question. Was it at Welcomes suggestion you re-loan? See where im going here.

 

Post - The terms are on top right.

 

Stewie

[postggj]

Its Been A Long Day

 

Time For Bed Me Thinks

 

Learned Some Thing New Today

 

See You All In The Morning

[Sol]

what was this loan for?

 

was it for a car? or did you recieve cash in your hand?

 

Hi

 

This agreement was re-written as I couldn't afford the repayments of the first one, which was for a loan of £1500 - £750 chq and £750 BACS

[Sol]

A - Total amount of credit.

 

Sorry Sol I didnt see B - amount to settle loan. But why did they charge an acceptance fee if it was a re-loan? Thats a big question. Was it at Welcomes suggestion you re-loan? See where im going here.

 

Post - The terms are on top right.

 

Stewie

 

Hi stewie,

 

it was a their suggestion, in fact they pushed me into doing it against my better judgement.

[082stewie]

A - Total amount of credit.

 

Sorry Sol I didnt see B - amount to settle loan. But why did they charge an acceptance fee if it was a re-loan? Thats a big question. Was it at Welcomes suggestion you re-loan? See where im going here.

 

Post - The terms are on top right.

 

Stewie

 

Yup at the current rate of £44.22 over the term its definatly way over the top, you are paying £680.03 over the face value?

 

I definatly think there is more to this. I would assume somewhere there should be a total payable.

 

The figure of £605.05 (charge for credit) is incorrect then?

 

Number of Monthly Repayments:60 @APR 14.8

Monthly Loan Repayment (£):£40.22

Total amount to repay (£):£2,412.95

Total Interest charged (£):£680.03

[Peterbard]

Hi Peter, Thankyou for all the work you are doing here, it is greatly needed and appreciated.

 

There is so much about this acceptance fee thing, and I apologise if you are sick of hearing about it!

 

What I have found is on the agreement, the TCC is listed as the interest charge and in a seperate box - the acceptance fee.

 

The Total amount of credit is what you borrowed (cash, insurances etc). OK, looks fine as you say.

 

But the statements, the statement of price etc show the acceptance fee being added to that TAC for the interest to be calculated. So I checked the T&C's as you suggested and it does just state "We will open a loan account in your name and debit it with the 'Total Advance'.......the in the acceptance fee T&C is states: "The acceptance fee will be charged by you by being included in the Total Advance".

 

I gues what is confusing me is, if they have done this right and its ok to charge the interest on that fee, why keep denying it to everyone?

 

If you could please Peter, woud you look over my OH's agreement also? I don't see a total amount payable either

 

http://i303.photobucket.com/albums/nn122/Dipply75/Picture.jpg

http://i303.photobucket.com/albums/nn122/Dipply75/WelcomeLoan2blanked.jpg

 

Thanks again ;-)

 

Hi OK

 

The fee is not a part of the credit it cannot be because the act (sectin 9) says that anything that is classed as a chrge for credit cannot be included within the figure of total credit.

The creditors will deny that it is drawing interest because anything that is in the charge for credit does not in itself draw interest so if they admit it is drawing itnterest it would have to be within the amount of credit.

 

However if sepperate agreement within the total charge for credit is set up where the fee itself is the total credit then that interest wil all be contained within the total charge for credit figure this is why some agreement have two sets of figures one is for the main loan and the other is all contained within the total charge for credit.

sorry about the grammer but i cant think of another wayto get the point accross.

 

Petr

 

Peter