Tweet
Hi all! Been lurking in the shadows for a while and finally taken the plunge, 'cos I really need help! I'm sorry that I've posted so many questions about this, but I really need to get it all straight in my head, before I start going forward and doing anything about it.
OK - So, I took out a HP agreement with Welcome Finance in August 2005. In January 2006, one payment was missed (DD was declined) but the day after it was declined, I went into the local office and paid the equivalent sum. At this time, I also changed the DD date for subsequent payments (from 1st of month, to 28th of month), to make things more convenient for me. This is the only payment that was missed; all others have been on time, and in full.
So far, so good.
The loan was for 48 months, so by now (end of Sept 2009) the debt should be settled. I called WF on 29/09/09 to check that the payment made the day before was the last one, and that I could cancel the DD.
WF informed me that there was an outstanding balance of ~£240, that had accrued because of the change in payment date back in 2006. I was told, that despite the original credit agreement saying that payment was due on 1st of month, that the actual date that WF were expecting payments was 9th month - therefore, by paying on 28th month, I have been three weeks late with my payment every month since February 2006.
Now, here's the rub - WF lady says that it will all be in my T&C's from the original agreement (which are attached, and I can't find anything that specifically says this) and that I will have been informed of this accrual of interest when I changed the payment date (which I wasn't - I wasn't even sent confirmation that the date would be changed).
Also, checking my credit file; WF recorded one month in arrears in Feb 2006 (I don't think this is right - the change in DD was mutually agreed, so why was the account is in arrears.. the payment went out in February, as it should have in light of the DD date change.) For every other month, it shows the account as being up to date.
So - following the conversation with WF, I've sent the attached letter (Query letter to WF) and am still awaiting a reply. Having now read so many of the posts on here, I think I've been too soft with them, and would appreciate some guidance; specifically: -
1. Can they actually charge me for things that are not clearly laid down in the original agreement?
2. How long must I wait before I follow up the letter I have already sent, and get more unpleasant with them?
3. Why are there 2 different interest rates quoted (APR 30.5%, and "rate of interest on credit: 15% per annum")
4. The "total amount payable" is different to the total amount actually paid by summing each monthly payment (48 x £257.57) The difference is ~£50.
5. I've read elsewhere that they are not allowed to put PPI in "total amount of credit" - have they done this in my case, or is it all laid out correctly? If they have done something wrong here - what? What can I do about it?
To help, I've attached copies of the original agreement and the associated T&C's.
Again, sorry guys for the number of questions, especially since it's my first post, but like I said above, I really do want my eyes to be completely open before I say or do anything else with WF.
Grrr..... tearing my hair out! Please help!
OK - So, I took out a HP agreement with Welcome Finance in August 2005. In January 2006, one payment was missed (DD was declined) but the day after it was declined, I went into the local office and paid the equivalent sum. At this time, I also changed the DD date for subsequent payments (from 1st of month, to 28th of month), to make things more convenient for me. This is the only payment that was missed; all others have been on time, and in full.
So far, so good.
The loan was for 48 months, so by now (end of Sept 2009) the debt should be settled. I called WF on 29/09/09 to check that the payment made the day before was the last one, and that I could cancel the DD.
WF informed me that there was an outstanding balance of ~£240, that had accrued because of the change in payment date back in 2006. I was told, that despite the original credit agreement saying that payment was due on 1st of month, that the actual date that WF were expecting payments was 9th month - therefore, by paying on 28th month, I have been three weeks late with my payment every month since February 2006.
Now, here's the rub - WF lady says that it will all be in my T&C's from the original agreement (which are attached, and I can't find anything that specifically says this) and that I will have been informed of this accrual of interest when I changed the payment date (which I wasn't - I wasn't even sent confirmation that the date would be changed).
Also, checking my credit file; WF recorded one month in arrears in Feb 2006 (I don't think this is right - the change in DD was mutually agreed, so why was the account is in arrears.. the payment went out in February, as it should have in light of the DD date change.) For every other month, it shows the account as being up to date.
So - following the conversation with WF, I've sent the attached letter (Query letter to WF) and am still awaiting a reply. Having now read so many of the posts on here, I think I've been too soft with them, and would appreciate some guidance; specifically: -
1. Can they actually charge me for things that are not clearly laid down in the original agreement?
2. How long must I wait before I follow up the letter I have already sent, and get more unpleasant with them?
3. Why are there 2 different interest rates quoted (APR 30.5%, and "rate of interest on credit: 15% per annum")
4. The "total amount payable" is different to the total amount actually paid by summing each monthly payment (48 x £257.57) The difference is ~£50.
5. I've read elsewhere that they are not allowed to put PPI in "total amount of credit" - have they done this in my case, or is it all laid out correctly? If they have done something wrong here - what? What can I do about it?
To help, I've attached copies of the original agreement and the associated T&C's.
Again, sorry guys for the number of questions, especially since it's my first post, but like I said above, I really do want my eyes to be completely open before I say or do anything else with WF.
Grrr..... tearing my hair out! Please help!
Comment