Luggerbugs v Welcome Finance

[TUTTSI]

Re: Luggerbugs v Welcome Finance

Just subscribing to your thread -

I have not had any PPI claims personally that I am aware of, but you never know when I start checking a couple of older loan files. I believe I have normally ticked the box that I do not want this additional insurance - mainly because I am self employed and many of the policies are based on being employed. I know with loans they like you take this type of policy and they will push hard as the commision must be very high and lucrative for them.

By the way your thread is extremely easy to follow.

Good luckx

[TANZARELLI]

Re: Luggerbugs v Welcome Finance

Thats because its only short lol

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Thats because its only short lol

Just like me.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Hmm. Well, OK. This seems a little too easy.

Welcome appear to have given up without a fight. They have sent me a letter saying that they will cancel my protection, and rearrange the loan as if it had never been applied. All I have to do is sign a new agreement, and that will all be taken care of.

Now, call me suspicious, but surely this can't be right. Some of you lot are fighting hard to get this far.

OK. So I'll sit down and do a spready to make sure they aren't trying to pull a fast one.

AND I need to go chasing after the PPI's etc from previous loans too, methinks.

I'll get back to you in a day or 2 once I've got my head around all this.

In the meantime, I need to start yet another RBS thread.

[Sapphire]

Re: Luggerbugs v Welcome Finance

I have heard through the grapevine (one of their staff actually) that Welcome are in serious sh 1 t. In fact I was told that they are desperately taking 'silly' settlements on outstanding debt.
Might throw some light on it eh Lugger ?

[enaid]

Re: Luggerbugs v Welcome Finance

Well I don't like the bit about signing a new agreement tbh, but we all know lugger is no mug, so watch this space lol.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

As an aside, I see a Welcome account has been removed from my credit files. I just need to check which one it was.

Sapphy, when you say "silly amounts", what are we talkin here? 10%? 20%? 50%?

I can do 10%. Although I'd rather start off at 5%.

[Sapphire]

Re: Luggerbugs v Welcome Finance

Well put it this way I jokingly said £4k on an alleged £12k debt and my friend said that if anyone made the offer they would seriously consider it.
By the way this has only recently come to light over drinks in the local pub, I knew the guy worked for a financial institution but when he confessed it was Welcome I nearly fell over.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

I was thinking more along the lines of £2K on a £20k debt

[Sapphire]

Re: Luggerbugs v Welcome Finance

Rofl I think that maybe that just might be a little extreme, but always worth a try eh ! They can only tell you to go get knotted can't they.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

Let's face it. If they were to sell the debt on, that's probably the best they could hope for. Better than attempting court, since there is the little matter of a missing signature. THAT could go either way, and they'd lose the lot.

No, I think I will keep chipping away. After all, the total for the PPI on the old loans is probably quite hefty. Especially considering the interest charges, plus 8% statutory on the whole. Did I SAR them? Can't remember. Funny how you lose track of what you sent to who. I'll need to go dig out my Magic Box of Paperwork.

[LuggerBugs]

Re: Luggerbugs v Welcome Finance

OK, I need a hand here. I've been doing some calcs using the calculator here...

http://www.bbc.co.uk/homes/property/...lculator.shtml

Right, the original agreement was this:

£23,000 loan
£3,459 total for PPI etc
£235 acceptance fee
= £26,694 Total

OK, annual interest rate stated as 17.7%, APR of 17.48%. Monthly payments to be £381.44 over 18 years. BUT...

Annual statement shows annual rate of 16.2%, and indeed, I have been paying £381.43.

Above calculator shows that to be pretty close.

Now. They have sent me a new agreement to sign, showing adjusted figures over the same period, presumably to be back dated to original agreement date, of:

£23000 loan
£235 acceptance fee
£23235 total

With £332 to pay each month. Now, using the calculator again, that looks fairly close, taken over the whiole 18 years.

So. I think that they owe me the difference between the two figures, ie £49.43, since the date I started paying. I think that would be around 17 months, therefore they owe me £840.31?

Mind you, the couple of quid discrepancy looks like it would work out at about that over the entire term. Hmm. In other words, they are paying that back to me over the 18 year term. Barstewards. This stuff does my head in.

Hang on a mo. Lets see if I can do something by reducing the term...

10 years at £403. ish. Saving around £24K
5 years at £594. Saving about £37K

Or is it not that simple????
------------------------------- merged -------------------------------
Just been thinking about the discrepancy between the annual interest rate on the agreement, and the interest rate I've actually been getting charged. Anybody think why that would be? And what are the chances of them suddenly saying, hang on, we've not been charging you enough?

[Sapphire]

Re: Luggerbugs v Welcome Finance

Sorry hun you've lost me completely, 'O' level Maths was a struggle I seem to remember.

[enaid]

Re: Luggerbugs v Welcome Finance

Just been thinking about the discrepancy between the annual interest rate on the agreement, and the interest rate I've actually been getting charged. Anybody think why that would be? And what are the chances of them suddenly saying, hang on, we've not been charging you enough?




I don't understand it TBH (and that's not surprising)
APR :Annual Percentage Rate. This is the total charge for the loan including fees and interest expressed as a percentage, which allows you to compare across the market.
Then the other is the Int Rate they are charging you , if that makes sense.
If its a Variable Rate
Variable rates can be moved by the lender, either by following the Bank of England base rate or independently. They should always let you know if we are changing the rate you are charged.






.

[calamity jane]

Re: Luggerbugs v Welcome Finance

Try these calculators.

This - one to calculate your nominal rate of interest from the APR.

This - one to check your loan payments.


Don't have any idea on the 17 7% interest rate shown on the agreement, but I don't think it's anything to worry about as I've never known a nominal rate of interest to be higher than the APR.



CJ