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Loan Acceptance Charges
Hi
When taking out a loan if there is a loan acceptance charge involved should this charge be added to the total amount of credit?
I am asking as depending on whether it should be added or not will determine whether the APR and monthly payments have been calculated correctly.
Thanks
When taking out a loan if there is a loan acceptance charge involved should this charge be added to the total amount of credit?
I am asking as depending on whether it should be added or not will determine whether the APR and monthly payments have been calculated correctly.
Thanks
0
Comments
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Is this a charge for a loan offer you have in writing or for one of these scam merchants who promise to find a loan for you for a fee,if its the latter forget it,if its the former who the hell are they?0
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It should be in the Total Charge of credit.0
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It was a £75 acceptance charge for a Welcome Finance loan.
It was left out of the total charge of credit therefore if it should have been added the APR and monthly payments are wrong making the agreement worthless.
It may be worth other Welcome Finance customers checking their agreements to see if it is the case with theirs.
Thanks for the advice0 -
When was your agreement written?0
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December 20050
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It's likely they have made an error then. Write a letter to their Compliance dept. advising them of this. Do you have their address?0
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Yes i do.
I was thinking about putting it straight in the hands of a solictors(Stephensons) rather than slog it out for months with them direct then wait months for the FOS to get involved.
I feel after your comments and what i already thought i have a strong case against Welcome furthermore so when the mis-selling of the PPI is added to the claim.
Thanks0 -
I would say that this would only be considered a minor error if it came to court and your chances of getting it written off on this technicality would be nil - as per the recent court case.0
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Paying at the wrong APR, wrong monthly payment is minor? It throws the entire agreement out.
Not to mention the total charge for credit and total amount of loan is missing all perscribed terms under the CCA.0 -
£75 over the term of a loan for how much? As I said minor and definitely would be rejected but good luck if you want to pursue this.0
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