Welcome Secured Loan APR% Query

gb12345

ashley.mason.1982 wrote: »

I'm hoping that they redraw the agreement and calculate the payments based on the cost of borrowing they sold me. I have only stopped paying as it is the only way to get them to !!!!! their ears up.

If we do get it written off, this is their loss and our gain, but the intention is to get the matter straightened out and pay what is fair.
Not to mention my other account which is a HP, in which they repossessed the car and said I'd done a VT. totally false and no letter of requesting a VT in the file.

I don't know what calculators you are using, but the figures look right to me based on this one https://www.moneyadviceservice.org.uk/en/tools/loan-calculator.

Loan amount (£) 9,694
Annual interest rate (%) 23.2
Repayment period 10 Years
Monthly repayment (£) 195
Total interest (£) 13,600
Total amount paid (£) 23,294

Well done you've suceeded in !!!!ing up your credit history because of your own mistake.

antrobus

gb12345 wrote: »

I don't know what calculators you are using, but the figures look right to me based on this one https://www.moneyadviceservice.org.uk/en/tools/loan-calculator.

Loan amount (£) 9,694
Annual interest rate (%) 23.2
Repayment period 10 Years
Monthly repayment (£) 195
Total interest (£) 13,600
Total amount paid (£) 23,294

Well done you've suceeded in !!!!ing up your credit history because of your own mistake.

Let's select an APR calculator at random...
http://money-saving-calculators.prudentminds.com/apr-calculator.html

.. and input..

Total Amount of Credit: £9694.16
Amount of each Monthly Payment: £194.17
Number of Monthly Payments: 120

... that gives an APR of 23.20% - exactly what Welcome said it was.


Of course £1,694.16 of that "total amount of credit" was for "insurances", presumably PPI, which the OP might well be able to reclaim.

jellie

ashley.mason.1982 wrote: »

If we do get it written off, this is their loss and our gain, but the intention is to get the matter straightened out and pay what is fair.

You'll have to take them to court if you want your agreement to be declared as unenforceable - Welcome won't agree with you and AFAIK it's not something FOS can look at. If you take them to court and you lose, they'll ask for their costs to be awarded against you. You could end up being very out of pocket.

ashley.mason.1982 wrote: »

Not to mention my other account which is a HP, in which they repossessed the car and said I'd done a VT. totally false and no letter of requesting a VT in the file.

You're much better off if their records say you VT'd the car rather than them repossessing it.

gb12345

jellie wrote: »

If you take them to court and you lose,

I think we've already ascertained that the OP is a numpty who is incapable of inputting a few numbers into a web form - so it's guaranteed he would lose as he's paying what he agreed to when he signed the agreement.

jellie

gb12345 wrote: »

I think we've already ascertained that the OP is a numpty who is incapable of inputting a few numbers into a web form - so it's guaranteed he would lose as he's paying what he agreed to when he signed the agreement.

Yes I know they are, but I like to be nice to people and let them make their own minds up about what action they're going to take. They can't blame anyone else when it goes pear shaped then.

poppasmurf_bewdley

Not a case of mis-selling, but definitely a case of mis-buying.

Thrugelmir

ashley.mason.1982 wrote: »

I'm hoping that they redraw the agreement and calculate the payments based on the cost of borrowing they sold me. I have only stopped paying as it is the only way to get them to !!!!! their ears up.

As the loan is secured. Doesn't matter what you do. As the debt is fully recoverable as well as late payment charges. Your expensive wedding is going to turn into a financial ball and chain. Something one day you will regret ever doing.

savingjenny

This is a SECURED loan. I think you should be paying them the amount that you think is correct each month, even if that isn't quite the amount they are demanding. It is very foolish to get into arrears on a secured loan. But then borrowing 8k for a holiday at 20% plus was very foolish originally.

If you are in financial difficulties, then you should be starting with getting good debt advice on your unsecured debts - have you had this?