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Welcome Finance unfair charges

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  • Welcome Finance unfair charges

    I have an ongoing PPI claim with Welcome and a seperate claim regarding unfair charges, fees etc in which I submitted a compound interest calculation spreadsheet with my letter.

    Well today I have received a response from Welcome saying that they agree that I was unfairly charged and that they would be refunding amounts plus interest.

    My question is, should they have included capitalisation (interest) amounts i.e. £20.00 unpaid direct debit amount (refunded) plus £20.00 capitalisation amount also applied (not refunded) and then compound interest applied to total of £40.00 ?

    Its just that the figures that I have obviously differ to what they are saying and do not want to agree to anything until I am sure that what I have is correct.

    Also my Loan Agreement APR was 20.1% (which I used on my spreadsheet) but latest annual statement quotes 16.20% - does this sound right ?

    Sorry for questions if sound stupid but just want some advice and clarity before I respond.
    Tags: None

  • #2
    Re: Welcome Finance unfair charges

    Just an up-date regarding my previous post, I managed to reclaim all unfair charges plus interest from Welcome, who have deducted amount from my balance :tinysmile_twink_t2:

    I also had an ongoing dispute with the handling of the account by Welcome in which they have now agreed to freeze any further interest as long as I continue to make monthly contractual payments until term end. This will save me approx another £10,000.

    My question now is, I have an agreement in writing from them - will this be suffice ?

    Comment


    • #3
      Re: Welcome Finance unfair charges

      Hi Happychappy,

      Please see attached template that I used.

      Good Luck
      Attached Files

      Comment


      • #4
        Re: Welcome Finance unfair charges

        That is so kind, thank you very much! Will keep you posted

        Comment


        • #5
          Re: Welcome Finance unfair charges

          Originally posted by happychappy View Post
          That is so kind, thank you very much! Will keep you posted
          Please do and good luck.

          Comment

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