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If possible please I would like some help with my agreement.
I'm unsure as to what my agreement is with welcome. I bought my vehicle from the wakefield branch of welcome and took their finance in October 2007.
I dont know wether it is a hire purchase agreement or loan as it is secured on the car.
I have spoken to consumer direct and the woman I spoke to yesterday gave me some information, then I spoke to someone different this morning and got a totally different answer.
I want to hand the car back and pay the difference up to the 50% mark. The reason being is that I had a glitch of 1 payment that I made back up, however they now want to rewrite the loan over 7 years still secured on the car and I will end up paying back £17,300 for a car thats £4K so my payments are more managble in their view.
The top of my agreement says "credit agreement regulated by the consumer credit act 1974"
It gives me the figures ie x amount after 1/4, 1/2 and 3/4 etc. But there is no mention of my rights to termination(and that I will be eligble for only 50%
Above this it also states
"you have no right to cancell this agreement under the consumer credit act, timeshare act 1992 and financial services regulation 2004. I have signed my copy of the agreement but welcome have not.
If I end the agreement then I will have to pay the total amount payable
Am I on a HP agreement or on some other credit secured on the car, any help would be much appreciated
sounds like a credit agreement, I dont think you can reschedule a HP agreement.
Whos car is it? if it is on HP it belongs to HP company. It will say on the bill of sale or agreement somewhere.
Welcome Agreement is it HP or car loan Help
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