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Welcome Finance - car termination and loan reduction
Hello
I dont know if this is the right place to post this or if anyone can help but here goes..
My Boyf and I both have cars with Welcome Finance, I looked at voluntary terminating mine a while ago but they said they couldnt as it was a loan rather than a car agreement (which I never knew and when I asked a while ago about using my car as a taxi they said I couldnt as it was on finance!).. My boyf doesnt need his car anymore as he is a taxi driver so uses a company car as it were - we are therefore thinking maybe we should voluntary terminate his as although there would be about £3k owing (on a car that cost £5k about 4 years ago!) but we have been told that we could merge this with my loan and drag the payments out over a longer period (currently 6 years)....
We dont really have any other choice as between us, we probably owe Welcome Finance £11k and due to bad credit ratings, no bank would lend to us so that the repayments were lower - no family member could do it for us (and why should they!) which is a shame as we would clear the debt in half the time if the interest was lower but hey ho..
Anyway, to make matters more complicated, I am having a baby in April and will therefore not have enough money to pay the full amount on my loan I dont think.. If I voluntary terminate boyfs car and merge loan together, do they have to accept a reduced payment from me whilst I am on maternity leave? I dread to think how much interest they will put on the loan because of it but we need all the money we can get at the moment!
My loan is £200 per month and Boyfs car is £115 so if we merged, it might only save us £60 per month in payments but it would also save us the £50 per month insurance plus the tax and MOT each year!
I hate Welcome Finance and wish I had NEVER got a car from them.. I dont think I will ever be free of owing them money!
HSBC- Full settlement received & spent! £1,477.93 HSBC claim 2! - Full settlement offer received 27/06 - £1,116 A&L (for my Nan) - full settlement received on day of prelim hearing - approx £1500 Halifax - (for a friend) - full settlement received 30/06 - £2576! Barclays - (for a friend) - Court forms were due to be submitted but he wants to wait for results of the court case with OFT A&L - (for a friend) - court forms submitted - claim 'stayed' due to OFT case
Re: Welcome Finance - car termination and loan reduction
Hi guys sorry to hear about you problems with the car, i like yourself at a very low ebb and moment of stupidity took out a car and personnel loan, welcome finance are just pure scum, the payments are just ridiculous and the APR shocking, however in sept this year my amazing high mileage car developed a problem and after the amazing "warranty" they make you take out, i was told due to the fact i hadnt had it seviced enough for the warranty to be valid i was left facing a repair bill of £850 i told em to stuff the car i took a stand and basically quoted what they had sold me "wasnt fit for purpose" i have had the car coming up 18 months i have been lucky and managed to scrape together enough to go and buy myself a half decent run around to get me through at the moment. As it stands they are threatening me with legal action etc etc but at the moment no nasty letters etc, all im paying them is my personnel rip off loan so ill keep you guys informed as to how it goes in the coming months but be brave take a stand !!
Re: Welcome Finance - car termination and loan reduction
How long has your BF had the agrement? how much of the balance has been paid?
Ida x
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Welcome Finance - car termination and loan reduction
) but we have been told that we could merge this with my loan and drag the payments out over a longer period (currently 6 years
)....
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Re: Welcome Finance - car termination and loan reduction
