Welcome Agreement is it HP or car loan Help

[nige1222]

Hello

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

Thanks

Nigel

[raydetinu]

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.

[drob]

If it is a HP agreement it should clearly state "HP agreement regulated by the Consumer Credit Act" on your agreement.

[nige1222]

Hi

No it does not state HP agreement anywhere on the agreement.

There is also a statement saying that the goods become my possesion on the signing of the agreement.

However welcome have stated that the loan is on the car and that it cannot be sold without clearing the outstanding debt owing.

The car is also showing outstanding finance on HPI

Curious as to what the hell this agreement is, possibly some kind of linked loan agreement prehaps.

It does not say HP, but I cant sell the car without clearing the debt via a settlement figure.

I bought the car at welcome showroom wakefield using their own welcome car finance

Thanks

Nigel

[John Atkinson]

Car Credit Complaints may well be able to advise further on this one.