please please help with welcome finance

[karen654321]

Hiya

My husband bought a car from welcome car finance in 1/06. We are at the moment trying to claim back ppi that was mis sold but thats a different story.
I cant make any sense of the figures and wanted to know if anyone who understands these agreements can help me.
The other thing is that ive noticed is on key informations section it states "if you wish to purchase the goods see clause 4 of the terms and conditions"

clause 4 reads Ownership of the goods
At the end of this agreement, provided you have paid all the monies owing under this agreement and the agreement has not been erminated you may buy the goods.
If you do not excercise your option to buy the goods you must return them in good condition no later than the day the final payment is due..

Does this mean the cars not ours at the end?????

I cant believe it.

The total we are paying back is £17960.84 the car was £8844.00.

You may be thinking should have read everything when got the car but i had just had twins and we were desperate for a car to get us around back them as we needed a 7 seater.
I would usually check the paper work but was very ill and still in dla since 2005.
Just dont know what to do

I cant make sense of these figures either...

I really hope someone can help as i dont know what to do now.

amount of credit for the goods 8844.00
amount of credit for the insurances 3073.39
total amount of credi 11971.39
duration 48 months
total amount payable for the goods 13412.36
total amount payable for the insurances 454848
total amount payable 17960.84
ppi 2328.39
mechanical breakdown 500.00
shortfall insurance 245.00
monthly payments 372.08
apr 23.9%
cash price of goods 8845.00
total cash price of insurance 3073.39
total cash price 11918.39
px allowance 1.00
deposit 1.00
acceptance fee 150.00
finance charges for goods 4317.36
option fee 100.00
charge for credit for goods 4567.36
charge for credit for insurances 1475.09
total charge for credit 6042.45
rate of interest 12%

This is all just to much.. cant understand this..

please please please someone help and tell me what to do

thanks

karen

[karen654321]

bump

[Bigmac versus]

Hello Karen after looking at the above it is basically as follows.
CAR COST: £8845 you paid £1 deposit leaving balance of £8844
£4317.36 is the amount they are charging you for credit on the car.
Acceptance and option fee of £250 added to this makes a total charge of £4567.36.
The cost of the car and the finance charges total £13411.36

Then £3073.39 cash price of insurance includes PPI £2328.39, mechanical breakdown of £500 and shortfall insurance of £245 , but credit for this of £1475.09 brings the total for insurance to £4548.48.
MAKING A GRAND TOTAL OF £17959.75 OWED

What strikes me is the amount of insurance and then credit on this.

Does this breakdown make sense?

[karen654321]

Thank you so so much for this info. What was confusing me was where they quoted insurance as the only insurance i was aware about is what we take out to insure our car which is nothing to do with them.
I have sent a letter to them regarding the ppi as we were told it was needed to get the loan and guarantee there payments if my husband lost hes job.
The clause i mention in above post about returning the car do you think this means that after paying the 17595.75 the car is still not ours anyway?
At the moment we have paid every payment on time each month the only dispute we have now is this ppi.
Would you know how much i should be claiming back for the ppi is it the £2328.39 or do i add interest on this.

thanks so so much for explaining this to us.
karen

[Bigmac versus]

Hi Karen i would at the very least be requesting that sum and the interest that was charged for that amount.
I would enquire in to the mechanical breakdown at £500 thats some price and what does it cover, did you request that?
Shortfall insurance assuming thats if the car is written off due to accident this will cover the difference between what the insurance offer and what is left on the finance. Do you have the terms and conditions which will explain all?

[karen654321]

No i havent got any terms and conditions. We certainly wouldnt have requested the mechanical breakdown as we do have mechanics in the family.
How would we work out what interest has been added on to the ppi to claim it back.
Would it involve us signing a new agreement as they stated this would have to happen if they agree the ppi was missold.

thanks once again for all your help

karen

[Bigmac versus]

You say you havent got or had terms and conditions?
Request terms and conditions for the sale and ones that were for that time the car was bought, these are important.
The ppi very roughly would work out at £3500 (this includes the interest)
but as you say the breakdown cover WHY would you want it, question everything you are doubtfull off.

[karen654321]

Hiya, thanks for the very quick reply. Will request those first thing Monday morning.If they still say we were not missold this ppi and we say we were what would have to happen. I presume we would have to take this to court. Would this be the same sort of procedure as re claiming the bank charges? Filling out on line court forms etc. Would we need a solicitor.
Im not very good at any of this..
thanks once again for all your help

karen

[dx100uk]

there is a very good forum here on PPI
have a look there

it shows all you need to do

the more you read the better

dx100uk

[karen654321]

thanks very much.. have been reading through but will continue.
thanks

[karen654321]

Hiya, Thanks to everyone for advice.
Welcome phoned my husband today and stated that they wont refund any ppi as they dont believe it was missold. I dont really know where to go from here.
Do i have to take it to court? If so what proof do i have apart from us saying it was missold and them saying it wasnt?
I dont know how it could ever be proved that it was missold.

all suggestion welcome.
thanks

karen

[Bigmac versus]

Have a look in the PPI forum where you wil get help on exactly this matter.

http://www.consumeractiongroup.co.uk/forum/ppi/