 Settlement Figure - Welcome car Finance
amount of credit £9,799
amount of credit for insurances £4,185
credit for goods and insurances £13,984
credit for re-financing £1000
Total amount Credit £14,984
duration 48 mnths apr 23.5%
total amount payable for goods £14,824
Total amount ayable for insurances £6,193
Total amount payable for refinancing £1,479
Total amount payable £22,498
Insurances
PPI £2,920
Mechanical breakdown £650
emergency recovery £330
shortfall extra £245
collision call £40.
exceptance fee £150
Finance Charges £4,775
charge for credit goods £4,925
charge for credit insurances £2,008
charge for re-finance £479
charge for credit Total £7,414
Date of credit agreement 02/02/06
Hi all
I contacted WCF for a settlement fee after I paid 16mths out of 48mths and nearly fell off my chair when I was quoted over £12000 after already paying £7456 of the agreement..
I then spoke to Mel at WCF Sutton, who did try to explain to me how it was broken down, but none of it sat well with me.
I explained to her that I didn't want the PPI in the first place and that it shouldn't be padded into my car loan and that I want it cancelled, and she said I should have cancelled within the first 30 day's , I did try but the sales manager told me that I must take it as the loan is quite big and it protects them against me being unable to pay the total amount.
she asked for proof such as letters or faxes which I don't have, as I phoned them rather than write to them.
In any case I wasn't advised to send any letters to cancel anyway. So only the recorded telephones conversations of which she said may not go back that far I can use as proof.
she explained something along the lines of thats how we do it here.
I then demanded to know why if I pay my loan off early should I be charged for the full 48mnths interest?, she explained that they calculate and add the interest on to the loan from day one and thats how the deal is, so basically I'm paying 48mths interest on a loan that I only want for 16mnths, plus I don't want the interest from the PPI added into this amount.
Also the contract that Mel was quoting was slightly different from mine, and as I wasn't fully employed when I bought the car the PPI and (if we want to split hairs) the loan should not have been offered/accepted.
at this point she got a little flustered and lost her composure and I smelled blood.
I demanded I come in and see them but she was to busy and offered to send me the contract details they hold which I am awaiting.
But my question to learned people on this forum is , do I have any grounds to claim the PPI and get the interest re-calculated. i know there will be charges for early payment, but £12,000 was too much
I know I signed contrcts and such and don't want to bleat, but I can't accept the amount WCF want to charge for early payment..
is there any advice you can give as to how I can reduce this ridulous amount? | 
