Something else I should really add. At the time because I didnt have a deposit when we bought the house, the amount borrowed was made up of a mortgage and a secured loan from Northern Rock. Welcome was a second secured loan on the property, so would that make a difference in terms of the motgage indemnity fee?

Thanks mate

PM sent Cheers

Hi mate and thanks The PPI was on the previous loan and that was cancelled when the loan was re-written, so I may have a claim for that in a seperate case but not for my current agreement unfortunately. re the MIF thats what I thought would be the right way to proceed (compliance dept) however Im not sure if I have a case here? Are they well within there right to charge me this? Many thanks

Many thanks again PT. So.......... long term, Im assuming my next course of action is to wait until I recieve all the copies of letters and documentation they hold on me, following the letters I sent (courtesy of Post) then put them up here and see what you guys think? Whats sticking in my throat is the whole "well you voluntary surrendered the vehicle so you have no comeback" attitude. I mean they, without shadow of a doubt, made it out to me that I had absolutely no choice - because I said I either wanted to keep the car and pay the arrears or voluntary terminate and hand the vehicle back. I was told in no uncertain terms that I had no choice because they hadnt recived this form in time. I had "lost the right" to voluntary terminate was the exact term used. But if this information was given on a phonecall and hasnt been recorded, how can I prove otherwise?

Many thanks my friend, especially when you are busy at work. I genuinely appreciate it. I have answered the questions in bold above. Regards

Just a quick update on this for those who were helping me out. I had a call just now from TFC after speaking to them yesterday - thats the last time I will engage with them on the phone however and from now on everything is in writing. What they did say though is that a court order was not issued to repossess my vehicle. They said it was on record that I was intending to voluntary terminate and had the car back, but because they didnt recive the "relevant documentation" in time then I "lost the right to voluntary terminate the agreement". I actually did send the documents to them (1st class mail unfortunately) but they claim non reciept. I said to him that I didnt want to voluntary surrender the vehicle but was told I had no choice and had to or it would be taken. His response was "well you voluntary surrended it to the agent and signed the form" so theres nothing you can do. Angry doesnt even begin to explain how I feel right now!!!!!

Hello all Following some excellent advice I recieved on this site yesterday, I thought Id post another potential drama, this time with Welcome Finance. Okay.............. so Ive had several loans with Welcome spanning somewhere around 15 years!! My current loan was a secured loan on my property, that was originally taken out in October 2003 for 14, 488.64 (with PPI that I was told if I didnt take I wouldnt get the loan) and then re-written to £20,000 when I recieved some additional funds in April 2005. When it was re-written, the PPI was dropped but I was hit with a £2,200 Motgage Indemnity Fee and also a £235 Acceptance Fee. I paid £314 to this loan each month until October 2006 when I sold my property. I asked welcome for a settlement figure based on a balance owed of £23,500.17. After selling the house I had £19,007.97 available which I thought would work out. Welcome said this wasnt enough to clear the loan in full and so took the £19,007.97 and paid it towards my loan leaving me with a balance owed of £4492.20. They then offered me reduced monthly payments as I was "so far in advance with this loan" and I started paying them £150 a month. Obviously the loan was no longer secured as I no longer owned the house, but I didnt sign any new contract for the remainin balance. I had fallen into difficult times and stopped paying for a while and now they have frozen the interest on my account. The balance as of February 2010 was £2695.22 but they then charged me £420.84 capitalisation in March - even though interest is frozen??? Ive phoned several times now and nobody can explain this to me - I phoned again today and was told the charge was "an IT issue at our end". He couldnt elaborate on this and when pressed about someone coming back to me, basically said no - you phone us in a week for answers. He also said my account was "£6243.82 in a plus state" as Id paid so much when I sold the house. Now something doesnt add up to me with this. The interest paid, the mortgage indemnity charge and acceptance fee, the paying £19k but still being left with a hefty balance and the not signing a new now unsecured agreement. I have the full statement from day 1 here and I can post it up if required. A quick breakdown is as follows: Loan amount: £20,000 (re-written from a previous secured loan) Mortgage Indemnity Fee: £2,200 Acceptance fee: £235 Total £22,435 Capitalisation to date: £8122.88 Payments to date: £7869.71 plus a lump sum of £19,007.97 Conversion/default charges: £205 Total paid: £26,877.68 Any advice will once again be very much appreciated.

£34k? Thats some amount of money to get back!! Many thanks for checking this, its much appreciated

I have to agree and say very well done!!! In this current financial climate, there are so many people that have been cheated, lied to and manipulated by finance companies. I personally know of someone who tried to commit suicide due to pressure of always being chased by creditors. Having people 'in the know' who are willing and able to offer advice is invaluable and a real lifeline and I hope you all realise that.

If that is the case ( and im trying not to get too excited at the prospect) then I will be very much in debt to you all for your oustanding advice. Its funny............. getting money back of having money written off from a company is obviously very nice, but in this instance just giving these people a taste of there own medicine is more important to me than anything. They should be ashamed of themselves.

Excuse my stupidity mate but I have no idea what Secured by a Bill of Sale means I dont have any documentation in relation to the agreement unfurtunately. All details (i.e. how many defaults, when the last one was, amounts paid etc) were supplied by TFC. I even had to get my account number from them. I was so sick when this happened I just binned everything and raised the white flag.

Hi mate The agreement was hire purchase and Ive included details of payments below. Borrowed: 4500 Total Credit: 7082.68 Paid back: 4411.43 (was due to make a (£90 final payment with return of the vehicle when voluntary terminating) I was defaulted a total of 12 times throughout the agreement. The last one beig on on November 2009 just before I was told I had to voluntary surrender. The car was sold at auction on 19th January 2010.

You are both a fountain of knowledge and I am very much grateful for your advice. Both letters now printed and will be sent recorded delivery tomorrow morning with the relevnat postal orders. Once I have further information I will post back on this thread. Once again, thank you!!

You my friend are a legend!!

Yeah Red2Black were the collection agents. The thing is normally Id be on the ball and question everything, but as I said at the time I was a bit "out of it". But telling me on one hand I cannot VT as its too late but then I can VS??? Key word Voluntary!! Its sounding more and more like Ive been stung!! I have the letter here but havent posted it yet - basically Ive requested a copy of the original agreement, a full statement of account covering the whole agreement and a copy of all and any correspondence between myself and TFC. Should I send this or hold back and just go with the SAR?

Outstanding - a subject access request on its way!! Is there a charge for this? .............. and just to say to all of you who have replied - THANK YOU!!! It is comforting to know in these situations, that your not alone and that there is good, solid advice from decent people out there.

My bold - I may be wrong with that part but there was definitely a form/document of some description that they sent me which i returned and they claim they didnt recieve. Sorry thats a bit vague but I had a lot of personal issues at home during this time, which is why I just let them walk over me without questioning it. No - no RAC appointments booked or anything similar. Just a demand to have the car MOT'd, serviced and the form completed. As I said it took me a while to sort this (as the repairs were a fortune) but when I finally got it done they werent interested. I had no PPI The collection agents were red to black In terms of payment I paid aprox £3215 which is half of the agreement I will post full and accurate details as I recieve them. Ive also requested (in writing) a copy of the original agreement, of all correspondence that was sent and a full statement/breakdown of costs.

Hi Will do....... Im just waiting on details being posted out to me from TFC.

What process should I follow for this? Is there a series of template letters or how do I start the ball rolling. Just off the phone to one of there Customer Advisors (The only nice one Ive ever spoken to) and she couldnt figure it out............. she said I had every right to terminate and hand the vehicle back as Id paid half. She then went and checked and came back with "the reason it HAD to be voluntary surrendered is because you didnt send the documents in on time." She couldnt elaborate, but if I rememebr correctly it was one of there forms plus the V5 (which I had sent but they claim non reciept, so I had to apply for another one from DVLA)

In my stupidity, I binned all documentation after handing the vehicle back (I know, I know) I have written to them (yesterday) and am chasing up with a phonecall today. I hope to obtain as much of this info as possible and as soon as I do will post it up here.

Thank you my friend............ I will start working through them now. Any advice on my poisition still very much appreciated.

Hi all My first post, so please be gentle. Okay a quick bit of background information: Im 34 years old and have been in debt most of my adult life, at one point owing around £45,000!!!! I have since through hard work, selling my home, motorbike etc paid most of it off and now owe around £12,000. Now I have negociated with most of my creditors and have interest frozen on some accounts and for the first time in my life have a real chance of being "debt free" in the near future!! The main problem Im having is with The Funding Corporation. I purchased a vehicle through them and was paying it no problem, but then found myself in financial difficulty and was having trouble making repayments. It didnt help that the vehicle Id bought required nearly £1700 worth of repairs!!! So as Id paid half of the agreement, it was my intention to hand the vehicle back with no further cost incurred by myself. The Funding Coproration sent me the necessary paperwork and informed me that I had to have the vehicle MOTd and serviced before it was returned to them. Because of the unbelieveable amount of money it cost to repair the vehicle and because of other personal problems, it took me a few months to get the money together to have the vehicle repaired - that was a few months without making my monthly payments again. In the end they sent the debt to another company who demanded voluntary surrender of the vehicle or face repossession. I explained that it was now MOT'd and I wanted to return it (as Id paid half of the original agreement) but was told it was too late for that and that it had to be surrendered. So, I surrendered the vehicle which was later was auctioned for a silly price (after all if spent on it) and they are now at me for over £3000!!!! One minute im returning it with no costs incurred as id paid half of the agreement and the next im owing £3k for a car I no longer have. I cant see how this can be right (both ethically and legally). Have I been mislead? Is it my own fault for being so nieve? is there anything I can do about it now (this was 6 months ago)? Sorry for such a long post but any advice offered will be very, very much appreciated. I can fionally see light at the end of the debt tunnel and this has just completely set me back.