Welcome Car Finance - New Agreement - quite long

[JonCris]

Mummy DO NOT UNDER ANY CIRCUMSTANCES SIGN their 'new' agreement.

 

It's a very well known ploy, by Welcome & some other lenders to get existing customers to sign a new/replacement agreement which as it would fall outside of the 74 CCA & within the 2006 CCA would mean you losing the protection of section 127 of the 74 Act.

 

Section 127 of the 74 Act being the most comprehensive & probably the best part of the old act in the matter of consumer protection - & which this government, that claims to protect the consumer, has removed from the new act means you would be at the complete mercy of the court should you at anytime dispute the actions of the lender. That's usually the reason they want you to sign another:mad:

 

Strongly suggest you have your current agreement checked as you may find, as many others have already, that it is unenforceable.

[JonCris]

Can you explain again why they want you to sign a new agreement??

[JonCris]

She is talking rubbish.

 

They can re-schedule the debt without you having to sign any new agreement. The only have to write to you confirming their agreement to the new arrangement.

 

Can you tell me how much you paid & how much you now owe

 

Clearly this 'woman' likes to issue threats & my advice is to call her back & get her to confirm what she said previously whilst at the same time recording the conversation

[JonCris]

Hiya

 

According to the Credit Agrement, the amount payable is £13,662.72.

 

When checking my credit file on the Credit Expert site the thing from Welcome says we owe £6,478 updated on 17/02/05. This means we have paid £7,184 in 35 months. We have 13 months left to pay, the monthly payments of £284.67 = £3,700.32 plus they say we have missed nearly £1,500 (we don't think it is that much but we have had payments in cash go missing from the branch) that makes £5,200.32. That leaves £1,278 extra that we still owe for some reason.

 

We were also paying £300 per month to catch up on the money we owe.

 

Any help you can give is very appreciated and greatfully received.

 

Kind regards Mummy_of_Five

 

 

Well on that case the 'Lady' is even more of a Li*r because for them to 'take' the car they need a Courts permission which they certainly won't get by Monday or any other Monday for the next couple of months for that matter

 

Now suggest the following: Rather than send a SAR write & ask if you can have a copy of your original agreement as you have been advised to check the T's & C's against the 'new' one..

 

Do this even if you already have a copy of the original & don't tell them if asked

[JonCris]

Let's teach them a lesson for trying to mislead a victim of their, some would say, extortionate lending rates

[JonCris]

Sorry to disagree Sparkie but I wouldn't advise sending a S.A.R - (Subject Access Request) just yet. I'm advising that the OP just write, or even phone & ask for a copy of their old agreement so they can check it against the new one.

 

This should have the immediate effect of letting them know they ain't dealing with a pushover &/or the OP has sort legal advice - this might/should cause them to pull their knecks in

 

The OP can save the S.A.R - (Subject Access Request) for when it gets a little messy

[JonCris]

Good result then - so far

[JonCris]

Sparklez I don't disagree about the S.A.R - (Subject Access Request) I just think it's a little premature & should be saved for later if Welcome starts to get stroppy - it isn't always a good idea to fire all the bullets in the gun at the 1st confrontation

[JonCris]

Now send a CCA request (NOT a S.A.R - (Subject Access Request) not forgetting to include the £1. You will find a template on the site.

 

That puts the account in dispute should they try & reposes the car as previously threatened

 

Also they are required to supply a 'true copy' together with a statement of account

[JonCris]

If the statements are not understandable to the applicant, namely you, then they have not complied with the CCA request

[JonCris]

Correct the can't but the nummties they employ are to stupid to know that

 

Where did you hear about them closing got a link?

[JonCris]

It would appear that rather than closing down they are simply withdrawing the funding facility from outside dealerships whilst maintaining their own outlets

 

In other words in a time of hardship for lenders they are seeking to maximise profit by controlling not only the finance but also the sale of the product in all deals. 2 bites of the cheery I think we would call that & one that will almost certainly end in tears for them

 

Whilst on paper it makes sense I do think it's a major mistake for a HP provider to have their own sales outlets..look what happened to Yes Car Credit when Provident tried it......lost without trace........& Provident still in litigation with a multitude of owners who can't get their cars fixed

[JonCris]

Getting clients who are having trouble in meeting their payments to sign a new agreement is now a common ploy of Welcome. - If you do you lose the protection of sec127 of the CCA74 which was revoked in the CCA2006 which is the legalisation your new agreement would be governed by

 

Welcome are probably refusing to repo because 1st the cars worth a lot less than the outstanding sum & they have more chance of being paid more money if you still have it to worry about - and 2nd they are hoping to panic the OP into signing a new agreement which will involve them paying considerably more than the original.

 

It is also a distinct possibility that they know their present agreement is unenforceable in law as I understand their old CCA 74 agreements have already been challenged with some success

 

If you did sign their new agreement there are various legal arguments that can be used to challenge their behaviour & invalidate this new agreement which involve things such as coercion, unfair relationship & even exorbitant credit bargain - but for any of those scenarios to be successful would be reliant on a judge getting out the right side of the bed because if not who knows how a DJ might find

 

Don't sign & more than likely they will accept what payments you can afford or if not they will have to obtain a CCJ at which point you can say to the court you offered voluntary repo & the court won't be happy that they still sort a CCJ

 

The court could even order that Welcome take the car & dispose of it at the best price possible then return to the court to submit an amended claim - & if it was sold for great deal less than is owed the court might ask if it was grossly overvalued in the 1st place & adjust the amount outstanding or even cancel it all together - very dodgy ground for Welcome & one they won't want to get into