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Hi

This is my first thread! Hope someone can help! I have a car on finance with Welcome Finance and have had this agreement for almost 3 years. I Paid £1000.00 cash deposit and have been paying £183.21 a month. Unfortunately due to redundancy, credit crunch etc some of the payments in the last 6 months have been paid wither late or missed. There is currently £300.00 arrears (includes charges)

 

I have read through my agreement and it states that after paying £3900.00, I can hand the car back and owe nothing. However I dont have any other money to buy a car and depend on the car for work. So this isnt really an option. I have 18 months left to run on the agreement. I have phoned them and explained and they have suggested lowering my monthly payment, but I need to sign a new credit agreement. I am extremely reluctant to do this, because they are awful to deal with and get quite nasty.

What are my legal options? Should I just give car back? There is £3000.00 left to pay, car probably worth £800.00 today??!

 

Please help! Thanks very much.

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Guest flubdub

So when you have paid £3900, you can give them the car back? You have only paid £900, there is £3000 left to pay?

Just want to clarify. :)

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Guest flubdub

No, you're not slow, I was the same.

A CCA is a Consumer Credit Agreement. Its something that you sign for loans and credit cards. I have just requested ours for one of our RBS debts, and had £5000 "cleared" because they cant find it. I say "cleared" because the debt is still there, they just arnt allowed to chase us for it, and have told us so thereselves.

I suggest you search 'cca' on the website, theres LOADS on it, and it CAN be complicated.

However, I dont know if you will have signed one.

When you say you can hand the car back, would that be IT then, a clean sweep, they wouldnt ask for any money?

Is it possible for you to save up even just a couple of hundred pounds to buy a crappy little runaround, then hand the car back, THEN save up and get a better car? Your car might not be as good, but you'll be rid of the nasty creditor.

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Hi

This is my first thread! Hope someone can help! I have a car on finance with Welcome Finance and have had this agreement for almost 3 years. I Paid £1000.00 cash deposit and have been paying £183.21 a month. Unfortunately due to redundancy, credit crunch etc some of the payments in the last 6 months have been paid wither late or missed. There is currently £300.00 arrears (includes charges)

 

I have read through my agreement and it states that after paying £3900.00, I can hand the car back and owe nothing. However I dont have any other money to buy a car and depend on the car for work. So this isnt really an option. I have 18 months left to run on the agreement. I have phoned them and explained and they have suggested lowering my monthly payment, but I need to sign a new credit agreement. I am extremely reluctant to do this, because they are awful to deal with and get quite nasty.

What are my legal options? Should I just give car back? There is £3000.00 left to pay, car probably worth £800.00 today??!

 

Please help! Thanks very much.

 

 

Do a s.79 CCA 1974 request and a SAR request before you do anything! Whatever you do don't refinance the loan. There are a large number of Welcome laons that are unenforceable). Can yopu scan your copy up (minus any personal details for us to see?

 

Was there PPI or other insurances taken out at same time too?

You may receive different advice to your query as people have different experiences and opinions. Please use your own judgement in deciding whose advice to take.

 

If in doubt seek advice from a qualified insured professional. Any advice I have offered you is done so on an informal basis, without prejudice or liability.

 

If you think I have been helpful PLEASE click the scales

 

court bundles for dummies

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I will try to scan the credit agreement and load on to this page. W. F. are dodgy because they never write to me, just phone me. They will not confirm anything in writing and if I want to refinance the loan, I need to go down there in person, they wll not send me new credit agreement in post?! They are just dodgy.

 

If I write and ask for copy of CCA and the other document you mentioned, what will this do? Buy me time?

 

Can I just offer them a few hundred quid in full and final settlement of the loan or will they tell me to run and jump? Is there a rough guide as to how much they will accept as a full and final payment?

The car has a dent in the side so its really not worth me continuing paying £183.00 a month for the next 18 months for.

 

If I offer the car back to them or offer a cash sum full and final do you think they would consider?

 

Thanks very much for your help.

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hi beado

 

do exactly as josie8 has instructed you

send off a cca request

important, print your name, never sign

 

this account seems quite old so there is a strong chance that its a crap agreement

 

welcome were very lax in filling out these agreements, muppets on commission.

 

i have seen many early agreements that are worth nothing more than bog roll

 

 

thats even if they have your agreement

 

 

the reason why they want you to refinance is to sting you big time or the original is crap

 

DO NOT SIGN A NEW AGREEMENT / WAIT FOR ALL THE FACTS

 

signing one cancels out the original and protection of the cca 1974

 

if you get an agreement, we will check it out for you

 

send by recorded delievery, thats a must and use a £1 postel order

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mozzat

 

signing a new agreements cancells out the old t&c

you will be bound by the new t&c on the new agreement

 

thats another welcome con

 

who reads the small print

 

well yes, but imho still a valid question, "does this new agreement I am about to sign, have identical T & C's to the one it will replaces".

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the new agreement could have any t&c the creditor want on there

after all, its a new agreement

the previouse agreement is defunk, so not valid

 

I know, but the point I am trying to make is why sign. Their game is: they 'appear' to have done you a favour but in doing so, they ask 'you must sign this' (and in doing so, you sign away god knows how many legal rights you had on the previous agreement).

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you have hit the nail on the head

when you sign a new agreement with welcome, most of your rights are history

 

the previouse agreement would have been covered under the cca 1974

this offers the consumer far better protection

 

i have allways said this

 

NEVER, NEVER, DO A NEW AGREEMENT WITH THE LIKES OF WELCOME

 

believe me

they are doing you no favour

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scan the agreement up then we can see if it is enforceable or not

You may receive different advice to your query as people have different experiences and opinions. Please use your own judgement in deciding whose advice to take.

 

If in doubt seek advice from a qualified insured professional. Any advice I have offered you is done so on an informal basis, without prejudice or liability.

 

If you think I have been helpful PLEASE click the scales

 

court bundles for dummies

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I will try to scan the credit agreement and load on to this page. W. F. are dodgy because they never write to me, just phone me. They will not confirm anything in writing and if I want to refinance the loan, I need to go down there in person, they wll not send me new credit agreement in post?! They are just dodgy.

 

If I write and ask for copy of CCA and the other document you mentioned, what will this do? Buy me time?

 

Can I just offer them a few hundred quid in full and final settlement of the loan or will they tell me to run and jump? Is there a rough guide as to how much they will accept as a full and final payment?

The car has a dent in the side so its really not worth me continuing paying £183.00 a month for the next 18 months for.

 

If I offer the car back to them or offer a cash sum full and final do you think they would consider?

 

Thanks very much for your help.

 

You can't hand the car back with a dent, it needs to be reasonable condition for age and a dent is not reasonable no matter the age of a car. They will only charge admin and repair fees if just hand it back. In fact to be fair you have broken their agreement by not having the dent repaired.

 

However minus the dent you would be silly to keep the car, after all you can get a decent run around for £500.

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Have you been issued with a default notice and termination notice yet?

 

If so, I would advise against returning the car to them. If the account has been terminated (you'd have received a letter saying something along the lines of "you are no longer in possession of the vehicle with our consent"), DO NOT give the car back to them. They'll sell the car at auction, and will then hold you liable for complete remainder of the account. They'll have to get a court order to get the car back if you've paid the amount that you say you've paid. If the car is worth £800, you may only get £500 lopped off the account after it's sold through auction, so you could get lumbered with a large bill for fresh air if you don't get this side of it right.

 

According to the figures that you have given, you're likely under a 36 month contract, which would mean that you probably signed for it less than two years ago. There's a decent chance that they will provide a valid CCA, but it's worth a throw for £1. Voluntary Termination will be an option, but get the account up to date first if you can, get that dent fixed (as above, it won't be considered "reasonable wear & tear") and get time and date stamped photos of the car being inspected if they come out and see the car.

 

They would require the contract to be signed on trade premises so that it is non-cancellable, by the way (you have a seven day cooling-off period on car loan agreements signed at home).

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