help needed with welcome finance

[karen654321]

Hi,

 

Im having absolute nightmares with welcome finance and dont really know what to do...

 

We bought a car through them and total loan was for about 13k. Last year through the ombudsman we had the ppi refunded in full due to being mis sold.

 

Over the last 12 months we have fallen behind in payment. They are telling us we are £2300 in arrears. There is about 6k left outstanding on the loan.

 

The orignal repayments were 350 per month and we are paying 100pw so we are paying over the top to try and clear the arrears.

 

My husband gets paid on fridays and phones up on a friday to make the £100 payment. But we are getting calls most days and sometimes 3 times a day for payments. We have explained that payment will be made on a friday but they still persist on calling and told us all the time the account is in arrears that they will keep calling.

 

The other problem i have is that last week they told us they could come round and get the car that week if we did not make that weeks payment. This was on the wednesday. We had to borrow the money to pay the £100 on the wednesday. Although they know we dont get money till the friday.

 

I have asked where the last years statement is. Apparantly this was sent out begining of february but has not arrived. They can prove it was sent but it has never arrived. To get this statement they are telling me i need to pay £10.

 

I just dont know what to do or where we stand with this. I know we are in arrears. But we are managing to pay extra to try and get the arrears down.

 

any help with this would be great

 

 

karen

[postggj]

Hi Karen

 

Ill Look In Later

Breaking News At The Moment

[karen654321]

thanks

[karen654321]

error

Edited March 11, 2009 by karen654321
trying to add copies of agreement

[karen654321]

http://i671.photobucket.com/albums/vv71/karen321_2009/wfs.jpg

 

http://i671.photobucket.com/albums/vv71/karen321_2009/wfs2.jpg

 

http://i671.photobucket.com/albums/vv71/karen321_2009/wfs1.jpg

 

 

Not sure if i have done this right but would be grateful for any help.

Edited March 11, 2009 by karen654321
more pics

[karen654321]

Any help with agreement would be really really appreciated?

 

thanks so much

[082stewie]

Hiya Karen,

 

The resident Welcome gang are getting sunk into something "special" with Welcome that could have massive implications for Welcome as a whole.

 

I am certain someone will pounce soon enough to give you assistance. Ill bump this every now and then to keep it alive.

 

Take care

Stewie

[karen654321]

Thanks for replying. Yes i have been doing a lot of reading about welcome on here.

 

I do think i have been charged interest on the acceptance fee but wanted someone who knows about these to just check.

 

The nasty calls usually start today as payment is due tomorrow.

 

thanks

[082stewie]

I doubt they will call you, they have other pressing issues to deal with and one of them is lack of staff.

 

[karen654321]

Well i have the automated call this morning all ready. I dont mind them ones as much.

 

I have asked them to stop calling but they said they wont while the account is in arrears.

 

I just dont know what to do. I have read on the contract that as we have paid a certain amount they need a court order to come and get the car. But i really dont want to lose the car at the moment. I dont know if this is something they will do.

 

I just need pointing in the right direction with them. I am reading more and more stories on here about how people have dealt with them but i just dont know what i should be doing now.

 

any help really honestly appreciated

[Peterbard]

HI Karen

 

I am haveing problems making out the figures on your agreement.

Could you tell me the

total credit

total amount

payable the installments

repayment period

 

and if all he insurances in the top left hand box were mandatory charges.

 

And any information about which insurances wher optional

 

Best regards

Peter

[karen654321]

hi,

amount of credit for the goods £8844.00

amount of credit for the insurances £3073.39

total amount of credit £11918.39

duration 48 months

total amount payable for the goods £13412.39

total amount payable for the insurances £4548.48

total amount payable £17960.84

monthly payments £372.08

apr 23.9

 

cash price of goods £8845.00

total cash price of insurances £3073.39

total cash price £11917.39

acceptance fee £150.00

finance charges for goods £4317.36

option fee £100.00

px allowance £1.00

total deposit £1.00

charge for credit for goods £4567.36

charge for credit for insurances £1475.09

total charge for credit £6042.45

rate of interest on credit per annum 12%

 

 

 

monthly payments

credit/cash advance £272.69

acceptance fee £4.63

insurance payments £94.76

total per month £372.08

 

We did succesfully reclaim the missold ppi through the ombudsman as we were told we probably would not get the loan if we didnt take the ppi. They told us that it is there guarantee of payment if we fell out of work.

 

They have now agreed to send us last years statement which we have never recieved. although this has not arrived yet.

 

thanks very much for your time

Edited March 13, 2009 by karen654321
missed out px allowance and deposit

[Dipply75]

Hi Karen

 

Will just add, if you are going to spend £10, then spend it sending a full subject access request and get all the info they have on you....lets see how many times they have charged you for all those obviously unnecessary phone calls

[Peterbard]

Hi Karen

Thanks i will run them through

Before i forget, you mentioned about your annual statement not being sent,

You may know that due to the cca 2006 they canot charge any interest whether defalult and/or charges whilsth they have not provided an annual statement 77a of the act.

 

Petr

Edited March 13, 2009 by Dodgeball

[Peterbard]

Hi

Karen

i take it you didn't pay the option fee as the agreement didn't run to the end of term is that right.

Peter

Edited March 13, 2009 by Dodgeball

[karen654321]

Yes thanks for that. The problem i have been having is they are saying they have sent it but it has never arrived. We have phoned up 3 times for it but now they are saying we need to pay the £10 for a copy. Im telling them its not a copy its an original i want but they wont have any of it.

 

I even spoke with branch manager and he is saying he can prove it was sent.

 

thanks

[karen654321]

tap? sorry not sure what that is. We did have the ppi refunded last year

[karen654321]

hi peter. We are still paying them. Contract started 1/06 and is due to end next year. The £100 option fee is there yes and its never been refunded.. Just the ppi

 

thanks

[Dipply75]

Hi Karen

Thanks i will run them through

Before i forget, you mentioned about your annual statement not being sent,

You may know that due to the cca 2006 they canot charge any interest whether defalult and/or charges whilsth they have not provided an annual statement 77a of the act.

 

Petr

 

Very interesting, did not know that.

 

Can you give some advice on what could be a very niave question admittedly and which will no doubt be on Karen's agreement also...

 

If the agreement states Fixed Sum Agreement etc at the top, yet down at the interest rate it states in brackets 'rate is variable with 14 days notice' - is that a contradiction? (On secured and unsecured loans btw)

 

Can that be right?

[Peterbard]

HI Karen

 

APR 23.9

TAC 11917.39

TAP 17959.84

TCC 6042.45

 

I am affraid it all checks out

I was a bit confuised because the tap they quoted is 100 up but it turns out that it is just the option to purchase fee that they have factored in on the last payment this is confirmed by the APR as is the fact that it is contained within the TCC as it should be

One of the rare occasions when welcome have got it right i am affraid.

 

HI dipply

 

The fixed bit refurs to the total credit not the interest rate unfortunately they can vary it if the give you notice and it is stated on your agreement.

 

Peter

[Dipply75]

Ah, see now that makes perfect sense - thank you Peter.

[karen654321]

Thanks so much for all that peter. I have been reading about the acceptance fee though. Where they are not allowed to charge interest on this.

I was trying to work out if they had charged it.

 

It states the acceptance fee is £150. Payable £4.63 per month over 48 months which would obviously would work out more than the £150.00

 

thanks once again

[Peterbard]

Hi k

 

Thats a common missconseption. The thing is any fees or charges must be containesd within the total charge for credit and not added to the total credit w. If they charge interest on any of these fees they to must be contained within the TCC as they are also a charge for credit It is a bit difficult to get your head arround at first.

 

 

THisd may help http://www.consumeractiongroup.co.uk/forum/general/187938-interested-apr-fees-how.html

Regards

Peter

Edited March 13, 2009 by Dodgeball

[karen654321]

Thanks for that Peter. Had a good read through. When the fos managed to get our ppi refunded why wasnt our monthly payments lowered. In the breakdown of the monthly instalments it shows the ppi as a big part of this.

 

thanks

[karen654321]

And is the credit agreement still actually valid as the ppi was refunded in full but a new credit agreement never signed up? They seem quite desperate to get us to sign a new agreement making me think that there is actually something wrong with this one.

 

many thanks

 

no statement arrived as yet suprise suprise