problems with welcome finance

[me_only]

hi, i am new here to, i have bhought a car from welcome finance about 2 and half years ago the car was 3,808.65, paid 185 pounds per month at the time, i had a secure job, but now i was on maternity leave from a diferent job the money wasnt much so i asked welcome finance to cut the amount i would pay per month but for that they said i would have to go there and do another contract wich we did,at the time we have sort out the new contract i had allready paid 2,539.1, the new contract was made oficial on the 7th of october 2008, now i am 2 months late on payments, i have been on adittional maternity leave for the last 3 months, i called welcome finance about 4 months ago to let them know that the last 3 months of aditional maternity leave are not paid, and they told me that is not they problem that i am on aditional maternity leave i tried to warned them that the month after i would not have money to pay them,they dindt care,now they are sayng that they will collect the car if i dont pay them, the payment of the new contract is 108 pounds per month, at this moment i dont have the money to pay them but they wont accept anything or wont hear me, as the full amount of the car is allready paid,all i am payng now is interest wich is 5000 pounds they told me it would take 6 years to pay for this , my car is a ford ka from 2001, by the time i finish to pay all this interest the car wont be worth anything, with the new contract they removed the insurance, wich i had paid a lot before the new contract, wich means i lost lots money because i paid insurance before for 2 years, they keept the money for the insurance and now i dont have one when i paid previously for the insurance, my question is should i let them take the car? or should i wait to go to court and then they will have to explain why it was such high interest? any advice? as far as am concerned the car is paid, if anyone is going through a similar situation or has been what did you do to sort this out? thank you for any advice that may be given to me

[Undercover-Elsa]

Hi again Me_Only,

Well done for getting your own thread sorted out.

I'm just bumping this back to the top for you to get help.

Can Anyone advise?

All the best

Elsa X

[me_only]

thank you very much elsa for your kind support,much appreciated, take care xx:)

[dx100uk]

[hi, I am new here to,

I have bought a car from welcome finance about 2 and half years ago

the car was 3,808.65,

paid 185 pounds per month at the time,

I had a secure job, but now I was on maternity leave from a different job the money wasn?t much so I asked welcome finance to cut the amount I would pay per month but for that they said I would have to go there and do another contract which we did,

at the time we have sort out the new contract I had already paid 2,539.1, the new contract was made official on the 7th of October 2008,

now I am 2 months late on payments,

I have been on additional maternity leave for the last 3 months,

I called welcome finance about 4 months ago to let them know that the last 3 months of additional maternity leave are not paid, and they told me that is not they problem that I am on additional maternity leave

I tried to warned them that the month after I would not have money to pay them, they didn?t care,

now they are saying that they will collect the car if I don?t pay them,

the payment of the new contract is 108 pounds per month,

at this moment I don?t have the money to pay them but they won?t accept anything or won?t hear me,

as the full amount of the car is already paid, all I am paying now is interest which is 5000 pounds

they told me it would take 6 years to pay for this ,

my car is a ford ka from 2001,

by the time I finish to pay all this interest the car won?t be worth anything,

with the new contract they removed the insurance, which I had paid a lot before the new contract, which means I lost lots money because I paid insurance before for 2 years,

they kept the money for the insurance and now I don?t have one when I paid previously for the insurance,

my question is should I let them take the car?

Or

should I wait to go to court and then they will have to explain why it was such high interest?

any advice?

as far as am concerned the car is paid,

if anyone is going through a similar situation or has been what did you do to sort this out?

thank you for any advice that may be given to me

.............................................................

 

i would firstly be inclined to SAR them & get all your agreement details old & new

 

then workout what you paid in insurance & p'haps try and go for a mis sell.

 

i'd await the results of the SAR, but it will be interesting to know if the car is mentioned at all. that i doubt.

 

eitherway i dont feel they have any claim on the car.

 

it will help your case to make SOME regular payment, even ifd it is just £1.

 

when you put the SAR in [that will cost £10] i would also include a letter TELLING them they will only get £XX for XXmts.

 

you SAR will also put the a/c into dispute and hopefully stop any charges.

 

there are lots of threads on welcome finance, it will not do you any harm to usethe search in the blue bar above & type in welcome finance.

 

that way you will get a feel for how others are going.

 

sadly these leeches are threatening 1000's of people with what are quite literally outrageous things

 

cag will hopefully be starting a forum on these jokers so all the help & experiance is in one place.

 

good luck

 

keep your chin up

 

dx

[me_only]

Thank you very much for your advice, does that mean i can ask welcome finance for a Subject Access Request even by phone?( never done that before) i will defenitly folow your advice, i think it is a great ideia to do a forum for welcome finance, and all of us people who have problems with them should go to watchdog to embarass that company name i bet after that they would not have much costumers to bully.

 

Once again thank you for the support and advice:-)

[cerberusalert]

You will have to send them letter #9 The Consumer Forums - Debt collectors which will cost you £10 & they have 40 days to comply with your request.

[me_only]

Ok i will do that, thank you very much for the very usefull advice.

 

take care:-)

[me_only]

Hi i am back again, i have done the subject access request to welcome finance as sugested by you guys thank you for that it was very helpfull, they have replied very quickly in only a few days i had all the documents i needed, i have also enclosed a letter with a proposition of payment, after this they arrived at my door just to give me a letter sayng that they will take monies from my bank account if they want, and that they will take money from my wages ( i dont have a job) that same letter they gave me by hand that day they had sent me the same letter by post just a few days before i dont see why they poped in at my door,with no court order or nothing, i have received another letter from them welcome finance sayng that i have 14 days to finish the agreement even though they are still harrassing me by phone but i never answer, the letter i have sent with a proposition for payment they havent even mentioned it, what should i do next??? or what should i do to go for a mis sell, thank you very much for any advice you may give me.

[cerberusalert]

Make a complaint to your local trading standards & the OFT with regards to their harassment and threats, they are in clear breach of OFT guidelines & CPUT;

 

Debt collection guidance - Final guidance on unfair business practices - oft664

 

 

 

[email protected]

 

The Office of Fair Trading: Debt collection practices

 

tel: 020 7211 5823

[me_only]

ok i will do that, thank you very much for your help and advice:)

[twobeercans]

when they rewrote your agreement did you check and make sure that the overall loan had been calculated properly and of course if your aPR remained the same. Also make sure that all your repayments were correctly taken from the amount outstanding. I would think you would have a strong case for PPI refunds as they had a habit of hardsell, impression of can't get car without it ect!.

furthermore when they did the rewite after 2 1/2yrs of payments did they convert it to a personal loan instead of HP, if that was the case they have no claim on the car! they sometimes do this it seems in order to increase the overall APR since it is not now secured on a vehicle.

Write a letter to them probably best to there head office by recorded registered post, first off mentioning a claim of the PPI(if paid) and suggesting you have difficulties at this time and asking them to rewrite over a longer term and and interest rate in the range of 10% due to hardship. They are required to look at your current level of income and expenditure in order to determine if a case of hardship exists and if so act accordingly. This is called responsible lending and account management by them, you should document your overtures to them by keeping copies ect, in the end any enforcement action they can take against you in a court will be limited by details of I&E they know this "if you aint got it they aint getting it lol", of course much of how much trashing they do to your credit file is gonna be upto them but from a strictly how much financial damage can they do this is going to be somewhat limited cos you got no cash lol:)

Have you been to your local CAB and asked them to try to negotiate on your behalf detailing too them the fact they are ignoring communication and knocking on your door (doubtless charging £20 to your account for doing so)

start by doing you homework on wether the rewritten agreement is hp or personal loan, also i might add since you have paid for 2 1/2 years for the car without fail they will need a court order to reclaim the car!

follow through on your PPI if it applies, and make the overtures with documentation i have suggested. Tell you account manager he must revisit you ability to pay rather than assuming you simply don't want to or suggesting you can't have maternity leave because he said so, make it very clear it is not an unwillingness to pay but an inability end of.

also Cancell your DD immediately and inform them immediately in writting with again proof of postage - no point in running up bank charges and of course returned DD charges from them (which they can't charge you if you notify them of you actions rather than just cancelling and not telling them)

 

Above all do not lose sleep over this business, welcome are not worth getting yourself in a muddle over. As mentined above complain to trading standards since they clearly seem too be acting as if they are a priority1 debt rather than at the bottom of the pile.

 

 

i just noticed you say you lost your insurance on the new agreement, THAT IS MOST DEFINATELY NOT THE CASE AT ALL!!!!, welcome agreements are not structured that way. the insurances are based in fixed terms i.e 4 years of PPI cost £XXX they then advance that amount onto your loan agreement and claim to pay the whole amount upfront to the underwriter, they then go on to CHARGE YOU INTEREST ON THAT ADVANCE!!!.

this means they cannot cancel you insurance full stop without reimbursing you. you therefore have a vaild monetary claim since you will doubtless find they did not reduce your loan amount. Obviously they couldn't sell you PPI when you rewrote the loan cos you were not working. you really must have this matter fully investigated.

Edited May 6, 2009 by twobeercans