Welcome Car Finance issue - not on hp!!!!

[emmaandsox]

Hi I bought my car in Nov 2007 from welcome, it was my 2nd car.

My statement of price indicates Amount of credit/cash advance £8950. I took no insurances as i cancelled them all after 2 days just to **** them off.

My apr is 19.9% and flat rate is 10.40% and my monthly amount is £ 264.03. My totalover 48 months is £12673.44.

 

Yesterday i went to a garage to look at a new car, i was interested in VT'ing mine and buying another from Toyota. whilst there, the guy did an HPI check, even though i said i was VT'ing. It came back as no HPI on the car and no loan secured against it.

 

My contract is 2 pages. The title reads -

Credit agreement regulated by the consumer credit act 1974

 

Key financial information:

 

Amount of credit for goods ( P - U) £7950.00 A

Amount of credit for refinancing £1000.00 D

Total amount of credit £8950.00

 

They have added £416.00 credit for refinancing

 

On the back it has the usual about no right to cancel etc and the right to settle

 

It says after half the term has elapsed £5.564.16 is the amount needed to terminate. However, at the bottom is states about calculating the amounts and that they are only illustrative.

I have paid 17 months worth and are not far off that

I looked at my invoice and bill of sale

The car was £8075, less part ex £4188.13, sub total £3886.87. Add HP settlement due £4188.133 NET PRICE £8075.00

Amount due from finance company £7950.00

Balance £125.00

less deposit £125.00

 

So, they added £1000 just to do the deal.

 

Now my query is, what is the crack when you then find out that the car is not on HP and that they have mis sold you a personal loan for the amount, charged you £1000 and added extortionate interest/

 

As i see it, surely the contract is null and void, it has been mis sold as as a personal loan.

Am i now therefore within my rights to just part ex my car, sell it or whatever, and then put my contract into dispute?

 

I have checked over my statement, it is showing as having recieved 10 payments as of Jan 09. Starting Jan 08, I have made 11 payments, being allowed to miss 2 due to being in hospital. However, it took them so long to re write everything after i cancelled my insurances, thats why my dd did not start until Jan 08, but i pai the full amount with insurances then, it looks like that has got lost somewhere.

 

What should i do, shall i put into dispute and challenge it. If there is no HP then what have i got and where do i stand.

 

Many thanks in advance for all your help and advice

Emma

 

Hello again

 

i just wanted to add, that i have just checked all my credit reports with Experian and my file is showing below

Company name: WELCOME FINANCIAL SERVICES LTD

Account type: Hire purchase/Conditional sale

Started: 25/01/2008

Current Balance: £7,505

Repayment Period: Monthly Payment: £264 over 49 months

File Updated for the Period to: 07/06/2009

Status history:

[] brackets indicate most recent months status [ ] What's this?

Summary of payment history: In the last 16 months of account activity, the number of status 1-2 is 0 and the number of status 3+ is 0

 

so it looks like i have nothing recorded against me

 

I am now even more confused

[postggj]

Do You Have Your Agreement Still

Remove Personel Details But Leave In The Figures

Google Photobucket And Post Using The Upload Link For Message Boards With Out Thumbnails Option To Post On Your Thread

[steven4064]

emma

 

welcome to CAG. Do as postggj says and post the agreement up for us to see - we really can't tell very much without.

 

However, it does look like it is a restricted-use fixed-sum loan rather thanan HP agreement. If that is the casem there is no problem with you part-exing the car as you own it not them. You will still owe the balance though.

 

Proving mis-selling is the difficult part. Saying you thought it was an HP agreement or were toldit was, won't do as it is just your word against theirs. You need something in writing IMO

[emmaandsox]

Thanks very much, i will do that tomorrow

 

I am seeing a solicitor in the morning.

 

If its a loan does it mean i'm stuck with it and cant VT?

 

Cheers

[postggj]

If Its A Loan You Can Sell The Car With Out Penalty But There Will Still Be A Balance To Pay

 

If You Decided To Sell, You Will Need A Settlement Figure From Welcome

[emmaandsox]

HI

I purchased a car in Nov 2007 from Welcome, i was looking at VTing and went to a garage for a HP check. It transpired that my car was on a CST and not Hp at all. So i traded it in as it was knackered, I am now paying on 2 cars monthly.

 

There is a load of rubbish on my agreement about optional fee of £1000 etc. I am awaiting a SAR,

I was sold what i was led to believe was an HP contract for a car, not a loan

 

Is there anything i can do?

The guy from the welcome office called me up quite late last week and asked me to move my dd for my personal loan to the 25th of the month, the same as my car payment date. When are they gonna close down and leave me alone.

 

Is it worth telling them i have lost my job, wait til my debts gone to legal and hope that they offer me a decent settlement figure, at the minute its silly money

Thanks all:)

[andie_303]

Hmmmm how many of these are we seeing lately that were supposed to be HP and then turn out to be a loan??

 

I wouldn't have traded it in I would have escalated it to FOS as so many of these are coming out at the moment Welcome prob would have allowed you to VT

 

Thats hindsight though.

 

Optional Fee of £1000 - isn't an option fee to buy goods as in a HP??

 

Perhaps a retroactive complaint to FOS could be in order?

 

Never do anything to help Welcome either if they want you to move something its cos it's in their interest not yours - say no!

[completelyfedup]

Hello,

I had the same problen I thought I had H.P turned out to be a CST, went to citizens advice, rang welcome who flagged it up as a complaint. A week later got told I could V.T after all as i had been given the wrong Terms and Conditions... I have been back to citizens advice who are helping me with this nightmare comapny.

[emmaandsox]

Hi all

 

I have just written to my local head office explaining that due to some very serious unseen circumstances I am unable to make the full payments this month. Which are £264 and £109 and that could i pay £109 and £50.00.

I missed my payment last month and sought permission for this from my local office. I was 1 payment in advance on one of my accounts.

 

Anyway, due to the serious nature of my unforseen circumstances and the fact that my credit card has had £1774 put on by someone else that i cant claim back ( putting me over my limit TO £227 INTEREST A MONTH), i am now ******.

Therefore i have contacted payplan and tomorrow doing my interview with them.

My question is.......

Does Welcome accept Debt Management Plans and if they didnt and it went to court would that show i was willing etc?

 

Also, what will happen to me, will they keep ringing me, visiting etc. Will my partner find out? I dont have assets but am prepared to pay them £200 a month towards my accounts. I think that is reasonable.

 

Any help would be great - thanks

 

I have requested a SAR and a CCA recently.

Em

[42man]

Any PPI on the loan ? excessive charges ? And they are not allowed to bypass debt management companies as highlighted in the OFT's guidelines

 

f. pressurising debtors to pay in full, in unreasonably large instalments,

or to increase payments when they are unable to do so

 

c. refusing to deal with appointed or authorised third parties, such

as Citizens Advice Bureaux, independent advice centres or money

advisers

d. contacting debtors directly and bypassing their appointed representatives

e. operating a policy, without reason, of refusing to negotiate with

debt management companies

[emmaandsox]

Thanks - no ppi etc on anything, however vanquis charge me 45 a month for payment protection i think

 

Did an interview with Payplan today and they said they cant help me as welcome and vanquis wont deal with them

 

Not sure which dmp company to use. Any suggestions?

 

Thanks

[42man]

I would send an email to the OFT. They are in a clear breach of 3 of the OFt's guidelines which is against CPUTR2008 -

c. refusing to deal with appointed or authorised third parties, such

as Citizens Advice Bureaux

, independent advice centres or money

advisers

d. contacting debtors directly and bypassing their appointed representatives

e. operating a policy, without reason, of refusing to negotiate with

debt management companies

[42man]

I would also start a new thread on your Vanquis situation....!! Are you in arrears with Vanquis ? are they still charging you for PPI ?