Welcome finance settlement figure?

[jamenzo]

Hi my car was written off when it was parked up a couple of weeks ago and i have been told by welcome finance the settlement figure will be £7287.76 the problem i have is that i bought the car 2 years ago for 9100 and have paid 236 a month for the finance tesco insurance have only offered me 3500 for the car which is less than half settlement?? can someone please please help i dont know what to do or where i stand and have been left without a car and a huge debt i feel really hard done by.

[andie_303]

That is Welcomes over inflated car prices and massive interest rates for you!

 

Do you have a copy of your agreement you can scan and post up so we can take a look at the figures?

[jamenzo]

Just trying to work out how to scan

[andie_303]

that is too small - easiest way is to upload to photobucket and post the link here.

[jamenzo]

sorry im a complete novice on the computer how would i do that?

[jamenzo]

Ill try again http://i855.photobucket.com/albums/ab119/jamenzo/1consume.jpg[/img]

[jamenzo]

sorry to keep you waiting ive finally managed to put a link on hope it makes sense.

[Spurs4ever]

Thought I would help you out a little as your link was not working properly...

 

 

 

[jamenzo]

Thank you

[jamenzo]

im guessing there isnt anything i can do except pay the outstanding finance? Thanks anyway

[T2upNorth]

im guessing there isnt anything i can do except pay the outstanding finance? Thanks anyway

 

 

Hi

The refinancing? What was the story there?

 

Also, thats page 2 of the agreement, can you post the rest. Blank out all identifying info, including reg and engine numbers!

 

Have you CCA'd them yet?

 

T2

[postggj]

what a strange welcome agreement that is, not seen this ine before.

agree with t2upnorth

 

whats this refince thing all about

 

no ppi

no acceptance fee

 

we are talking welcome on this one ?

[jamenzo]

Hi guys i had an old mondeo which was financed with welcome and when i was half way through the agreement i asked to swap it they told me it was in negative equity so had to add an extra 1000 to my new finance agreement.The no ppi etc was probably me telling them i didnt want any of there rip off extra insurances as the car was expensive without them.

[postggj]

ok

 

its starting to become clear

 

this is an agreement to modify the first

 

at the top of the agreement, what does it say

 

hire purchess agreement regulated by the consumer credit act 1974

 

credit agreement regulated etc etc

 

agreement to modify

 

fixed sum loan agreement

 

need to know which one

 

did you have ppi or any insurance on the first loan

 

please say yes

[jamenzo]

Hi im sure i had ppi on my first loan and on my documents it says credit agreement regulated by the consumer credit act 1974, What does this mean??? also its an hp agreement.

[postggj]

ITS LOOKING GOOD

THEY AS USUAL WOULD NOT HAVE DONE A PPI REBATE ONTO THE MODIFIED AGREEMENT

 

YOU NEED TO PHONE THESE PEOPLE AND ASK THEM TO SEND YOU ALL INFO REF PPI AND ALL INSURANCE DOCS

 

WHEN YOU HAVE THESE UPDATE YOUR THREAD AND ILL TELL YOU WHATS NEXT

 

Direct Group - Where Insurance and Innovation Combine - Home Page

[jamenzo]

Thank you could this be something good then?? im getting excited now!!!

[steveoram1]

This looks like a multiple agreement to me. For the car credit it's a debtor-creditor-supplier type agreement. WFS always treated their own garages as an independent supplier. The £1k refinance would be a debtor-creditor type agreement. It should therefore say at the top of the first page in bold type "This is a multiple agreement regulated by the consumer credit act". If it doesn't they're in trouble. I used to work for this shower and will email you a comprehensive breakdown of how they rip off their customers if you provide me with an email address. My info should be more than enough to enable you to have your agreement deemed unenforceable provided you bought the car direct from welcome and not from a dealer.

[postggj]

steveoram

 

may i be so bold as for you to email me your info on this

 

you know how much i hate them

ill pm my email address

 

now as its welcomes own show rooms

i wonder if they charged undeclared commission on the sale

 

by the way

 

spot on with your advice

[steveoram1]

Hi post. The WCF showrooms were indeed treated just like any other dealer by WFS (the parent company). The commission was shown on UCS (the american designed in-house WCF deal booking system) as a discreet amount but never revealed to the customer. The parent parent company (Cattles) took the first £900 profit out of each deal but even accounting for that loss we still used to regularly book a £4k to £5k profit on each deal and I even saw and did deals that booked a £7.5k profit. In the old days the sales people (like me) were paid up to 21% of the profit so we were earning scary amounts of commission but it always stuck in the throat a bit. Get a SAR in - most of their docs are unenforceable. I spent 3 and a half years before joining WCF as a business manager at a large car supermarket and know FSA regs & CCA regs back to front and WCF's docs are the worst I've ever seen. No wonder they're going out of business.

[postggj]

stevogram

 

spot on again with what i allready know

 

now the only way of getting these underwriting sheets with the commission payments, that includes ppi was to get a court enforcement order for welcome to release that info.

 

as that would be a nail in the coffin, welcome allways with draw any court action so the cagger wins by default

 

thats great but does not answer the question

 

getting the actual commission docs

 

requesting them in an sar, welcomes response is corporate sensativity, get lost

 

any ideas

 

its so frustrating

[zaidey]

stevogram

 

spot on again with what i allready know

 

now the only way of getting these underwriting sheets with the commission payments, that includes ppi was to get a court enforcement order for welcome to release that info.

 

as that would be a nail in the coffin, welcome allways with draw any court action so the cagger wins by default

 

thats great but does not answer the question

 

getting the actual commission docs

 

requesting them in an sar, welcomes response is corporate sensativity, get lost

 

any ideas

 

its so frustrating

 

i second that too!!!! any information on how these crooks really work can be really helpfull to us all..

[jamenzo]

Oh My God You Guys Are Amazing!!! Thank You All So Much For Your Advice I Really Hope I Can Screw Welcome!

[postggj]

believe me

its our pleasure

[jamenzo]

This looks like a multiple agreement to me. For the car credit it's a debtor-creditor-supplier type agreement. WFS always treated their own garages as an independent supplier. The £1k refinance would be a debtor-creditor type agreement. It should therefore say at the top of the first page in bold type "This is a multiple agreement regulated by the consumer credit act". If it doesn't they're in trouble. I used to work for this shower and will email you a comprehensive breakdown of how they rip off their customers if you provide me with an email address. My info should be more than enough to enable you to have your agreement deemed unenforceable provided you bought the car direct from welcome and not from a dealer.

 

Hi steve ive sent you my email address in a personal message if you could please give me the process i can follow to do welcome many thanks