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lillymay34

Welcome Finance HP for car settlement figure just wrong?

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Hi all

 

we took out a car loan with the dreadful welcome car finance in December 2007, 1st payment was for 31-12-2007 the amount was a s follows:

 

Credit for goods £1,795.00

 

Duration of agreement : 42 Months

 

Monthly payment : £78.89

 

APR :48.2%

 

Cash price for car was £2495.00

 

Deposit PX : £700.00

 

Acceptance Fee : £195.00

 

Finance Charge for goods : £1323.38

 

Option Fee (have not got a clue what this is for?) £100.00

 

Charge for credit & goods = £1618.38

Total charge for credit = £1618.38

Rate Of Interest on credit (per Annum) £19%

 

Sorry my scanner is not working so cannot scan the copies of the agreement but its a Credit Agreement by the consumer credit act 1974

 

we asked for a settlement figure in April of this year as the car is no longer suitable for us, the figure we had was well unbelievable it was as follows

 

TOTAL AMOUNT OUTSTANDING £2447.72

REBATE OF ACCEPTANCE FEE AND CREDIT CHARGES £74.64

REBATE OF INTEREST TO SETTLEMENT DATE £514.28

DEFAULT INTEREST SUM £ 0.00

SETTLEMENT FIGURE £ 1858.80

 

I cannot believe we still owe this amount of money, at the time i rang my local office and spoke to someone and she said there was also 2 missed payment on the account which was rubbish, and since rectified (they lost the payments they said?????) anyway can someone help? does this seems right to you? we really want to pay this off and start again basically, but we are not paying this amount of money back to them no way...what a company no wonder they have gone bust (or should i say not taking any more new agreements)

 

thanks in advance

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