welcome car finance, I want out of this!

[clayton2009]

ok so here goes,

I called welcome last night, this is the breakdown of where I am with the finance.

 

total hp = 9210.72

balance to pay = 3704.42

 

if I settle they require = 3573.99

 

If I choose to VT the following applies.

 

I have 1160.54 arrears on the account, also they maintain that I have yet to pay 958.56 for the outstanding PPI and Gap insurances.

 

meaning that if I choose to VT I will be liable for a total of 2119.10

 

this seems ridiculous to me, as I have calculated that my payments of 191.89 over the period from nov06 = 7459.92 minus the arrears totals of 1197.81 (told to me last night) = 6262.11 so this is the money that I have paid so far >!

 

can someone help explain this to me ??

 

thank you

Edited January 12, 2010 by clayton2009

[clayton2009]

hi there,

dont want to hassle you all, but could you let me know what you make of the info that Welcome told me the other night.

 

on the thread I started.

 

many thanks

clayton

[Dibbothe3rd]

the additional monies owed for the insurances are a joke. they would of paid up front as usual and charged you interest by arranging for you to pay over the term of your agreement. if you VT and they cancelled it, they would get back part of the premium and perhaps have to pay back some commission, which no doubt you were not aware of (illegal).

 

They should owe you for the insurances.

 

Plus if you VT then im sure you would only be liable for the monies owed upto date of VT, they will have to adjust the agreement to take into account early settle ment so you would get an interest rebate of some sort.

 

just a question, did you get any insurance documents after you purchased the vehicle? like policy documents?

[Dibbothe3rd]

oops

Edited January 14, 2010 by Dibbothe3rd
oops double post

[clayton2009]

thanks dippothe3rd, interesting,

 

I never recieved any insurance documents about the car at all

 

c

[Dibbothe3rd]

Right if you haven't received, you need to request some from Direct Group.

 

Direct Group - Where Insurance and Innovation Combine - Home Page

 

give them a a ring and quote your Welcome policy ref and request they send you copies of the insurance documents.

 

make sure you state that you never received them and that is why your asking for them.

 

Once you have them, you can then write to both Direct Group and Welcome to request they be cancelled under the "30 day rule" this should hopefully get back some money for you.

[midnight999]

oops,Posted in the wrong thread, will move it to mine

Edited January 16, 2010 by midnight999

[postggj]

the vt has nothing to do with insurance crap

the vt is done on the amount of credit on the vehicle

 

you will get a rebate on the insurance crap and interest adjustment

welcome have been warned over this

 

when was the last time you had a statement of account

[clayton2009]

Hi all, thanks again for the advice, Ive not had a statement of account in a long time.

 

is there a templete letter I could use to request this.?

[clayton2009]

hi all,

I went to look at purchasing another car last week, the sales team were very helpful, on looking into my agreement they informed me of some interesting facts.

the car has 96 thousand miles on it now, when purchased it had 46, it now also has two dints on the passenger side.

 

If I VT the car I will have to take on the following:

the repair costs

the excess mileage charge

 

the sales team offered to take the settlement figure provided by Welcome and put it onto another car, meaning that I could get away from them.

 

it sounded good at the time, but I was called this week to say that the arrears on my welcome loan are affecting my credit rating...therefore it does not look likely that they will be able to offer me a car.

[clayton2009]

hi all, I seem to be completely lost with this problem, can anyone help?

 

thank you

clayton

[postggj]

A Few Minor BumPs And Scratches Will Not Make Much Difference

 

It Goes On The Age Of The Vehicle And Whats Expected

Milage Means Nothing Unless Its A Lease Agreement

 

What Arrears Do You Have

 

The Reason I Ask Is Welcome Will Bite Your Hand Off At The Moment For Ready Cash By Way Of Settlement

[clayton2009]

thanks for the reply,

my arrears total 1900.01

 

the bumps to the car are not serious, but the front panel is dinted and would cost about 450.00 to fix

[clayton2009]

hi,

I've had another couple of conversations with welcome and see what you mean,

 

on both accounts they have offered a settlement figure.

 

more noticeably though, my arrears seem to fluctuate dramatically.

first it was about 1900, then 1100 now (10.03.10) its only 750 odd pounds.

 

They asked me to up my payments, which would reduce my arrears more quickly, I asked for confirmation in writing, which took a couple of rather rude phonecalls.

 

Basically as it stands, I have 750 odd pounds arrears, I cannot get another finance deal with other lenders as my credit is bad (not only welcome) so I seem to be stuck with the car as I cannot afford to settle or VT as then I would have no car?

 

argh

[clayton2009]

I have recieved a call from welcome today offering me a settlement figure, 2995.

I have recently up'd my payments to 250.0 to help pay the car and lower the arrears charge...

 

I also asked for the insurance company details... as to date Ive never received any documents about shortfall etc

 

does any one have any other advice for me?