Welcome Car Finance - Default Notice

[tintintin]

I was wondering if anyone can help me. I've received a default notice from WCF on the 3 December 2009. They have given me 14 days to settle the debt owed. According to them I still owe them £2,519.70. The total amount payable under the agreement is £11,741.28 and I've so far paid up £10,079.99. I have been behind with my payments but i can't figure out how much i actually owe against how much WCF are trying to rip me off. I've disputed my the amount owed as i can't seem to get my head around some of the below charges I've incurred since I've had the loan.

 

capitalisation 820.68

add hoc fee 772.16

hdpi fee 70.64

 

I've called these evil people and they can't really explain any of the above. can some tell me what the above mean? as one month i incurred 7 x £10 capitalisation fees. I have no idea what add hoc fees are.

 

When i spoke to welcome the rep had the cheek to ask if i still want the car??? I told him i have invested over £10k and they will have to peel me off the bonnet if they want to take the car. I told them they would need a court order and if that is the case then i would go to court to dispute the amount owed. I need to put a letter together to get them to explain their charges. I told the rep that i would now pay £100 per month instead of the £244.61 i was paying on the agreement as they had terminated my agreement. They have offered me a 25% early settlement figure, but I still feel they are ripping me off. Please help as I'm slowly losing the will to live.

[beyondhope]

Capitalisation is another name for interest cant help on the rest but someone will be along to help

[ozzywizard]

capitalisation is exactly what Beyond said.

add hoc fee , this relates to any charge they decide to put on, could be phone call or house visit or failed direct debit etc.

hdpi fee is Hire Purchase Default Interest

[tintintin]

Hi all, I've sent a letter to Welcome disputing some of my charges and part of the letter says:

 

I have investigated the complaint by:-

- reading the correspondence between you and Welcome Financial Services

- Looking at all the payments made to your account

- Reviewing your account status as to any arrears outstanding

 

My Findings are:-

- The figures on your contract do not reflect the correct total amount repayable.

 

My conclusions are as follows:-

- I have calculated the total amount payable for this loan and the amount indicated on your contact is higher than the amount that you will replay should you keep to your payments up to date. Therefore this error is in your favour by £109.67.

 

Does this mean the amount stated on my contract is incorrect? I only have an amount of approx £2k left on my £11k contract. Is my contract invalid? can you please advise.

 

Thanks

[jamesf104]

My view is that add hoc fees are not acceptable, they need to advise you when they intend to make any charge and what the charge is for. In a lump sum how do you know that the charges are real and not invented? You dont! Adding it to the agreement secretly and then charging interest is a no no.You need to post your agreement up on here so we can have a look at it, sounds fishy to me, but without a look see we cannot tell. Have you had a statement from them yet? You probably need to send them a subject access request to see exactly whats going on.

[tintintin]

I have the my agreement and a SAR (the only one i managed to get from them) can you tell me how to post agreemnent and statement on here. thanks

[beyondhope]

scan onto computer, right click and edit with paint to get rid of all personal details, upload to photobucket (its free to register), once uploaded copy the code starting and paste into a message here Any problems give a shout

[emanevs]

Surely, incorrect amount repayable would mean unenforceable??

 

Prescribed term?

[emanevs]

I would write back and tell them

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/162851-consumer-credit-agreements-guide.html

[tintintin]

scan onto computer, right click and edit with paint to get rid of all personal details, upload to photobucket (its free to register), once uploaded copy the code starting and paste into a message here Any problems give a shout

 

 

http://i919.photobucket.com/albums/ad38/tintintintin/page0001.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0002.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0003.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0004.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0005.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0006.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0007.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0008.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0009.jpg

http://i919.photobucket.com/albums/ad38/tintintintin/page0010.jpg

 

I'm not sure I've done this correctly, so please follow my links to the docs requested. I've agreed with Welcome that I'll pay them £75 per month instead of the £244.61 monthly payments until i investigate this further. Many thanks again.

[emanevs]

surely, if the figures are incorrect on the agreement, and they have admitted it, then its unenforceable.

 

I would complain to the FOS, and also tell the sc*m that you now consider that the agreement is unenforceable.

 

Also, the statements you have uploaded show charges, but are NOT charged. Ask that they give you correct ones.

[tintintin]

Hi Emanevs,

Thanks for your time. I'm not sure what you mean about the charges? can you explain a bit more, as at some point I will send WCF a letter and i want to be able to explain what charges i need.

Thanks

[tintintin]

Hi, can anyone advise me how to move this forward?

 

Thanks

[emanevs]

have a look at schedule 6 of the Consumer Credit Regs 1983

 

Should be a link in post 9.

[tintintin]

Can anyone help, as i need to draft a letter to Welcome regarding the incorrect amount payable on my agreement. I haven't heard from them in a while and cant now afford to get the car lifted.

 

Your help would be greatly appreciated.