WF add old HP to new load but told they couldnt do this

[jamesbrown3123]

Is this correct, I was advised by welcome before i traded in my car, that by law they could not add my old hp to a new agreement, yet the invoice that I have shows that they have done this, and also charged yet more interest on this.

 

anyone had this already?

[beyondhope]

I thought anyone could write negative equity from one agreement into a new one??

[confusedbywcf]

hi i had the rest of 1 hp agreement added onto a new hp agreement and more interedt added

had £940 left from an old car that had been written off and was added to my new car agreement

[beyondhope]

I thought that was standard practise? At least it was at the 4 dealers my ex worked for....

[confusedbywcf]

probably is for welscum that way they can add interest upon interest and screw even more money out of us

[beyondhope]

probably is for welscum that way they can add interest upon interest and screw even more money out of us

 

 

From a car dealer point of view (not welcome but 2 main dealers 2 local dealers) they would get a settlement figure on the previous car which usually had a couple £ knocked off and add it to the total for credit on the new vehicle so you would then borrow the cost of the new car plus the cost of paying off the old car. I dont understand why welcome would say they shouldnt do that when everyone does it and why if they believed they shouldnt do it did they do it anyway Mind you theres a reason I dont understand welcome........coz if i did id be like them!

[jamesbrown3123]

Ok so I think I know a bit more now.

 

The old HP agreement was for 3 years with payments of £207.20 per month with a total of £7459. I paid just over 1 year but know that 12 payments were defo paid so lets say £2,486 leaving £4,972 left, but I did make a few more payments leaving a balance of £4094.

 

On the new HP there was a sheet to say that they were giving me £4094 as trade in for the car on the first HP with them, to clear this off.

 

here are two boxes, one to say less part exchange value, and then add outstanding HP, both showing £4094. So reading this, they have added the olh HP to the new agreement, can someone please confirm, will attach the pic in the next post.

 

So looking at the below invoice, Welscum have added the outstanding balance to my new HP, and also kept the car, does this sound right.

Edited April 22, 2010 by jamesbrown3123

[jamesbrown3123]

pictures here

[Suetonius]

So looking at the below invoice, Welscum have added the outstanding balance to my new HP, and also kept the car, does this sound right.

 

Taking everything else out of the equation to start with, the car you brought was the price £9,948.00 ?

 

Looking at the invoice (not credit agreement) it looks like the debit for the previous HP has been cancelled out by the credit for the part exchange.

 

To me, it just looks like they brought your part exchange off of you for £4,094.74 and instead of giving you that money or using it to decrease the cost of the new car, it was used to repay your existing HP