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Welcome Finance help - unsigned CCA and Car loan


cadencealex
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Hi

 

On behalf of a friend, who has a car agreement loan with Welcome Finance.

 

The actual agreement - the bit that says 'Regulated by the Consumer Credit Act' - is undated. It was not signed or dated by Welcome Finance, and despite being signed by him, Welcome Finance did not sign or date in the boxes they should have.

 

It also has PPI on it which amounts to over £2k - my friend was just unemployed at the time he took the loan out with his partner and so therefore would never have been able to benefit from the PPI he took out - Welcome just wanted 3 months previous payslips.

 

He is now on Incapacity Benefit living on not much at all, and paying for the Car at £360 a month.

 

 

What is the best solution to this? The Car loan was taken out around September 2008.

 

He would be happy to hand the Car back, but if he does he will be left with as much to pay as if he carried on the payments.

 

 

Please advise.

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The partner works part-time. She doesn't contribute to the payments for him and she is second applicant.

 

I am wondering whether his first step would be to try and claim on the PPI and get it backdated, and failing that, reclaim the PPI as missold. I think he had lost his job the same month he took the Car on in desperation as they have 4 children.

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The partner works part-time. She doesn't contribute to the payments for him and she is second applicant.

 

I am wondering whether his first step would be to try and claim on the PPI and get it backdated, and failing that, reclaim the PPI as missold. I think he had lost his job the same month he took the Car on in desperation as they have 4 children.

Yes I think that's a very good idea. It can't hurt to try :)

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