Welcome finance car loan

[nick7602]

Hi please can someone help me, I have a welcome credit agreement for a car, I have paid £7709.04 in the termination my rights it says if i have paid £7256.24 then i do not have to pay any more for the GOODS, this is the car.

 

But the bottom of the agreement states that the insurances taken out IE: things like Mech Breakdown are separate to the agreement, even though they have been applied to the total amount payable under the agreement section?

 

Is this fair and right by law as I was totally unaware I was running a double agreement one for the car and one for the insurances side by side, I dont have a termination your rights section for the insurances within the same agreement for the car?

 

also the statements sent out do not divide the payments for the car and payments for the insurances

[dadofholly]

Hi Nick

 

Are you behind with payments at all - with welcome chasing you for this.

 

Or is it just clarification around the insurances etc. that you are after?

 

You say its for a car - is it a HP agreement?

Did you arrange the finance yourself or was it aranged through a broker - or the garage you purchased the car from?

[nick7602]

Hi Thanks for responding

 

We have ceased paying welcome, after we issued a letter saying we wished to cancel and because we have paid half under the agreement we owe them nothing.

 

Welcome didn`t agree, saying we need to pay £700 to clear the insurances we then sent them the following letter:

 

 

Contract Termination Under the Consumer Credit Act 1974

 

 

Under the Terms And Conditions In Your Agreement 15.7 The Insurance is now cancelled

 

And Under Clause 9, I am cancelling my Agreement with you.

 

 

Dear Sir/Madam

 

I confirm your letter to me dated 11th of November 2010, Under your findings you mention that my agreement with you was from the 8th of October 2010 ?? I do not have any such agreement with you.

 

I have reviewed the only and last credit agreement with you again, I can confirm I am cancelling this agreement with you using your terms and conditions mentioned above and in my agreement with you.

 

 

Using your figures:

 

£7421.27 Paid for the goods to date

 

£7256.24 To Terminate the agreement as stipulated in your agreement

 

£165.03 Credit

 

 

£646.66 Half The Cost of the Insurances

 

- £165.03 Deducting the above Credit

 

£481.63 to pay

 

- £400 Deducting the Deposit For the Car

 

£81.63 Total Amount Payable To Welcome Car Finance.

 

Please can you send a payment slip so that I can pay the above amount into your account.

 

Please can you also make arrangements for your representatives to collect the goods /car from my home address at a mutually agreeable time.

 

Please also do not attempt to part with data in reference to myself and this agreement to the credit reference agencies, because as Im sure you are aware this is illegal while this dispute is on going, failure to comply with this will I assure you result in legal action against you.

 

Welcome have not responded and I feel uneasy about this

 

 

 

[dadofholly]

I would suggest sending a Subject Access Request to Welcome - it will - or should - give you the information you are looking for and copies of ALL the paperwork they have on you.

 

Included in that should be something called a statement of Price - that will give you a breakdown of how much of your monthly payment goes to the car - and how much to the insurances.

 

Here is link for template.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?262417-Suggested-SAR-temp-for-Welcome.

[nick7602]

Hi

 

The finance was set up with welcome at their showroom, along with the insurance set up

 

the other thing I wanted to mention was that I was made bankrupt in 2006 and I am still under that bankruptcy order until 2011, can this work i my favour?

 

we have worked out from the figures that 84% to the Car and %16 to the insurances working on welcomes figures

[dadofholly]

Not sure about the Bankruptcy order - not my area to be honest. Could ask on the legal thread how it may effect you and the agreement.

 

Did you know the insurances were included - did you ask for them?

Was you possibly missold them?

 

Other thing is if it was a Welcome Depot that you purchased the vehicle from then there are almost certainly undeclared commission payments involved - but we can go into more of that later.

 

Send Welcome the SAR as i suggest in an earlier post - and see what thye send back - would not worry about them to much at this stage.

 

nick7602 said:

we have worked out from the figures that 84% to the Car and %16 to the insurances working on welcomes figures

 

 

The statement of price will give you an exact breakdown of the payments. So sending the SAR is your next step.

[nick7602]

Hi

 

We asked for mech breakdown and shortfall insurance

 

at that stage we believed that because the insurance costs were applied to the over all amount within the agreement, we again believed this ran the term of the Agreement, this isnt so, the Mech breakdown cover terminated in October this year, with another 3 years to run on the agreement, I didnt know this and it wasnt mentioned to me.

 

if I had of been aware that I was now going to be running a second credit agreement I wouldnt have taken it out, I have no paper work in relation to the insurances at all other than how to claim.

[dadofholly]

Chances are you was missold the insurance then and may be able to claim this back - you have not been fully informed.

 

Get that SAR sent off as soon as possible - and send it recorded.

[nick7602]

Hi

 

Thanks for all your kind help so far, it mentions at the bottom of the SAR template "dont forget to not sign"? is there a reason for this?

 

 

nick

[maroondevo52]

 

I'm sure someone has suggested your signature could somehow 'magically' appear on a CCA !!!

[winston73]

Hello.

 

I hope this helps. Some T&C's.

It does not mention anything about insurance being seperate..

 

img019.pdf

img016.pdf

img017.pdf

img018.pdf

[nick7602]

Hi Guys

 

I have just received a letter today from Welcome which basically says exactly the same as the last one, other than at the very bottom they have requested that I contact their collections department to arrange for the car to be collected, and to carry on paying the payments to them. they have also stated this is their final letter

 

Obviously I dont want to get into debt, should I hand the car back? what should I do as you know I have formally written to them cancelling my agreement.

 

 

Nick

[dadofholly]

Nick - just to be clear - do you want to return the car?

[nick7602]

Hi

 

thats an interesting question, I would like to keep the car if what I have paid so far is sufficient, but I dont want to pay anymore money for this car to welcome if it means re starting payments again.

[dadofholly]

was there any other insurances added that you did not ask for?

 

The insurances you are aware of have been missold so you can claim that amount back and hopefully reduce your balance by that amount.

 

I think they can not reposses if you have paid over a third - just check that on your terms and conditions.

 

I cant realy advise on you keeping the car or not - has to be your decision - will be a battle but they can be beaten - also may be undeclared commission payments involved which helps our case - but we need to see the paperwork from welcome.

 

Need to send that SAR off to welcome as soon as possible.

[nick7602]

Hi

 

The SAR was sent this morning recorded, thanks again or coming back to me

 

 

Nick

[dadofholly]

 

No problem - come back to us when you here from Welcome.

[nick7602]

Hi

 

I now have the SAR in my possesion from Welcome, is there something specific thats of interest to you?

 

I have looked over the docs and the statement of price Welcome have sent, we personally have never seen this before now it has appeared with their docs?

 

We have had under the same agreement 3 cars, the 3rd being the one we have at the moment, the first car never had a statement of price or the second but the final one does??

 

dont know if the above helps, but would be most greatful for your usual very kind assistance with these people.

 

 

Thanks

 

Nick

[dadofholly]

Are these credit agreements or HP agreements? should tell you on the agreement itself.

 

Also is there anything in there that relates to "welcome elite brokers"

[nick7602]

Hi

 

The agreement is a credit agreement

 

Where would I be looking for reference to Welcome Elite Brokers ??

[dadofholly]

Will be titled welcome elite brokers - chances are they have not sent it.

 

Did you have any insurance on the agreement?

[nick7602]

Hi

 

The only insurances I have are shortfall and mechanical

 

going back to your previous request about HP and credit I have just noticed in the signature boxesone states HP and one states Credit, but at the top of the agreement in bold it states that this agreement is a credit agreement??

 

 

Nick

[dadofholly]

are you able to upload them onto here - removing any personal details?

 

The agreement

Statement of price

Statements

anything that mentions commission or related to the insurances.

 

For info on how to do this follow the link below

 

http://www.consumeractiongroup.co.uk/forum/content.php?115-How-to-open-a-PhotoBucket-account-and-use-it-to-post-pictures-on-the-Consumer-Action-Group

[nick7602]

Hi

 

I have manged to upload the pics you wanted hope they are ok and what you are looking for

[postggj]

The insurance crap has def been mis-sold and needs to be claimed back at contractual interest, not compound

 

the agreement is spot on

 

claim back the insurance and you will be free of welcome after 200 quid compensation as well