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newbie..needing advice about welcome finance


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Hi all.. I'm new to this site and have been reading some of the posts regarding Welcome..i'm in need of some help/advise please :)

This is fairly long winded so please bear with me.

I took out a HP Finance with welcome finance to buy a car in April 2008, the car cost £7,495 the cost of the PPI (which i was told i had to have to be accepted) was £2,566.20 the breakdown on the agreement states ..Total amount payable for goods is £13,448.20 Total amount payable for insurances £4,516.51 therefore giving me a Total amount payable sum of £17,964.71. I have been paying £367.08 monthly since the start date.

I am now struggling to make the payments as my hours have been reduced at work with the recession etc... its says in the agreement that if i have paid at least £6,674.10 i have the right to terminate the agreement since i have paid well over this amount.. in excess of £11,000.

I rang my local branch and told my account manager that i would like to Voluntary Terminate and she said that the relevant company would in touch with regards to this. I haven't heard anything as of yet and am wondering as i have paid so much over the £6,674.10 whether or not i would be entitled to claim back some of my payments? I will also be putting in a claim to reclaim the PPI that i have paid.

Any help would be greatly appreciated :)

 

Many Thanks

James

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Hi uk

 

Welcome to CAG

 

The guys will advise as soon as they are available. Your thread has been moved to the correct forum.

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Hello James.

 

I don't think you can claim any payments back if you vt the motor, you can certainly claim back ppi, although they are traying to shift blame on to the broker at the moment ( thats if you used a broker ). Also look at what else you can claim for i.e. all fees, medi/life care etc. as i think your total payable is a bit much which leads me to believe they have added all sorts of shyte to your agreement.

 

Is your agreement over 48 months ? if so, its worth bearing in mind that you only have a little over a year to go and to give them back the car you would have nothing at a cost of 11k. If somehow you could get help with your payments from family or friends for the next 13 months or so you would at least get some capital out of it by outright owning your car.

 

If your motor is not worth keeping and your really struggling and cant get any help with any family or friends, then you can try negotiating with welcome.

 

Hope it all goes well for you.

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Thankyou for your reply winston73.. If i carried on paying until the agreement was finalised i would end up paying around another £5,500 and by which time the car would only be worth around £2000 so i would rather just VT this and that be the end of it.

I subsequently received a letter today with a breakdown of the costs of which they now say i owe them.. which is £1,705.82 which is for the "seperate agreement liabilities" whatever that is meant to be?? i really need help in which way to turn next. They're saying that an agent will be in contact with me within the next 2 weeks to arrange collection of my vehicle.

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Hello there.

 

Send them the letter at the end of this fact-sheet via RECORDED DELIVERY.

 

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

 

Ensure that you do the following

 

a) take plenty of photos to demonstrate the car is in a fair and reasonable condition

b) if you know anyone mechanically trained get them to write you a report stating that the car is mechanically sound

c) keep copies of your letter and proof of postage in a very safe place

d) check with welcome to see if they wish for the vehicle to be returned, of it they will collect the vehicle. If it is the latter write to them advising that you are not responsible for the vehicle whilst it awaits collection.

 

Hope this helps!

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Thankyou for your advice.. i have been sent a letter from countrywide commercial services ltd asking me to contact them regarding aranging collection of the vehicle. what should i expect to receive from the collection agent when he arrives to collect the vehicle? will he do an inspection there and then? whats to stop them driving off and then something happening and then me being liable for any damage caused by them if any? the vehicle is in the same condition as when i bought it as i have only covered 8k in just under 3 years as i have hardly used it. Should i send the V5 off to DVLA now?

any help would be appreciated thankyou...

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  • 5 months later...

Hi

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.

Please be advised that my time will be limited for the next few weeks.Thanks for your understanding.

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