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Welcome Finance : Would Someone Please Take a Look at these Figures.

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I was wondering if someone could quickly cast an eye over the following figures, prior to me doing a Voluntary Termination of my Car back to Welcome.

I have researched the background to this, so I am not new to it as such, however I just need clarification if possible.

Ok here goes.

Firstly this IS a credit agreement regulated by the Consumer Act.

Total Amount Payable of Goods - £17327.36

Total Amount Payable of Insurances - £1440.00

Total Amount Payable - £18767.36

Mechanical Breakdown Insurance - £650.00

Shortfall Insurance - £350.00

Deposit - £100


Ok after you have picked yourselves up lol....


I have paid a total of £9383.68.

The car is in decent nick, apart from the usual wear and tear. There is an issue with the engine, yet Im not prepared to resolve it. (Ill deal with that later) Since Ive had the car, I have replaced (at my own cost)


New Turbo and Intercooler

New Head Gaskett

New Glow Plugs

New Fuel Rail Sensor

New Starter Motor

New Crank Sensor

New EGR Valve

New Exhaust


That is added to, 3 sets of tyres, 1 Split Alloy and 2 sets of Brakes. These I expect to replace as thats general wear and tear.

So looking at figures, am I within my rights?

Any comments/advice would be most WELCOME. (no pun intended)



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Thanks for the reply.


I have not claimed on the insurance yet, I was thinking of doing that.


The agreement says 8613.68, so Im over that, however I just want to make sure there are no loop holes.


As for the APR - Its 22.25% :(

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no loopholes and they owe you!!



get that ins reclaimed



please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Can someone please link me to a standard termination letter please? Im sure im going blind - i cant see one. But I know one is on here lol

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yes you can claim both insurances.


Did you arrange the loan with welcome yourself or was it done via a broker?


Also on your agreement figures - if you can tell me how much the monthly repayments on the agreement are - and how many months for - i can check out the APR for you. Welcome have made errors on that in the past.

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Ok - I did the deal at the car place, just using the salesman there.


Payments are 386.62 x 48


Many thanks for this, its really appreciated.

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Those figures are not working out.


I think the totals you mention in post 1 are the total amounts including the interest.


Do you have the figures for the total amount borrowed (before interest)

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that gives an APR of 22% so they are within acceptable tolerances. Would be worth sending them an SAR though to have a look at thier statement of price to see how they have worked this out - sometimes shows up erros in their calcualtions.


Where you ever informed that the salesman at the garage would be paid commission for arranging the finance?


Was it a welcome site - or independant?

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Then you have a case for undeclared commission too.


You can Google Hurstanger v Wilson for more info on that.


To get the info though you need to do an SAR to the original garage for all paperwork and also welcome. If it's something you wanted to follow up.

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I am not aware of there being one on this site.


Is it for your VT?


maybe worth clooking at national debtline or such, consumer direct or similar to see if they have any on their sites.

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Send it to the head office - never deal with the local branch - the branches are only there to collect money not sort out problems. They tend to lose letters/complaints etc. Unless it has a cheque in of course.


Head office address below


Welcome Finance

Mere Way



NG11 6NZ

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Hi, when I vt'd my car with Welcome I did them all. I also took a copy to the local branch just to make sure they didn't 'loose' it, funny enough the local branch didn't want to sign that I had dropped it off (probably couldn't find any crayons)

Make sure that when they send you their so called liability letter that they have your deposit listed - as on mine the deposit went missing.



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Well thanks for all the help.


Ive cancelled the DD and had my local branch on. They were quite helpful, however they wanted a copy of the termination also. So Ive just faxed it them too.


Ill keep you posted on all the developments....

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