Welcome Finance : welcome car finance

[jonottley]

Hi, After seeing all the complaints about this company I decided to make an account give mine and ask for some advice. Baisically ive been mugged off by welcome. Yep its my own fault i signed the stupid contract worst mistake of my life etc. I got a car for 13000 two and a half years ago, To date i've paid just over 7 grand. On my contact it says i have a settlement figure which states if ive payed 4,700 and have taken care of the goods i can hand the car back and thats that. I have damage to the car a dent and a scratch were it was keyd and havent accually serviced the car since I got it from them(Idiot I know). does this mean ive broken the terms and conditions so im screwed? i can get the damage fixed but the non service worries me. I recently phoned welcome up to say i want to hand the car back to them and they said i must voluntary terminate or voluntary surrender and i cant give the car back to them like it says on my contract. I didnt tell them about the damage on my car nor the non serviceing. I spoke to the citizen advice bearau and they said get leagal advice, thought ild give this a try and see if anyone could give me some decent advice. my cars worth about 2 grand now because of the mialage and welcome game me a settlement figure of 4,600. if anyone can help i would be greatful! cheers.

[rebel11]

Hi jon

 

Welcome to CAG

The guys will advise as soon as they are available.

[just_jue]

Hi, I Vt'd my car with Welcome in August and they didn't check the service history when they collected mine. If it was me I would get a minimum service done if you want to send it back, they can charge you for the damage so it might be worth seeing how much it would cost to do.

One thing you if you want to send the car back make sure you voluntary terminated the agreement and not voluntary surrender. If you voluntary surrender the car you would be liable for the total amount left.

When you took out the agreement what insurances did you take out as you may still be liable for some of these.

 

JJ

[jonottley]

Hi JJ, thanks for replying. I took out Shortfall and Mechanical Breakdown insurance, I couldnt get PPI because I work for an agency. The VT process that welcome explained to me is my car will be sold at an auction and the price they get for it will be taken off my balance which i will still have to pay. I can get the damage fixed for £200 which i am considering as i think welcome may charge more.

[just_jue]

Hi, you would only be liable for the balance if you voluntary surrender. Can you check (or better scan up) your agreement don't forget to remove any personal details so it can be checked that it is an HP agreement. There should be a box titled 'termination your rights' and show a amount you must pay before you can vt the car as long as your agreement is up to date with no arrears.

Welcome will try and get you to voluntary surrender as they dont make much money when you vt the car.

It would definitely be worth paying the £200 to have the repair done.

If you decide to go ahead make sure you send the termination letter recorded, I also faxed over and dropped in a copy to the local office just to make sure they had a copy.

Let us know if you need a copy of the VT letter

 

JJ

[jonottley]

Thanks mate, yep its definatly a HP agreement and ive gone over the difference between a VT and VS on the phone, they tried to say they was baisically the same thing which I know is wrong, they said in both circumstances the car gets sold at auction and I still owe the remaining balance. I've paid up to date and even 2 grand over the 'terminate your right' figure. If you could send me a copy of the VT letter that would be great. Cheers for your help I think im going to get this damage fixed get a service and send the VT letter off and hopefully that will be the end of my problems!!

[just_jue]

This one should do the trick:

 

'TO BE USED WHEN YOU WANT TO TERMINATE A HIRE PURCHASE AGREEMENT WITH YOUR CREDITOR

 

Your Name

Your Address

 

Company's Address

 

The Date

 

VOLUNTARY TERMINATION OF AGREEMENT

 

Dear Sir/Madam

 

Re: Account Number (Car Make/Model and Registration Number)

 

I am/we are writing to notify you that I am/we are exercising my/our right to terminate the above Agreement under Section 99 of the Consumer Credit Act 1974.

 

I/we understand that I shall/we will be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974.

 

Please send me/us details of how the vehicle can be returned to you.

 

Please confirm receipt of this request by telephone/fax to me/us on (your telephone number or fax number).

 

Yours faithfully

 

Your Name'

 

They may try and charge you a collection fee which I have been advised that is against the consumer credit act.

 

Just make sure that you letters are sent recorded as Welcome have a habit of mislaying letters.

 

The car must have an MOT, not sure about the tax, I left mine on as it had less than a month left. It has to be road worthy and all the tyres must have tread on them.

 

JJ