Help with early settlement please

[Joannabelle]

Please help me!!!!!!

 

I have a current car loan with welcome, no PPI. However I want to settle my agreement with them. They say that my outstanding balance is £4242. I am currently 38 monthly payments into a 60 month payment plan. They offered me a settlement of £4027. Is this a joke?????? I am paying 21 months in advance and all they want to give me is this measly amount off.

 

Anyway I have spoken to local branch, complaints dept an they are all saying no chance of reducing this figure any further.

 

What else can I do????

 

Thanks

[steven4064]

I have moved your post to its own thread as you have posted on quite an old thread.

 

Can you tell me what your monthly payment is, please, so that I can check the statutory rebate.

[Joannabelle]

Hi Steve

 

Thanks for this

 

My current monthly repayments are £202

 

 

Thanks

[steven4064]

Sorry, I need to know what the original loan and number of payments was plus how many payments have been made

[wannabedebtfreesoon]

As you appear to have paid over half, you may want to consider Voluntary Termination and then use your cash to buy a different car outright??

[Joannabelle]

Hi

 

The details are as follows

Total loan - £12,120.00

Total repayments made to date. 39 payments of £202.00 = £7878

 

Total they say outstanding £4242.00.

 

Total they are willing to settle on is £4026.22

 

Apr charged at 7.6%

[sick of welcomw]

I asked for a sttlement figure on my car loan , i owe £5046 and they offered me.......£5046

 

will not take a penny less as have had a directive from up high to get the maximum

 

bloody cheek when questioned further as to why other creditors have taken offers he just replied that they were unsecured loans not car loans??????? Does that make any sense to anyone else?

[steven4064]

If you are effectively paying off the loan early then there is a statutory rebate they have to apply. I can work out what it is if you give me the original loan amount, the monthly repayments, how many there were and how many you have made

[sick of welcomw]

£13525 total amount

£161.02 per month

84 months term

paid 52 months

[steven4064]

That is a 0%APR loan, therefore there is no rebate

[Joannabelle]

There were 60 payments and I have paid 39

[steven4064]

Those figures don't stack up - 60*202 = 12120 - there is no interest, ie the APR is 0% (the same applies to numbers sickofwelcome gave me)

[Joannabelle]

That was the total loan amount including any charges, interest, insurances and anything else they scammed

Me out of.

 

My agreement says the following -

Total amount of credit for the goods £8250

Amount of credit for the insurances £850

Amount of credit for goods and insurances £9100

Amount for re financing £1000

 

Total £10100

 

Duration of agreement 60 months

 

Total amount payable for goods £9900 (this is apparently the cost of £8250 from above and another £1650 which states charge for credit or goods)

 

Total amount payable for the insurances £1020 ( this is the £850 figure from above and a further £170 which states charge for credit for insurances)

 

Total amount payable for re financing £1200 ( this is the £1000 charge from above with an additional £200 for charge for credit for re financing)

 

There is a 7.6% APR on this

 

There is also a statement below that states the following -

Interest, calculated on the amount if credit and acceptance fee outstanding from time to time throughout the duration of the agreement, taking into account the payments above, makes up the finance charges for goods and the charges for credit for the insurance and re financing, which will be paid by you for part of each payment.

 

If it's easier I can email you a copy of this and you can see for yourself as it's a bit complicated and what I have realised a complete [problem] and rip off. Basically I feel barging me for things and adding on costs left right and centre.

[sick of welcomw]

That is a 0%APR loan, therefore there is no rebate

 

yes it was a rewrite of a car loan and was put on 0%, does that matter?

[steven4064]

yes it was a rewrite of a car loan and was put on 0%, does that matter?

It deosn't matter but it means you are not entited to any rebate (of ineterest - for obvious reasons)

[Joannabelle]

Steven - does this include me too?

 

Surly there is interest, they are not going to just give you it for nothing. They have hidden it by the seems of things. What about the paragraph at te bottom of the agreement saying about the interest. The one I added above.

[sick of welcomw]

the interest was added on at the beginning, the original loan was £12400 then interest making £1352

[ninja22]

I have a secured loan if i was to pay it back in full would i be entitled to any rebate