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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

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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.

Steven

 

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

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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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??

“First they ignore you, then they laugh at you, then they fight you, then you win.” - Ghandi

"You must have the resources to deal with the judicial intervention - the confidence not to be overawed, the resilience to respond, the tenacity to challenge, the tact to mollify, the authority to inform and persuade."

 

Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.

 

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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%

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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?

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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

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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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)

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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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.

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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)

Steven

 

Using CAG Toolbar will generate much needed income - Download Here

 

Confused by Simple Interest? Confounded by Compound Interest? Read my Interest Tutorial

My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

Any opinions are without prejudice & without liability. Do not take any legal action on my advice alone. Almost everything I know concerning the law I learned from this site.

 

Please note, I will not give advice by PM. Please send a link to your thread and I will do my best to answer there.

 

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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.

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