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Welcome Finance - At a complete loss to understand any of this???????

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Hi all,


This may be a long post as I'm going to attempt to include as much info as possible. I obtained a car loan from WF in March 2008. The total cost was £12774.56. This sum included PPI and shortfall extra insurance. This was broken down as such (as shown on credit agreement):


Amount of credit for the goods: £5700

Amount of credit for the Insurances: £1964.11

Total amount of credit: £7664.11


Duration of agreement: 48 months


Total amount payable for the goods: £9632

Total amount payable for the Insurances: £3142.56

Total amount payable: £12774.56


Monthly repayment: £261.97.


We were mis-sold the ppi and shortfall as we were told the loan would be withdrawn if the ppi and shortfall weren't taken with it but that's for another thread.


(Also as a footnote I just realised that where I've had to sign 3 times on the credit agreement, the 'signed for and on behalf of Welcome Finance' bit is missing their signature and date)


We happily paid the monthly repayment from March 2008 to June 2010 and apart from a couple of late payments we had no problems. The balance in June 2010 was £4130.


In June 2010 the car was written off, I was rear ended at a roundabout (luckily the kids weren't in the car and it was only a small shunt). The insurance wrote the car off as a total loss.


The insurance company paid out £3750. I rang the shortfall extra insurance people and was told the full balance outstanding would be paid. Welcome finance rang me and I confirmed this with them.


I've heard nothing from them to date until a change of details form arrived at my mothers, which i can't explain as they have my current address details as shown on letters they've sent to me.


Curious I tried to ring on the number provided and had no answer no matter what day or time I tried. I checked my credit file last week as we are about to apply for a mortgage and I didn't expect to find a sum for Welcome finance showing as owing £1412.00. This has increased from £495 in July 2010 on average between £100 and £50 per month to date. What I don't understand is that all the credit refence agencies show that the payment has been made on time every month but is increasing?


It may just be me but I can't understand how:


A) The payment status each month shows 'OK' yet the balance is increasing?

B) Why the shortfall extra insurance hasn't cleared the balance as quoted in the terms & conditions?

C) If this money is actually owed, why aren't they chasing it in their usual fashion with unending phonecalls, visits, letters and charges?


This whole nightmare has come at the worst possible time, we've only just come onto an even keel with our credit whereby I can attain fairly decent rates. It took five years to dig ourselves out of huge debt and it wasn't easy repairing what very poor credit I used to have, the last thing I need is for welcome to suddenly turn around and demand this money which I'd struggle to pay or risk the dreaded late or missed payment on my credit file.


I really hope someone can offer some advice on where to go from here because to me it seems like a complex and daunting road ahead.





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I think you will find this is to the insurance side of the agreement


the gap paid the car finance bit off but not the insurance


claim back as miselling the insurance crap as they are being upheld at the moment



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To claim back the ppi you will need to get a claim form from the FSCS sent to you, which comes with a 2nd class Welcome Finance envelope as they are now dealing with all post 2005 loans. Personally I would also SAR's them to find out what this extra money showing on your credit file is and then contact the cra's and get them to put a note (sorry not sure of correct term) on your file stating the correct facts! Sorry not a great help and I hope it gets sorted soon, I for sure regret the day I ever took a loan out with those people so wish you all the best

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