Hello all, I have issues with Welcome Financial Services Ltd!

[Kafka]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Did you receive a copy of the supposed Default Notice?

What did the SAR reveal about charges added on to this account?

[Guest]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Did you receive a document about how much commission they took for the insurances?
As I understand it, if they didn't tell you about their commission, it's a breach of fiduciary duty.
Likewise, if they have misappropriated the funds from sale of car.
I'm guessing it's the same for any wrongful charges.

Remedies for breach of fiduciary duty (looking after someone else's money):-

"Remedies will differ according to the type of damage or benefit. They are usually distinguished between proprietary remedies, dealing with property, and personal remedies, dealing with pecuniary (monetary) compensation"

[gravytrain]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Hi
Just had a look at the agreement seems OK
48 payments @ 308.1 = 14788.8,
+ 800(deposit) = 15588.8 Total amount payable as per agreement(+ fee£1)
APR19.8
You could argue tht the insurances were miss sold but if you signed for them it may prove problematic.
The situation with the VT is; If the Car was VT’d all arrears on the account would be due, because the agreement has run it’s term the arrears equal the agreement balance. So they are correct in saying that this is the amount owed.
Usually voluntary termination works for the consumer but not in a case where the agreement has run full term and has arrears as yours has.
Had you not VT’d they would have had to issue a default notice in order to reclaim the car, should it have gone to court the judge may well have said that in view of the amount you have paid you should keep the car and pay the arrears on the account, or he may have said that the return of the car settles the account. As it is, you were denied the opportunity to argue the case.
Did you look up the value of the car at the time of return?

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Hi no I did not receive a document relating how much commission they have taken for insurances.

Thanks for the response.

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

The SAR did not really identify anything with ref to charges added to the account.

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

gravy train, thanks for your response.

The deposit was deducted from the agreement but I am still paying interest on the deposit, surely this is wrong?

Also when I signed the agreement there was no insurance included, but some one has inserted the x's, I did not do this, and surely there should be proof of these insurances i.e. documentation? I ahve received nothing to even suggest they exist!

the car was worth around £2400 before it was taken from me, why have they credited my account with £239? Seems a bit strange.

When the welcome people spoke with me about getting the car, at no point did they mention VT's,

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

I spoke with Welcome in order to obtain a copy of the telephone recording....but.....it has been deleted!!!!! From the head office branch manager himself, he gave my the guys name who I spoke with but said he has probably been sacked!!

[gravytrain]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

gravy train, thanks for your response.

The deposit was deducted from the agreement but I am still paying interest on the deposit, surely this is wrong?

Also when I signed the agreement there was no insurance included, but some one has inserted the x's, I did not do this, and surely there should be proof of these insurances i.e. documentation? I ahve received nothing to even suggest they exist!

the car was worth around £2400 before it was taken from me, why have they credited my account with £239? Seems a bit strange.

When the welcome people spoke with me about getting the car, at no point did they mention VT's,

Hi The way I read it the total price for the car was £10,099 less the deposit of £800 the amount of credit issued at (A)is £10099-800= £9299, this is the figure that the interest is applied to and produces £13968 at D.
The figure at F is the total amount payable and includes the deposit but this is not the figure that results if you calculate the total amount of repayments made (48*308) this is total credit plus interest.
You should claim that the insurances were not requested and seek redress if this is so, see what they say to this, before we comment further there are several actions that can be taken dependent upon their reply.
If you feel strongly about the VT issue you can write to them and say that the car was repossessed without you permission and contrary to the provisions of the consumer credit act.
Ask why no default notice was issued and why consequently no opportunity to remedy the breach as required by the CCA 1974. State that you presume they are aware that they were prohibited from repossessing the car until this statutory requirement was met.
Inform them that dependant on their reply you may consider legal action for the possible conversion of your goods

[dogtired]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

All I can add is good luck, as others say they seem to be able to get away with what are questionable practices.
Dont know how they "get away" with it.

[gravytrain]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Yes normally of course dealers will move heaven and earth to prevent a VT , but when it suits them it is the other way around, I think if the OP did not apply in writing and he maintains that the garage capitalized in her lack of knowledge there are a number of options he could pursue for redress of one kind or another.

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

A = £9,299.00 + R = £800.00 + V = £3869.38 = £13,968.38

D = £13,968.38 + E = £1,621.32 = 15,589.70 - R = £800 = £14,789.70

Tell me if this is wrong but that is how I work it out, seems the deposit has been added onto the agreement then removed still leaving the interest to pay on the deposit?

Also although the

[Daronb]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Oops pressed the wrong button and posted!

The figure £15,589.70 is shown on the agreement but £14,789.70 - £800 is not shown??? If this is the final figure why have they not shown it?

[gravytrain]

Re: Hello all, I have issues with Welcome Financial Services Ltd!

Oops pressed the wrong button and posted!

The figure £15,589.70 is shown on the agreement but £14,789.70 - £800 is not shown??? If this is the final figure why have they not shown it?

Hi

Yes it is the TAP (total amount paid) and must include any deposit or trade in, the total charge for credit is shown and it is calculated from the total credit figure, which is correct. 48*308= 14784, 14784 +800 = 15584= total amount paid

They don't have to show the total credit plus total charge for credit figure.