Welcome Finance - balance owing £5k more than actual loan

[LuggerBugs]

Re: Welcome Finance - balance owing £5k more than actual loan

I'm just going to think aloud here. Please feel free to jump in anybody.

But... if he was paying up until last Christmas, I assume he would be able to VT the car? Assuming of course, the car isn't essential. Obviously. then again, I'm unsure how that would apply as this seems to be a loan rather than HP? Hmmm.

I would say that it might not be impossible to claim on the insurance even now. It might be worth approaching the insurance folks about that. Details should be on the policy docs. That would be with Direct Group, so maybe a phone call would be a good place to start. I'm thinking this might not yet be enough to tip off Welcome.

Failing which, then certainly go for refund of PPI as clearly this would in itself mean the PPI was unsuitable.

Never mind the PPI being on page 1, but the box not being ticked. I didn't spot that with mine either until recently, so the buggers just added it in hoping I wouldn't spot that they had done so. Well, it's taught me never to sign anything ever again without reading the whole thing carefully. Twonks.

[MrsSkint]

Re: Welcome Finance - balance owing £5k more than actual loan

Thanks very much Luggerbugs for answering.

Unfortunately the car was written off in an accident - that's another story - no insurance was paid out on this either!

Might be an idea then to start with the PPI - it means having to contact Welcome I suppose? Not trying to get out of paying them but those effing rates!

No idea what advice to give him really. Do you think there would be a chance that they would freeze the interest and let him pay them off what he can afford until the balance has been paid?

G x

[veilside01702]

Re: Welcome Finance - balance owing £5k more than actual loan

Hi MrsSkint,
Just looked at this agreement and the figures don't seem to add up?
36 payments at £223.25 + deposit of £265.00 = £8302.00
But they have total credit as £8402.00 ??
And the option fee and acceptance fee...
was your daughters friend advised that the finance company would get commission for the PPI and shortfall insurance from the insurance company??
It also says if they want to purchase the goods they need to pay the option fee with the final payment as set out in the T&C's clause 4. Yet there are no terms and conditions on this agreement and no clause 4...
So it looks like the agreement is relying on a clause set out on the terms and conditions that isn't part of the agreement. And a further fee is to be paid in the last payment?
It also appears they are charging interest on the deposit he already paid them as they added it into the figures again....??

Needs someone like Curlyben to look over this and see if it stands upto scrutiny....

I am just using a calculator and can't get the figures to add up....

I could be wrong....
Russ

[LuggerBugs]

Re: Welcome Finance - balance owing £5k more than actual loan

It is an all too common tactic for Welcome to think they are entited to charge interest on the deposit. Amongst innumerable other "irregularities".

As a result of which, their agreement becomes a liabilty to them, rather than an asset,

I assume they would rather not argue the toss in court, But this is Welcome we're discussing, and logic is not their strong point. Besides which, they are cash starved and desperate,