is my hp agreement enforcable???

[adaz1986]

i took out a hp agreement with welcome car finance in 2007 for a car which was valued at £7,537.00.
including (PPI £1870.01), (short fall extra insurance £350) and (mechanical breakdown insurance £650)
in total £2870.01 for all insurances.
all in all £10,407.01

the amount payable for the vehicle was £10,321.16
and the amount payable for the insurances was £3,891.84
total payable £14,213

after 2 years of paying my monthly repayments £294 i had paid £7000 approximately
i tried using my PPI only to be told that i because i was the second name on the agreement i could not
use it.(suggesting miss sold PPI)
after a little concern i then asked welcome car finance my options.

welcome car finance then told me i could have my payments reduced to make it more managable.
they then started the proceedings and wrote up a new agreement.

the new agreement was for £5938.20 over 60 months at £138pm
also i noticed they had put more interest on this to the some of £2.341.62
total of £8.279.82

i was told the new agreement did not have any PPI, shortfall extra or mechanical breakdown cover on it and
that i had been refunded a some of money from my outstanding balance.
i have not recieved any notice of how much was refunded and when it was refunded and have asked welcome car
finance about this only to be told they dont know exactly and they cant give me a figure.

i carried on paying my new payment of £138pm for a further 2 years aproximatley £3300

so within 4 years i had paid aproximatly £10,000.

after months of paying i asked welcome finance how much i had left to pay. they came up with a figure of £5000
which baffled me.

if i paid aproximatly £7000 in the first 2 years and £3300 for another 2 years and they still want me to give them £5000
this works out more than my original agreement of £14.213 even after they told me a some of money had been refunded from
my insurances.

i started to think how are they doing this and are they adding on somthing im missing and is it legal for them to do so.

i then refused to pay anymore money to welcome finance and went about claiming back my PPI. months have went by waiting
to hear from the people claiming this back so i contacted them to ask about it.
they then told me they had a letter back from welcome finance saying i had no PPI on my agreement, but i have the original
agreement as proof of the PPI sold to me which i could not use and was told i was refunded on this but still 2 years later
they still cant prove how much was refunded.

i have asked welcome finance for some kind of statment of proof of how much was paid over the 4 years.
they told me they can not provide this 2 me.

if they cant provide this to me then how do they know how much is owed on the agreement and why should i trust that this
£5000 that they still want from me as a legitimate figure.

any help on this matter would be very very helpfull

many thanks

[Caspar]

Re: is my hp agreement enforcable???

If I'm reading this correctly, the first two years are almost irrelevant as you effectively agreed to refinance the car.

Refinancing was for a sum, including interest, of £8279.82 which you presumably signed an agreement for.

After a further two years you'd paid approximately £3300 of the new agreement, which would leave around £5000 owing given your refinancing was for roughly £8300.

To me, the maths make sense. I think your very understandable frustration is that you'd already paid a large sum off before refinancing it. The time to quibble was at the stage of refinancing I would have thought.

[WendyB]

Re: is my hp agreement enforcable???

Do you have a copy of the second (refinance) agreement. It will show on there if PPI was added or not.

If you do not have this, then I would suggest sending a SAR to Welcome which should produce any and all info they have concerning you. Agreements, letters, phonecalls, everything. I believe Welcome have been taken over orsomething similar reently, not sre of the details though as I've never had any dealings with them, but I do know there is something going on with their PPI reclaims. If you search the forum no doubt you'll find it.

[Caspar]

Re: is my hp agreement enforcable???

re ppi, have a read of this:

FSCS FSCS declares Welcome Financial Services Limited in default

[adaz1986]

Re: is my hp agreement enforcable???

i do have a copy of the second agreement and it doesnt have ppi or any of the other insurances on it. i just dont understand how they work things out and if they are ripping me off or not. i was told i was refunded around about £2000 from the insurances but then that confuses me even more.... what shud i do? i have buried my head in the sand for a long time hoping it will just go away

[Amethyst]

Re: is my hp agreement enforcable???

As the first agreement was finished early (refinanced) then you will have been refunded the PPI amount that wasn't required on that agreement. I would expect re the misselling of PPI angle you can still reclaim the PPI you paid for the first two years of that agreement (probably about £1.3k ish if they refunded you £2k when you refinanced)

As Casp said the figures do make sense. The second agreement is for the capital amount outstanding on the first agreement, with the PPI elements removed, and as its spread over a longer period (to reduce your monthly payment amount) the interest overall will be more.

To see exactly what has happened then you'd need to get hold of a full transaction list for your account - I'm not entirely up on what's happening with Welcome accounts these days - but the usual way to get this would be to send a Subject Access Request under the Data Protection Act for all information they hold about you.

I'm not clear from your posts though if you are currently making the payments okay ?