welcome car finance

sapphire200l

Hi all just wondering if anyone could give me some advice??
I purchased a car which was financed by welcome finance in nov 2007, and kept up my payments with them until dec 2009 when I seperated from my partner. I called welcome and told them that I could not afford the full monthly payments at the moment, and would they reduce my payments for a few months, they said no. I have been paying what I can afford monthly since then, as I didnt seem to be gettng anywhere with my local branch. Received a default letter 2 weeks ago, then received a letter this week saying that the total amount outstanding is now payable or they will get a court order to recover the vehicle. Just wanted to know if they could do this, even though I have paid more than 2/3 of the finance??
Many thanks!

~Brock~

It's their car and you are hiring it from them, so to answer your question yes they can get a court order, which they are likely to be granted unless you can demonstrate that you have the ability to continue with the repayments.

mattlfc79

Hello,

My understanding is if you have paid more than 2/3 of the loan back then they have to get a court order to repossess the vehicle.

You could have done a voluntary termination where you return the car to them after you have paid 1/2 of the loan back. Dont know if you can still do this but that would have been best option as it would not have affected your credit rating.

I could be wrong on both accounts so I would wait till someone with more knowledge comes along!

Tubbss

HI,

The OP would not be able to VT the car. An HP agreement can only be terminated once, by either the finance company or the customer. As the finance company have issued a default notice and termination letter this removes the ops ability to VT.

If the OP has paid more than a third of the agreement then the finance company can repossess still but would require a court order, which is relatively easy to obtain.

Hope this helps.

praguespring

I noticed the reference to voluntary termination, where after 2 years the car can be returned and thats it. End of agreement. Job done.

My agreement is approaching 2 years now and I made a call to enquire how I did this. I was informed that as Welcome do not have garages, I can not do this.

Is this true, is it legal. I thought it was part of the deal, but welcome say not.

Any help gratefully appreciated.

Tubbss

Hi

Providing you have paid enough (and the agreement has not already been ended by Welcome via Notice Of Default and Termination) you could walk away with nothing to pay (unless there are any make good costs - ie penalties for no MOT, poor condition of the car etc).

Call your local office, or 0115 9849200 (head office) and ask for the VT desk.

sheffowl185

bought a car through welcome over 2 years ago , so should have paid over half , includind insurance. i was and still am self employed but have had no work for over a month and nothing in the pipeline as yet. therefore i am unable to meet the repayments at the moment . i have spoken to welcome about this and have deferred aprils payment til middle of the month , but aint gonna make it! i dont want to end up with a repossession order and probably ccj , anyone any idea of my best course of action here? welcome are not very welcoming at the moment ,