Welcome Car Finance 70% paid

slc.1974

Hi All

I was wondering if anyone could help me. I took out vehicle finance with Welcome in Feb 2008. Car price was £6390, PPI £1918.39, total amount payable including interest £12004.96!!!! I was told today that Welcome Car Finance no longer exist and as I have paid 70 % of the balance owing if I stopped making payments they would not be able to take any action, does anyone know if this is true?? Has anyone had the same experience??

Thanks

[Deleted User]

welcome may not be lending but they still want paying,if your car was bought on HP then you might be able to return it,if it was a loan or finance then you cant

Hax

The debt is still owed. If you cease to pay, then whoever owns the debt will likely register the debt as having late payments or being in default - thereby trashing your credit record for the next 6 years. They may even look at getting a CCJ against you.

End of the day, you've borrowed the money and you should pay it back.

Apples2

slc.1974 wrote: »

total amount payable including interest £12004.96!!!!

Whats with all the exclamation marks? Surely you understood how much you would be paying for this car before you signed up for it.

If you stop payments, the car is likely to be repossessed and you will end up owing a huge amount to them, your credit file will be Royally humped for the next 6yrs for good measure.

Nick_Mac_2

Welcome Finance has not ceasd trading. They are merely in a state of stasis and are not lending any more money to people, new or existing clients. If you've paid PPI, Welcome have been found to be in default as they do not have the assets to satisfy claims. You can apply to the FSCS to claim your PPI back. I would advise you not to stop payments under the impression that they've gone under. they haven't and they are somewhat predatory. They're after every penny they can get, and fast!