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relly confussed with welcome

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one-day
one-day Posts: 303 Forumite
i took a car finance with welcome and i have just gone through the statement they sent me and they charged me £100 option to purchase fee and also £100 capitalisation on the same day last may and i dont have a clue what it all means??
also i'm to do a settlement offer as i really had enough with these people but was wondering how much to offer them ie 50%
:eek::eek::eek:grand total of debt on 21/1/11 is £8,208.19 :eek::eek::eek:
debt total on 30/07/12 is £4313.52
water £847.75, HSBC £479.66, vodafone £262.35, Captial one £415, AA £47.97, scotcall (scottish power) £622, Arrow £420, Welcome £642.41, CSA (scottish power) £484.90, BT £91.50

Comments

  • peteuk
    peteuk Posts: 1,989 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    We are currently having a simular problem. My wife contacted Welcome Finance and was informed that Feb was her last payment and then after that it would be pence to pay of the remaining amount.

    So we cancelled the Direct Debit and contacted Welcome shortly after the last payment to be told we owe £95.00 on a option to purchase fee. It was explained that we had the option to pay off the loan early, its on your loan agreement.

    Now we find that only £112.38 was used against her loan in Feb, not sure where the rest went.

    I will be asking Welcome shortly how much we "owe" them £95 or £107 (as the new statement suggests)

    I have told them I am not paying it. Who knows.....
    Proud to have dealt with our debts
    Starting debt 2005 £65.7K.
    Current debt ZERO.
    DEBT FREE
  • Apples2
    Apples2 Posts: 6,442 Forumite
    peteuk wrote: »
    I have told them I am not paying it. Who knows.....

    Stopping payment isn't going to mean too much to Welcome. They will simply raise the necessary default notices and pile on a few charges and interest payments on top of what you already owe.

    Better to pay it and claim it back later rather than destroy your credit file and incur many more charges.
  • The original documents that you signed should have somewhere about the Option to purchase fee taken with the final installment.

    The reason this payment is there is due to the type of contract you have - [i assume] it's a hire purchase agreement, so in basic terms, you hire the vehicle from teh finance company by paying the monthly payments, then at the end of the contract, you either have the option to purchase the vehicle (by paying the option to purchase fee) or give the car back.
    We've spent decades teaching people about their rights, but nothing about their responsibilities.
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    As Welcome are now in default it can't be long before we wave ta ta to that motley crew.

    No doubt someone will buy their asset book though so people will never escape.
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • Tubbss
    Tubbss Posts: 444 Forumite
    Part of the Furniture 100 Posts PPI Party Pooper
    Welcomes parent company "Cattles" have been bought out by a company called Bovess - the debt to welcome still exists, but the monkey has a new organ grinder
This discussion has been closed.
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