Welcome Finance Loan Agreement

gettingthere1975

My partner took out a HP agreement back in 2008 with Welcome Finance (yes, i know, we've regretted it ever since)

We've managed to successfully re claim the PPI as it was mis sold based on my partners medical history which was a relief, however i have noticed some discrepancies on the Credit agreement that i dont know quite how to approach so any advise would be appreciated.

I should point out that the documents i am referring to should never have fallen into my hands, fortunately for us WFS gave them to us by mistake so a lot of this we would never see.

A bit of back ground, we Part Exchanged our old car in and agreed a value of 1300.00. On checking the paperwork the px value shows as 1.00? How would i word this to WFS?

The credit search shows a maximum credit limit of 11500.00, the files show this as the approved amount however the credit extended was 18000.00, can they do this?

We paid 175.00 deposit but they have added the deposit and px value to the credit, i.e car price 8900.00 plus 175.00 plus 1.00, total credit for goods 9076.00, surely this should be deducted rather than added.

Sorry if this seems a little confusing, i'm confused myself, i am trying to obtain an early settlement figure and feel the above should affect that?

bengalknights

What is it your aiming to try and get?

gettingthere1975

bengalknights wrote: »

What is it your aiming to try and get?

I'm trying to get a settlement figure, tbh i hadn't looked at the paperwork until we started the PPI re claim, i raised these issues with the local office as i felt the paperwork was wrong and should be credited, they would not answer me.

We've asked twice now for a settlement figure as the outstanding balance includes interest until end of loan but obviously we're repaying early so there should be a credit of the interest at least but i cant get a figure or an answer to why the p/x is 1.00 and the other queries as obviously if the paperwork is wrong to the tune of nearly 1300.00 then i would think this would come off the settlement figure.

KingElvis

Good luck but be prepared to be shocked by the settlement figure, it will be gargantuan.

Apples2

Maybe that Wednesday feeling but I can't make head nor tail of the figures.
You must have known how much you needed to finance when signing the agreement.

You certainly wouldn't be able to work out your own Settlement figure on a Welcome loan - historically on here they come with a huuuge amount of Brucie bonuses thrown on top.

Have you requested a Settlement figure in writing or are you wasting time/money by talking to them?

gettingthere1975

KingElvis wrote: »

Good luck but be prepared to be shocked by the settlement figure, it will be gargantuan.

When i spoke to them on the phone they said full outstanding balance, i rejected this as there should be a credit for interest at least for settling early. Who knows with welcome tho eh :rotfl:

I'm trying to construct a letter atm detailing all my queries and asking for a settlement figure minus the interest just finding it difficult to word my queries and trying not to ramble

gettingthere1975

Apples2 wrote: »

Maybe that Wednesday feeling but I can't make head nor tail of the figures.
You must have known how much you needed to finance when signing the agreement.

You certainly wouldn't be able to work out your own Settlement figure on a Welcome loan - historically on here they come with a huuuge amount of Brucie bonuses thrown on top.

Have you requested a Settlement figure in writing or are you wasting time/money by talking to them?

This is where it is a real pain, my OH has memory loss, they got him to sign the agreement whilst i had gone to get additional papers they needed, if i had checked them i would have raised the issues there and then, as i say it's only since starting the PPI a while ago that i looked into the paperwork and spotted these things.

PPI_Guy

I also have a loan taken out in June 2007 which had PPI, can I ask on what grounds you recalimed the PPI and did this take long to resolve.

Cheers PPI GUY