Help!! I need advice about Welcome Finance

sasp

I have just spoken to Welcome about voluntary termination of my car. The minimum half term amount is £5160. I have paid £3503 so I thought I owed £1606 and was going to use some money I have been left to get rid of this debt as I am desperate to reduce my monthly outgoings ( I pay 236 a month for my heap of scrap!!
Having been told that yes this is the car amount I owe, the woman then told me I also owe £744 in insurance products and this is in the small print. Is this right? She said the company buys the insurance up front. Is she telling the truth/

:mad:

smashedbooboo

She is. But get a letter sent off asking for a subject access request from them. And ask for a copy of your consumer credit agreement from them. This will show if they have loaded you with PPI. Were you told you had to have the insurance so you could get the loan on the car. If it was mis sold to you which it probably was with welcome then you can claim this back. Have a look through the loans forum. Loads of info on there with template letters. Have they added any other charges to your account. I have had the same problem with welcome. A subject access request letter should highlight any charges they have put on there.

sasp

Thank you for the advice. The woman told me she could send a breakdown, is this the same as a subject access request?
Thanks

smashedbooboo

Not really. You will need to send a postal order for 10.00 your SAR. But you must put in your letter that the money is for that reason only and not to go towards your account. The SAR should give you everything they have on you. All paperwork. The CCA costs 1.00. Send it recorded delivery. Start a file and keep all letters etc in that. You can refer back to it then. You do need to see a true copy of your credit agreement. If you were mis sold the PPI then you can claim it all back. That should knock something off the debt. Tghey will try and fob you off. Dont let them. There are some template letters for SAR in the reclaim bank charges. But you need to add in you want all paperwork not just a breakdown on your account.

pania

honey check check and double check everything that you can with welcome. I got badly stung by them saying i owe more money than i did and have a complaint going through with them at the moment. really really makes sure that you owe this money before you give the car back. I started with a loan of 1800, paid it for a year and ended up owing them £2000 to clear it!!! This was without PPI, no one could explain to me why this was. just check chesk and double check.
Hope it works out well for you.
P
xxx

smashedbooboo

I totally agree pania. They can be a nightmare. And will trry anything to fob you off. See how you go with the letters. If you get no joy ask offer them a smaller amount to clear the loan and keep the car, i know you say its a heap but its better than nothing. You must dispute the amount they are asking. It sounds like panis has had the same problems as me. I hope you are fighting to get your ppi back pania. good luck. They have not responded to any of my requests so far so stopped paying them until they come up with the records i need to see.