Volentary Termination with Welcome finance

shane291179

Hi

Last October I decided to terminate my hire purchase with Welcome finance. I was 15 month into a 36 month payment plan so as well as handing back my car had to pay 3 months payments to bring my total payments upto the required 18 months which I did.

Car went back ok and I haven't heard anything since.

Today went and checked my credit rating and it says I have defaulted on this account. The default amount being the exact figure of 3 months payments!!

Now i'm going to phone Welcome first thing in the morning but was hoping for some advice on firstly is this correct if i terminated the policy does that amount to a default? If not what should I do to get this off my record?

Any help would be greatly appreciated

CLAPTON

If you paid the three months then, no there is no default.
Presumably you have some sort of proof of payment... Bank statement ?

shane291179

Yeah I paid the amount the day after they collected the car by credit card and have the statement to prove this.

I take it I need to tell them to change the account status to settled not default?

Thanks for your help

Ms-Pacman

did you take out PPI? as when you VT a car through finance this remains outstanding as I have recently found out and being chased for. This might be why. Also have a look on www.carcreditcomplaints.co.uk as they seem to specialize in companies like welcome. I use both that and this site for getting help on my car finance issue

TASHA_2-2

I am also having problems with Welcome Finance but am new and unsure how to post, can someone tell me how to do it

TASHA_2-2

hi, Its me again I have just posted so anybody that can help me would be greatly appreciated, im in a right mess and stuck with no car and 2 young children so need this sorting asap, please reply to me on my post above this one, thankyou again for any replys

nomoneytoday

You should check you have actually paid 50% of the loan, as 15 months + 3 out of 36 isn't necessarily "half way"...

shane291179

Thanks for all the replies.

Just to make things a bit clearer. I didn't take out any PPI or insurance products with the car and made sure none of this was included when I signed the docs for the car so have no worries that end.

Also when I was VT the car I confirmed with the branch and the VT cntre in Nottinhgam how much I needed to pay to do this including the money that the RAC inspection said I needed to pay. The brnach conifrmed that I owe nothing on my account and that everything was auptodate.

So my only problem is that the debt has been recorded as a default not a finished agreement.

I phoned my branch yesterday who siad they would persue the matter with head office and that I should contact them at the end of the week if I haven't heard anything by then. Not trusting that they would sort this out I contacted the head office who said that It sounds like a cleriocal error on thier part, as by looing at my account she said this should have not happended. She asked for a fax (which I confimred they recieved) to just explain the problem so that thier compliance department can rectify this mistake.

I'll keep everyone informed with my progress

Thanks