Help Needed ASAP

[madalex26]

hi there guys

 

i dont know if this is the right place to write this but i currently have an car finance account with Welcome Car Finance. I have a couple of questions to ask:-

 

1. I have insurance with this company, please can you tell me how i work out how much monthly i am paying for the insurance/car split?

 

2. I want to end the agreement early because it is costing me too much per month and i want to know what is the easiest way of doing this when stuck in an agreement.

 

3. I have just found out that my clutch and brakes are going on the car, i have got maintanence insurance, so when a part goes on my car it can be replaced by the insurance. But i got a funny feeling that the clutch and brakes are listed as wearable items and are not covered. When i got the car from concept car credit, i got a report from my garage, saying that the brakes and the wheel bearings needed doing, i told concept car credit this and they said verbally that they would sort it out. But they didnt and now i am stuck with this hugh bill, plus the clutch is going. Please advise.

 

Any help would be helpful

 

Alex

[spamheed]

hi there guys

 

i dont know if this is the right place to write this but i currently have an car finance account with Welcome Car Finance. I have a couple of questions to ask:-

 

1. I have insurance with this company, please can you tell me how i work out how much monthly i am paying for the insurance/car split? This should be shown on the original agreement. If you don't have this, make a formal request for a copy of the agreement from the creditor

 

2. I want to end the agreement early because it is costing me too much per month and i want to know what is the easiest way of doing this when stuck in an agreement.The creditor is guaranteed to get the full amount as stated in the agreement, if there is no "get out" clause, then it would be down to negotiating a final settlement.

 

3. I have just found out that my clutch and brakes are going on the car, i have got maintanence insurance, so when a part goes on my car it can be replaced by the insurance. But i got a funny feeling that the clutch and brakes are listed as wearable items and are not covered. When i got the car from concept car credit, i got a report from my garage, saying that the brakes and the wheel bearings needed doing, i told concept car credit this and they said verbally that they would sort it out. But they didnt and now i am stuck with this hugh bill, plus the clutch is going. Please advise. Without anything in writing it would be a case of "he said she said" or heresay and as such there would be little you can do about it. I agree about the wearable items, I had a similar situation with a warranty company and my timing belt, I didn't have a leg to stand on

 

Any help would be helpful

 

Alex

 

maybe not what you wanted to hear but these agreements are drawn up with the benefit of the creditor in mind. the chances of getting off on the cheap are therefore greatly reduced. Early settlement may be the best bet, but it depends what they can get away with

 

if this has been of help please feel free to tip the scales

[tooth_fairy]

I had similar issues with GE Capital

 

1. You can get the terms listed by speaking to Welcome, they should give you a breakdown of your monies.

 

2. How far are you into your agreement, at the early stages, it is likely you will have to pay near the full amount back, whether this be by handing the car back to a garage for cash and making up the difference or by paying the full amount in cash form and keeping the car. You are unlikely to get any decent settlement figure unless you are more than half way through, in my experience.

 

3. Clutch and brakes are likely to be wearable items. You say that when you got the car, the concept car said they would sort it. What, in hinsight would have been better was for you to have had a check done on the car before taking delivery/possession of th car as Spamheed has pointed out, is now a situation of he said she said. However, as the items are consumables, there need replacing anyway regularly, so your insurance is unlikely to cover this. It could be worth asking the garage to take an overal look at it and if there are multiple faults found, you could technicially hold Welcome/Concept jointly and severally liable for some costs, but again, it depends if they see the items as normal wear and tear or mechanical failure. Most will try to get out of it by saying you haven't done something right, when in fact you had done everything by the book. If you do decide this route is right for you, please take relevant legal advice on this, as it can get messy.

 

TF x

[Tecnobaz]

How long has the finance been running?

 

I had a car on finance, the diesel pump packed up but I was halfway in to mine so I chose to give up the car with no penalty to pay or any further payments to make. The repairs would have been about £1000 but I had 2 years left to pay which was about £2000 so I called it quits. Never looked back one of the best choices I made.

 

Now run around in a "Ebay Banger"

[madalex26]

I had similar issues with GE Capital

 

1. You can get the terms listed by speaking to Welcome, they should give you a breakdown of your monies.

 

2. How far are you into your agreement, at the early stages, it is likely you will have to pay near the full amount back, whether this be by handing the car back to a garage for cash and making up the difference or by paying the full amount in cash form and keeping the car. You are unlikely to get any decent settlement figure unless you are more than half way through, in my experience. I started the agreement back in June 2006 and it is for 3 yr agreement. I pay £260 a month. It says that in my contract under "Termination: your Rights", You have the right to end this agreement. To do so, you should write to the person you make the payments to. They will then be entilted to the return of the goods and to half the total amount payable under this agreement, this £2769.84. If you have already paid at least this amount plus any overdue installments and have taken resonable car of the goods, you will not have to pay any more". So far i have paid, £2080. So if i continue paying for another couple of months i will be entiltled to give the car back and not pay any more!! Is this right??

 

3. Clutch and brakes are likely to be wearable items. You say that when you got the car, the concept car said they would sort it. What, in hinsight would have been better was for you to have had a check done on the car before taking delivery/possession of th car as Spamheed has pointed out, is now a situation of he said she said. However, as the items are consumables, there need replacing anyway regularly, so your insurance is unlikely to cover this. It could be worth asking the garage to take an overal look at it and if there are multiple faults found, you could technicially hold Welcome/Concept jointly and severally liable for some costs, but again, it depends if they see the items as normal wear and tear or mechanical failure. Most will try to get out of it by saying you haven't done something right, when in fact you had done everything by the book. If you do decide this route is right for you, please take relevant legal advice on this, as it can get messy. So what is the point in having that insurance in the first place even if they aint going to pay up. So what you are saying is that i should go to the garage, get a list of things that are wroong with the vehicle and take them to court?? Do you mean going to small claims court?

 

TF x

 

Ive written in red off my next questions. please help.

 

alex

[madalex26]

How long has the finance been running?

 

I had a car on finance, the diesel pump packed up but I was halfway in to mine so I chose to give up the car with no penalty to pay or any further payments to make. The repairs would have been about £1000 but I had 2 years left to pay which was about £2000 so I called it quits. Never looked back one of the best choices I made.

 

Now run around in a "Ebay Banger"

 

The finace has beeen running since June 2006 and the contract is a 3 yr contract.

[Tecnobaz]

So far i have paid, £2080. So if i continue paying for another couple of months i will be entiltled to give the car back and not pay any more!! Is this right??

 

As I see it Yes, as soon as you have passed the magic £2769.84 mark.

 

Don't mention any of the faults with the car when I sent mine back they arrived with a recovery truck and that was the last I saw of it. I do recall a £40 cheque being given to the driver think I ended up paying towards the collection of the car.

[madalex26]

..

[madalex26]

So far i have paid, £2080. So if i continue paying for another couple of months i will be entiltled to give the car back and not pay any more!! Is this right??

 

As I see it Yes, as soon as you have passed the magic £2769.84 mark.

 

what they are saying to me is that my payments are split down with 1/3 of the monies going to the insurance and 2/3 going to the car payments. they are saying that only 2/3s of my monthly payments are going to the car and that £2769.84 is in reference to the 2/3 bit. Does that make sense? so therefore according to them ive only paid £1248 towards that magic £2769.84. Im confused? Are they right or not?? Does it make sense?

[Tecnobaz]

"According to them ive only paid £1248 towards that magic £2769.84"

 

Close £2080 /3 = 693x2 =£1386 but maybe theres some admin fees in that so they could be right.

 

Well I'm speechless

[madalex26]

"According to them ive only paid £1248 towards that magic £2769.84"

 

Close £2080 /3 = 693x2 =£1386 but maybe theres some admin fees in that so they could be right.

 

Well I'm speechless

 

so how do i find out whos right and whos wrong?

[Tecnobaz]

Maybe ask for statements from them would be a start, As for the insurance do you have to have it as part of the finance?

If not whats the point of paying it if it never pays out.

 

just worked that out £86 monthly insurance?????? How long was the cover for?

[Tecnobaz]

£86 saved thats your brakes sorted. A clutch is around £250-300 well it is around here.

 

Although if you do cancel the insurance and the engine blows please dont come running to me.

[madalex26]

Maybe ask for statements from them would be a start, As for the insurance do you have to have it as part of the finance? no i didnt need to have the insurance when i took the finance out, but i was thinking just in case!

If not whats the point of paying it if it never pays out. thats wot i thought.

 

just worked that out £86 monthly insurance?????? How long was the cover for?

what do you mean?

[madalex26]

£86 saved thats your brakes sorted. A clutch is around £250-300 well it is around here.

 

Although if you do cancel the insurance and the engine blows please dont come running to me.

 

i dont have £250 - £300 available at the moment to get the clutch done, thats why i thought i use the insurance to pay for it, but it might come down as a wearable item!!

[Tecnobaz]

I just wandered if the £86 was payable for maybe just the first year but that covered you for say 2years. Just ranting away.

 

Going back to the top of your post you say

"I have just found out that my clutch and brakes are going on the car, i have got maintanence insurance, so when a part goes on my car it can be replaced by the insurance. But i got a funny feeling that the clutch and brakes are listed as wearable items and are not covered"

 

Do you know this for sure? Brakes I agree with but the clutch I'm not so sure.

[buffyoo7]

sorry to jump in but if any one gets a chance could they look at my thread (returning a car to finance company ) i need some help thanks buffy

[spamheed]

sorry to jump in but if any one gets a chance could they look at my thread (returning a car to finance company ) i need some help thanks buffy

 

 

you need to post a link to your thread buffyoo7

[buffyoo7]

sorry dont know how to post links but the thread is

returning a car to finance company

 

thanks

going to try and learn how to do it now

[buffyoo7]

http://www.consumeractiongroup.co.uk/forum/mortgage-companies/132269-returning-car-finance-company.html?highlight=returning+a+car+to+finance+company

is that it

[buffyoo7]

oh clever me sorry i will leave this thread alone now thanks buffy x