Welcome Finanace Settlement Claim

[jimjo]

Hi

 

I am hoping you will be able to help me or shed some light for me.

 

I have a car loan with welcome finance which is in arrears and the agreement finished last year.

 

Because of this all the balance is classed as arrears

 

I rang my local Welcome Finance today to try and see if they would accept a settlement figure. The current balance on the account is 4'042.83

 

When i spoke to the guy he told me welcome are no longer accepting settlement offers and the whole balance would have to be paid in full to clear the account.

 

I am currently paying £300 per month but want to get rid of the whole thing in one go as its killing me every month to have to pay them....

 

I know it is my fault for getting the account in to arrears but i really don't want to be paying this amount for the next 15 months!!!

 

Is it worth writing to their head office offering them a settlement and if so do i offer them the 50% or would there be any better options.

 

Thanks in Advance.

[Crocdoc]

Never offer any settlement over the phone, always in writing and request written response. Additionally, this account will almost certainly include ppi and charges. Therfore sar first recover ppi and the negotiate.

[jimjo]

Hi 'Crocdoc'

 

I didn't have PPI on the account. I have all the details from the SAR but am still waiting for the bank statements to see the charges.

 

I wanted to speak to them to see what they would expect then make my offer. Most people seem to be suggesting around 50% of the final balance but with what i was told from the head office that they are not accepting offers is it worth it?

[Crocdoc]

They will tell you anything over the phone, it will do no harm to make an offer in writing and see what they say. The alternative is let it go to debt collectors as they will bite your hand off for a bag of peanuts.