Welcome Car Finance & Lewis Group

[theoldrouge]

and of course the agreement fails on several aspects

 

1) its a multiple agreement under s18 cca1974 and must have two seperate headings in bold distinguishing type

 

a)An HP Agreement regulated by CCA1974 and

 

b)A Credit Agreement regulated by CCA1974

 

2)Each part of the agreement must have its own prescribed terms- (they have lumped the monthly payments into one)

 

 

 

eg HP 48 monthly payments x .£....

 

Credit 48 monthly payments x .£....

 

3)48 x £244.61 +£10 deposit= £11751.28 not £11850.96(and I havent had time to check the aprs yet:-))

 

so just on the above, in breach of s60/61 and therefore imo totally unen

[yenot6691]

Thanks to you both. Dx how do i calculate if didnt pay the full amount in a month? and how do I calculate what portion the Mechanical breakdown/Shortfall exptra represents of the £244.61/

Thanks

[theoldrouge]

total price of credit for ins was £1174.72 divide by 48 = £24.47 per month

 

that of course is what prescribed terms should be there for

[yenot6691]

Ok will work on this at home tonight.

Thanks for your help guys. I'll post my results later on.

cheers

[dx100uk]

look at the % calculation in link 1 below

 

work out the % the insurance were of the normal full monthly payment.

 

then any payments you make xx% if it was for the insurances.

 

dx

[yenot6691]

CI is ok

 

statint sheet

 

sorry I didn't make things clear

 

you have to workout what you paid PCM for them both

then enter each months combined payment on its date

 

lump them together

 

and use link 1 below to do the sheet

 

Hi Dx,

quick question? Say for example i paid 4 amounts of £50 throughout the month, what date will I enter as the combined payment date?

 

Thanks

[dx100uk]

last

[yenot6691]

one more thing?

 

On the contract they have charged £745.00 for insurances and £429.72 charge for credit for insurance.

 

When I look at page 5 of the breakdown,

 

on the 13/07/2005 I had a credit for £745.00.

 

does that mean they paid me back the insurance

and still charged me for credit for insurances?

 

Confused.......

[dx100uk]

yes looks like it

 

dx

[yenot6691]

ok will i just have to calculate the charge for credit for insurances instead as this was not credited back (£429.72). I can't believe I've not looked at this years ago.

 

thanks Dx

[yenot6691]

I've done this now. can you take a look and advise me?

thanks again

[theoldrouge]

one more thing?

 

On the contract they have charged £745.00 for insurances and £429.72 charge for credit for insurance.

 

When I look at page 5 of the breakdown,

 

on the 13/07/2005 I had a credit for £745.00.

 

does that mean they paid me back the insurance

and still charged me for credit for insurances?

 

Confused.......

Confused??youre not the only one!!

 

13/7/05 balance £11741.28 which happens to be £244.61 x 48

 

so the credits for £745 and £150 have not altered the balance

 

so as far as I can see nothing was refunded

 

looks like their agreement confused them as well

[yenot6691]

Oh I see... that why when I queried the charges they sent a letter advising that the figures on my contract do not reflect the correct total amount payable and the is an error in my favour of £109.57 which is the difference of between the contract amount and the contract amount minus the refund of the insurance (£750) and admin fee (£150).

[theoldrouge]

yes there is an error in your favour by my calcs of £98.68 as I cannot seem to find the use of your £10 deposit

 

however, they have not at any stage refunded the insurance or admin fee ( if you look at the balance the credits did not alter it)

 

The agreement is a complete mess

[dx100uk]

I've done this now. can you take a look and advise me?

thanks again

 

yep that's good

 

dx

[yenot6691]

Yes I agree. I just want this nightmare to end.

[yenot6691]

yep that's good

 

dx

 

Hi Dx,

Where do I go from here? Who do I submit my findings to?

 

Many thanks

[yenot6691]

Do I now send a letter to the DCA requesting they pass the file back to the Welcome?

[dx100uk]

pers i'd be doing stuff all with regard to the no powers dca.

 

get those reclaims off to welcome finance with a covering letter.

 

you owe bugger all to anyone

 

i'd love to see them explain that agreement and statements if they did file to court:lol:

 

dx

[yenot6691]

pers i'd be doing stuff all with regard to the no powers dca.

 

get those reclaims off to welcome finance with a covering letter.

 

you owe bugger all to anyone

 

i'd love to see them explain that agreement and statements if they did file to court:lol:

 

dx

 

Ok should i just download a letter from this site to Welcome Finance or just type one out? Do I send to Ruddington? I

[dx100uk]

adapt these to suit.

 

dx

[yenot6691]

adapt these to suit.

 

dx

 

thanks so much dx, ill get on with this tomorrow. Do i send a copy to the DCA or have nothing to do with them?

[dx100uk]

pers i'd ignore them totally.

 

dx

[theoldrouge]

can you just confirm that they are only acting as dca and have not bought the ac, if dca as dx says ignore

[yenot6691]

Not sure. I think they may have bought the debt. How can I find out?