Welcome Car Finance Voluntary Termination

[westentertainer]

ive bookmarked your post

ill get back later

have you had any thoughts getting desperate now cheers

[rwood10]

have had too much dealings with park finance. I only stumbled across this website because I tried to send them an email and it failed!!!!! i tried to return our car under the half paid route only to be told by the assessor that the car was the worst he had seen! over 50% of the damage was there when we first got the car.

 

I recently received a bill for arrears outstanding £1,016, £46.89 of this is "late payment interest" when I was told on the phone that the account would be frozen so I could pay it off! Also on this statement is £30 repo recovery fee.

 

On the 7th october 2009, we received a letter stating that we must take action or the vehicle would be repossessed! The car was returned to them around May 2009!

 

On the 5th June 2009, we received a bill for arrears balance of £270.83. At this stage we were charged £1.83 late payment interest when we had already returned the car!

 

31/05/09 late payment interest £1.83

arrears £270.83

account balance c/f £4036.83

arrears c/f £270.83

30/06/09 £4036.83

30/06/09 3.38 4040.21

21/07/09 repo recovery fee 30.00 4070.21

31/07/09 late payment interest 5.19 4075.40

31/08/09 late payment interest 6.91 4082.31

30/09/09 late payment interet 8.35 4090.66

01/10/09 paid 20.00 4070.66

29/10/09 paid 20.00 4050.66

31/10/09 late payment interest 10.06 4060.72

30/11/09 late payment interest 11.17 4071.89

01/12/09 paid 20.00 4051.89

31/05/09 late payment interest £1.83

arrears £270.83

account balance c/f £4036.83

arrears c/f £270.83

30/06/09 £4036.83

30/06/09 3.38 4040.21

21/07/09 repo recovery fee 30.00 4070.21

31/07/09 late payment interest 5.19 4075.40

31/08/09 late payment interest 6.91 4082.31

30/09/09 late payment interet 8.35 4090.66

01/10/09 paid 20.00 4070.66

29/10/09 paid 20.00 4050.66

31/10/09 late payment interest 10.06 4060.72

30/11/09 late payment interest 11.17 4071.89

01/12/09 paid 20.00 4051.89

[TATTOOMAN]

wow. welcome finance trouble again..........bought car £7000, paid £4500 off they picked up car for auction ( no rac check ) now cheeky ppl want £1700, paid well over half terminated agreed, surely i'm in my right not to pay then any more cash

[baz-matty]

If it was a proper HP agreement Tattooman then you are correct. Check your original agreement form, it should have a section on there headed "Your Right To Terminate" or something like that. In that section it should confirm the value you had to pay to meet the 50% value. Don't forget it had to be 50% of the total payable including any interest charges.

 

If you have exceeded this value then they have the right to have the car returned in "reasonable" condition and you have nothign more to pay. If they lost money off it at auction then that is their tough luck.

[Anoushka_M]

It sounds like many of you have had the same issues as I have....

I have had a welcome Car Finance HP deal almost 24months and wanting to change my car and get a better HP. They say I have no arrears on the loan but owe 2k (approximately) in PPI and Shortfall Insurances - which I believe I was missold.

I have now paid over half the entire loan and to settle the loan would cost me 5k - which is way more than the car is worth, so my only option was to VT.

They are taking their time to 'calculate' the exact figure, and while I wait I have looked at various companies that will enforce a claim for these unused, unnecessary PPI claims and get the whole lot rebated - with a 25% of total winnings fee.

 

Has anyone done this before - and is it worth it - or can it simply be done by yourself.

 

Also, does anyone know how I can avoid paying the addition insurance fees from termination onwards??

I simply cannot afford to continue paying Welcome car (£246 p/m) for insurances on a car I dont have anymore.... (They say I 'agreed' to pay £246 to welcome every month so even if I didnt have the car I would need to pay this amount until the insurances are cleared)

 

Anoushka