Thread: Welcome Finance....Unlawful?? Please Help

[FONT='Verdana','sans-serif']Hi all! I’m brand new to alll this!! Just looking for some help regarding Welcome Finance!!

I took out an unsecured Loan for £4000 with them in December 2007 for 36 months. I Have never missed a payment, as I still live at home with my parents (partly because of the expense of this loan!) so this is something i can always make sure is paid 1st. £200.83 a month.

I really regret ever taking out this loan as the interest is crazy (53.40%) the time I was being forced to help a partner out so they didn't get beaten up for the money they owed! I can't believe I was so stupid and have been struggling ever since.

The welcome finance guy came to my house to draw up the agreement but it just never felt right. I have no PPI or anything I refused to take it. I have been contacted by companies such as Cartal Client Review who claim they can get the loan refunded? this seems too good to be true?

Have any of you ever been contacted by anyone who has successfully done this? I don't see how it's possible and also because my loan was taken out after April 2007?

I really am quite clueless when it comes to finances so any advice would be greatly appreciated.

Many Thanks in advance[/FONT]

Hi Jliane and welcome to the forum! The first thing you need to do is post up a copy of your loan agreement on here using photobucket so that we can look at it for you. Remember to delete all your personal information.

afternoon all

got your message

do you have a copy of your agreement

I do......... but no scanner. It's in such small print I can hardly read it! So taking a photo of it isn't working!! I'll find someone with a scanner and get it up ASAP.

Also just to mention that the copy I have hasn't been signed by anyone!

Really appreciate any help so thanks

ill get working on the figures

tell me

amount of loan (a)
any insurance or warranty
how many months the loan is over
whats the apr

acceptance fee

amount of loan: £4,000.00
any insurance or warranty:0
how many months the loan is over: 36
whats the apr: 53.40% Does say Variable

acceptance fee: 75.00

Many Thanks

give me half hour and you can confirm my figures from whats on the agreement

what is your monthly repayment

so we have a £4000 loan over 36 months at 53.40 apr

that gives a monthly repayment of £200.83
interest £3230.13
total repayable £7230.13

so we add interest £3230.13 with £75 acceptance fee total £3305.13
now add loan of £4000 for a total of £7305.13 now devide by 36 gives a monthly figure of £202.92


so total repayable £7305.13
at 36 monthly payments of £202.92


what are your monthly payments on the agreement

Post her payments are £200.83 as mentioned in first post.

Yep 200.83. Don't know if you'll be able to read these?
002.jpg picture by jlaine86 - Photobucket
http://i951.photobucket.com/albums/a...aine86/004.jpg
005.jpg picture by jlaine86 - Photobucket
001.jpg picture by jlaine86 - Photobucket

Sorry if I've done this wrong! a little bit clueless!

hmm they seem to have added the acceptance fee in the amount for credit.

also, just out of curiosity, is that a saucepan handle covering your details? heh heh

From what I can remember I think it was put in with the loan, I don't remember paying it seperately.

It's the handle of a knife! lol! Fitted perfect

hey folks, think I am being a bit thick but I have 2 interest rates on my agreement. which do I use to check figures?

Same here: my APR is 53.40% and it also says 51.11% ?? I swear they make it confusng on purpose!

Going Over Agreements Now

its the APR figure you want.

here use this website to check interest figures and APR rates etc..

Loan & APR Calculator

Give Me Half Hour

Again

Welcomes Figures Are Slightly Out
My Figures Are Correct

They Have Not Added In The Acceptance Fee So Short By £75 Quid In The Final Figures


Total Amount Payable Is £7230.13 Plus £75 Acceptance, total £7305.13

devide By 36 Is £202.92 Per Month

Oh gosh, does that mean they will make me pay it at the end? they are so rubbish!