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Welcome Finance high Interest and PPI


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Dear All,

I have taken Unsecured Loan from Welcome finance 3 and half year ago

Loan details are as follows:

Loan Credit amount: £3500

PPI: £1400

Personal Insurance : £190

 

Total amount credited to me : £5090 in 2008

Total amount payable: £9600 at the end of 2011

 

So far I have paid more than £8000 of £9600.

I have realized that the charges and interest rate from welcome finance are beyond my reach to fulfill. As I am pending total sum of £4900 still to pay (considering £8000 already been paid, this loan is costing me > £1300!!)

 

Current status:

I have raised PPI claim and awaiting response

I have stopped making payment to Welcome Finance (Considering I have been mis-sold PPI and I woun't need to pay £9600 if I did not have PPI amount and interested added to it).

Recently Welcome Finance has sent me letterstating they are traferring my pending amount to Debt Recovery Agent.

 

I'm in no position to pay this amount.

I need help, what else I can do now?

 

Thanks in advance

Edited by Trobled_in_debt
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Hi and welcome to CAG

 

I've unapproved one of your first two posts as there were two which were exactly the same...please keep to this one thread for this Welcome issue.

 

First ignore and DCA and deal only with Welcome.

 

Have you calculated how much PPI is due back to you bearing in mind that it will be dealt with under the FSCS.

 

Have you got all of the statements for this loan and if so have you established the amount of any unlawful charges on the account. These would include charges for being late with payment, returned direct debits, telephone calls etc. These can also be reclaimed.

 

How long ago did you put in the PPI claim?

 

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First of all sorry about double posting. And thanks for your reply.

 

PPI has been put 2 weeks ago and it's under consideration I've receive a letter from Welcome Finance confirming the application received.

 

I do not have all the statements from Welcome finance eventhough I've asked them several time.

How can I get this?

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