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About Whatafinemess

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  1. Hi F1 Girl, Sorry if you've already done this (i'm not trying to insult anyones intelligence) but make sure you call your bank and actually completely cancel the DD mandate. In the past i cancelled it via my online banking service and to my surprise the DD was reset without my consent and the money taken from my account. Who would do such a thing i hear you ask???................. You've got one guess!
  2. I'm waiting for the bumf to arrive from the financial ombudsman although i must say the girl on the phone was extremely unhelpful and seemed to find the whole situation slightly funny judging by the tone of her voice, however........... I've just realised something that i'd like you views on....... The 3rd rewrite of my loan reads as follows..... Total amount of credit - £17,703.94 Amount of credit for cash advance - £17,703.94 (No cash recieved) ?? Duration of agreement - 300 months Amount of monthly payment - £186.46 APR - 12.7% Total charge for credit - £38,234.71 Interest charge - £38,234.71 I've worked out that after 25 years of paying £186.46 per month i'd have paid £55,938, but Welcome will have added a minimum of £56,210 interest to the original credit amount of £17,703.94 meaning that after 25 years and £55,938 later i'll still owe them £17,975.94 which surely itself will be subject to interest??? Have they dropped a boll0ck on this or am i going to spend the rest of my living days paying off what is in effect a £4000 loan?? Even if i live to the age of 80 i'll have paid £123,063.60 and will still owe just over £18,000!!!!! This is sending me round the bend!!!!!!!! Would any judge in their right mind order in favour of Welcome finance on this?? Cheers, Stu.
  3. Subject access request it is then, thanks for that.
  4. I will thanks, it would certainly be interesting, what would this achieve though?
  5. I've got copies of all three agreements and they send me statements monthly which show interest being added which is more than my contractual monthly payments, when i told them of my concerns their reply was "well you should pay extra each month then". The last rewrite was for 186.46 per month for 300 months, that would mean we'd have paid £55,938 but even if i did pay each month for the next 25 years i'd still owe more than i do now. i don't understand how this can be legal!!
  6. Hi everybody, I'm new to the site so please forgive me if i've posted this in the wrong section. Just like many others, i have an issue with Welcome Finance and i was hoping some of you might have some helpful advice for me?? In Jan 2004 my wife an i took a £3000 secured loan out with welcome, 7 months later we asked for an extra £1000 top up so the loan was re written and they gave us a further £1000. So we've only ever had £4000 in cash from Welcome finance. In Feb 2008 we found we were struggling with the repayments and contacted Welcome to discuss it, they offered to re write the loan and drop the interest which at the time was the only option available so we went for it. Now in 2010 having paid 1000's of pounds back we are still left with an outstanding balance of £20,000 with more interest being added each month than our monthly repayments. I contacted Welcome to inform them that regardless of me maintaining my monthly contractual payment the account balance was increasing by £15 per month and that i wasn't happy paying £200 per month until the day i die, at which point i'd owe a few thousand pounds more than i do now, All for the sake of £4000. (which i repaid a couple of times over already) Welcome rejected my complaint and are trying to move ahead with legal proceedings and i'm in the process of complaining to the financial ombudsman. I'd be interested to know what your thoughts are on this or whether you've been in a similar situation and what outcome i can expect. I'm at a complete loss at the moment and as you can imagine its becoming very stressful. Thanks Stu.
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