I had a call from them today saying the settlement figure of approx 6000 (2400 + interest /charges to date) was correct, as i have gone over my term they cannot wipe of the interest reduction now.If I stop payment confirming this in a letter ,ask for SAR while this is investigated what can they do (more interest?) am I in my rights as aconsumer to withhold payment while its investigated ?

just to update you guys having finished my claim with citi - they paid out £6728 ... life is good

ps.. I always ask for written confirmation of any correspondance as I am aware how hard they find it to log call details.

Hi, many thanks for your expedient reply. I think I wasnt clear in my initial post. I have reclaimed a PPI award - £500 in June 2011 which they used to address the arrears.Leaving me 1 month in arrears to date. What I cannot understand is in march they gave me a settlement figure of approx £2500, wiping off some £3500 interest... however now my agreement final payment date has been exceeded how can it be £6-7k? surely they cannot apply that excessive charge, especially as I have paid another £2100 into the account since then..Would you know what is the normal charges to expect in cases going over the loan term in arrears? any experience in this secenario ?

Hi, I have an account with Welcome finance I still pay into, the contract term ended in august this year 2011. But 3 years ago now - due to the company I worked for going into administration, I fell 3 months behind in payments. Since then I have accrued numerous charges on the account because of this & was asked to continue paying past the contract final date. In March 2011 this year I asked for a settlement figure, Balance about £6-7k minus the interest left a settlement figure of approx £2400. I did not settle, but have since paid each month standard monthly payments - a further total of £2100 into the account continuing to date. I was told to continue paying as I could not afford to pay the balance. This year in june 2011 I was awarded a ppi refund from Welcome, they addressed my arrears with it reducing arrears to 1 approx. month in arrears. I am now in a position to do address a settlement, I asked for a settlement figure and was told it was still £6-7k ? I said the march settlement was £2400?, since then I had paid a further £2100 + £500(ppi payment) so there must be a mistake. The Welcome rep said “Ahhh, not the first time this has happened, its because your contract has passed (august2011) because of this interest / settlement figure has been affected.” He is going to contact their IT dept. and get back to me with a revised figure in 1-2 days. Meantime,what would you consider a fair settlement ? they were going to wipe off approx. £3.5k in march leaving £2400, I have paid £2100 + £500 ppi since. Surely they cant take all my payments and still maintain I owe 6-7k (including interest they were willing to wipe in march) even if I have exceeded the final payment date.? Please help, many thanks.

ok will keep you all posted

Hi IMS i have calculated, as an estimate Agreement 2 = 8 x £43.86 = £350.88 A3 = 16 X £80.26 = £1284.16 A4 = 26 X £43.39 = £1128.41 A5(CURRENT) 57 X £42.29 = £2410.53 Total assuming no deviations = £5173.98 Im hoping , if successfull they will give me an estimated ppi refund of £5173.98 - arrears £813.78 (3 x £271.26) ... which should leave ppi refund of approximated £4360.20 I am hoping to ask for a settlement figure on the balance of approximately £3139.80

hi IMS I forgot to reply to your comment "The other thing I don't know at the moment is how many payments you made on each of loans 2 & 3 before they were refinanced. With Loan 4, this was taken out in June 2004 with 60 months to repay. That takes us up to June 2009 which is when it should have been paid off and yet in post #1 you say it is still running with about £7k to pay. This means that you must have missed some payments or have made reduced payments or a combination of both." To clarify, after agreement 4 is the curent agreement mentioned sorry I hould have called that agreement 5 (current 60 months should have finished this year 31/08/11 - but having missed 3 payments during my firms administration will run over with their additions of interest added. current agreement dated 31/8/06 .... (agreement5) total paid to customer 2770.51 refinancing 7229.49 insurance 2537.41 (have the creditcare insurance application documents) arrangement fee 115 total amount of credit 12537.41 amount of payable 16275.60 interest rate 1.81%/month annual % rate variable 11.3 no of monthly instalments 60 amount of monthly instalments 271.26 extra section in this agreement headed " other financial information" total charge for credit made up of interest 3623.19 arrangement fee 115 total charge for credit 3738.19 interest rate 10.39 / month Incidentally,do you know what is the norm when you reach the end of agreement with arrears ? Are they going to ask for a final payment for the balance you think ? Or maybe offer to refinance balance owed .. would love to know how to work out settlement figures based on my current balance.(anyone know the formulae?) Once again IMS cant thank and other contributors you enough for all your help

excellent... many thanks ims to work i go

Many thanks for your help ims ... i will set to work on the calculations as mentioned i have lttle to none statements for each loan only the insurance agreement / loan agreements . I may have to bite the bullet on whatever they offer me for loan 1 (or sar them for all the data ?) Should the sar request go to the london office given by silverfox in this thread as Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB .... for a quick tally i will do the calcs regarding the payments made on each loan assuming no deviations from the agreed payment term up to the point of the next concurrent agreement.Is that correct eg loan 2 would be reclaim £43.86 for each payment made up to the next loan date - am i reading that correctly ? .. do same for 3 & 4 add them together for estimated claim purposes - before i sar for definitive data for the calcs. Your a great help

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heres the detail of the concurrent agreement details....good luck ... 1st agreement letter dated 28/09/01 cannot firnd any info from this loan - but I have the ref. no. on a letter 2nd agreement dated 12/06/02 total paid to customer 1492.50 refinancing 4507.50 insurance 1169.64 (have the creditcare insurance application & documents) arrangement fee 100 amount financed 7269.64 interest rate 1.81%/month annual % rate variable 25.2 no of monthly instalments 36 amount of monthly instalments 276.51 3rd agreement dated 24/2/03 total paid to customer 1017.99 refinancing 5782.01 insurance 2873.57 (have the takecare & creditcare combined insurance application documents) arrangement fee 100 amount financed 9773.57 interest rate 1.88 %/month annual % rate variable 25.6 no of monthly instalments 60 amount of monthly instalments 272.84 4th agreement dated 9/6/04 total paid to customer 1000 refinancing 7370.34 insurance 2005.69 (have the lifecare insurance application & documents) arrangement fee 150 amount financed 10526.03 interest rate 1.74 %/month annual % rate variable 23.9 no of monthly instalments 60 amount of monthly instalments 284.05 current agreement dated 31/8/06 total paid to customer 2770.51 refinancing 7229.49 insurance 2537.41 (have the creditcare insurance application documents) arrangement fee 115 total amount of credit 12537.41 amount of payable 16275.60 interest rate 1.81%/month annual % rate variable 11.3 no of monthly instalments 60 amount of monthly instalments 271.26 extra section in this agreement headed " other financial information" total charge for credit made up of interest 3623.19 arrangement fee 115 total charge for credit 3738.19 interest rate 10.39 / month just wonder what the possible payout could be if the application proves successfull.?

Hi IMS , From reading your reply, thats a very good point effectively they have collected illegally in advance. Do you think I should contact their head office rather than the local branch and request the correction & written confirmation that it has been taken off the arrears ?

Does any one know if a ppi payout should be applied to pay arrears in preference to just reducing the balance ... effectively leaving the arrears outstanding ? I had a ppi payout would have almost covered my arrears yet it was applied as an adjustment to the balance, I thought legally it should come off the arrears thus reducing any further uneccessary charges.? Comments please anyone

Many thanks IMS, I will compile the data and type the data into a post asap. I do not have the first agreement details , but I do have a letter stating the agreement number .... all the rest I have I will post. Thanks very much in advance for your kind offer of assistance.