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Help needed please!!!


KellyDJ
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Last April I took a loan out with Welcome Finance for £1,500 paying back just over £200 for 24 months. I only took the loan because i have bad credit and nobody else would consider me. I paid back about 3 months and then asked them if I could top up with another £400. I (very very stupidly) signed a new form without reading it properly first and now my repayments are £236 per month for 36 months.

 

So this means for a loan of £1900 I'm having to pay back £8496.

 

I called my account manager at Welcome to query this as when I reread the form I thought it must have been an error and was told in a nut shell that as I'd signed the form that I was stuck with it!

 

That was in September last year and I've been paying back the money with struggle. However, things have taken a turn for the worse as my boyfriend has just found out he's out of work and I've just found out I'm 9 weeks pregnant.

 

My wages alone will just about cover my rent and bills leaving me £100 for food a month so I have no idea how I'm going to pay my loan.

 

I'm getting into a bit of a state and had no sleep last night because I really don't know what I'm going to do. I feel my life is in a BIG mess.

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First off, is the "form" you signed a Consumer Credit Agreement and does it have all the prescribed terms on it?

 

http://www.consumeractiongroup.co.uk/forum/general-debt/108467-basic-introduction-consumer-credit.html

 

http://www.consumeractiongroup.co.uk/forum/debt-collectors-debt-collection/105315-my-agreement-enforceable-useful.html

 

Have a read through these two, they may give you information which will help you.

 

And best piece of advice I can give you, DON'T talk to Welcome on the phone, they will often deny making the comments that you know you've heard. Always put everything in writing.

 

And another thing with Welcome, does your loan have PPI on it, which you HAD to agree to or you wouldn't get the loan?

 

http://www.consumeractiongroup.co.uk/forum/general-debt/37780-welcome-finance-any-dealings.html?highlight=Welcome+Finance

 

A quick read through here will give you an idea of what to expect.

 

Good luck, and keep us posted.

 

If you have queries or worries, post back here and someone will be along to help.

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