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Hi, I'm wondering if anyone can help me.

 

In July 07 I took a loan out with WFS for £2000, with repayments of £178pm over 24 mths. Around 9 months later I renewed the loan,and got nearly £500. My repayments are now £236pm for 36 mths which I have just worked out (and my maths isn't that great!!) i'm paying back nearly £6000 for the extra £500!!! Does this sound right,as it seems very excessive even for a company like Welcome!! ;)

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Hi sallyp

 

Welcome to CAG

 

A £2000 loan payable by 24 installment sof £178 is a massive 131% APR with a total payable of £4272.

 

After 9 months you had paid £1602 leaving £2670 to pay. However, there would have been a statutory rebate of £19, leaving £2651.

 

At this point you added £500 to the loan bringing it to £3151, payable by 36 installments of £236.

 

This is an APR of 119% (slightly better but not much) and a total repayment of £8496.

 

So you will pay in total, £8496 plus the £1602 alrady paid after 9 months, bringing the total to a massive £10098. So your £2500 will cost you roughly 4 times what you borrowed. The extra you will have paid for the £500 is £5826, nearly £6000 as you calculated. THis is because, although the APR dropped a little, the term was extended.

 

Isn't Welcome wonderful :mad:

Steven

 

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My Wins

 GE Money Won unconditionally May 2007

NatWest Won unconditionally August 2007

Brighthouse Won unconditionally August 2007

Goldfish Won unconditionally April 2008 (including CI on the basis of Sempra)

Clydesdale Financial Services (now BPF) Won unconditionally February 2008

 

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