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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:



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