Welcome Finance

[bluestwo]

Hi I have had help from here before for other matters and do have quite a lot of debt that i'm am trying to sort, here is one that is quite a problem.

 

We had a secured loan from welcome finance which turned into a unsecured loan when our home was repossessed last year, it took welcome a week to realise what had happened and kept ringing my sister until I spoke to them. we owe around £23000. The original loan was over 25 years when we took it out the payments were around £450 a month but we couldn't afford this so they did a new agreement which put them down to £250 I can't remember signing a new agreement for this but did sign something, I do keep all paperwork and could have a proper look if needed.

We haven't paid anything to them for about 6 months as they are adding £220 a month interest on the loan plus made up fees for phonecalls, so really can't see the point as nothing is coming of the debt unless we pay more than £250 a month which we can't afford.

We have today had a letter saying someone is coming out to see us if we don't ring them in the next 48 hours. I really don't know what to say to them I'm sure they won't accept £30 a month and it would be waste anyway as the debt will never be paid. I would love to sort this out and start to clear the debt but with all the interest I can't see how.

We did get a default notice of them a while ago and it said the total payable if paid over the full term would have been over £70000.

 

Is there anyone out there who could advise me on what to do?, I could have a look through the paperwork if needed for the proper figures.

 

Thanks in advance

[dx100uk]

i'd post this is the welcome forum.

 

dx