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Welcome Finance - "Fantastic Statement"


philballard30
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Hi All,

 

Nearly fell off my chair this afternoon, when i received a statement from Welcome Finance.

Opened it and did fall off my chair, what the hell am i paying for? i note the word "Capitalisation" and a £46.xx amount debited every month i was paying £69.73 a month and they've been taking these amounts for a while (so effectively i've only been paying £20 or so every month!!) this will take my entire life to pay off! i've attached it if any one wants to have a look, my missus wants me to get an IVA and try and get some written off and the interest frozen, but i don't know, i want to get a subject access request and find out everything and then do battle with them as i think this is very unfair.

 

Welcome Finance - Statement picture by philballard30 - Photobucket

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Unreadable, too small.

Please note: I give advice, in good faith, based on my reading and experience. Please satisfy yourself, that any advice given is accurate in content before acting upon it.

A to Z index

http://www.consumeractiongroup.co.uk/forum/site-questions-suggestions/53182-cant-find-what-youre.html

 

...........................................................................

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The Capitalisation is the interest! At the beginning of a loan you pay more interest than capital. The interest (Capitalisation) reduces each month.

 

See the attachment for how your loan will run down from month 1 to month 120!!

 

BobbyH

 

P.S. It won;t take you entire life to pay off but 120 months as per the credit agreement!! unless of course you fall into arrears!!!

Loan Schedule.pdf

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why have you started paying £94

 

they cant charge you £10 for a phone call see penalty charges etc ask the guys on here about how best to get these back. Is your agreement legit as welcome have a habit of mucking it up.

 

I up'ed my repayments after a phone call, i know i shouldn't have done, they charged me for 2 non-existent phone calls, they've had no call to ring me as i haven't been in arrears for over a year, and they've been cleared, and i pay monthly by direct debit, i want these charges back, should i get a subject access request and see what they've got on me??

 

any advice, i'm a little upset by all this.

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i would post your agreements to someone on this site postggj is good & a few others know some stuff if you post some questions one of the "experts" will be along soon enough. How many times have you been in arrears with them & have you had any calls / failed direct debits

 

I would say the best thing is to get the contract looked at do you have the original copies ? if not then you can send a CCA request by recorded delivery & send a £1 postal order with it.

 

I am not great with the legal stuff but i am learning

 

hope i can help you

 

regards

 

martyn

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i would post your agreements to someone on this site postggj is good & a few others know some stuff if you post some questions one of the "experts" will be along soon enough. How many times have you been in arrears with them & have you had any calls / failed direct debits

 

I would say the best thing is to get the contract looked at do you have the original copies ? if not then you can send a CCA request by recorded delivery & send a £1 postal order with it.

 

I am not great with the legal stuff but i am learning

 

hope i can help you

 

regards

 

martyn

 

 

I was in arrears with them quite a bit early on in the agreement but i think i'm clear, but i may have also had 1 failed direct debit, but this is all historical i've been making regular payments on time for the last 2 years. no calls except asking me if i can pay more (that's noly happened recently) i might be ablr to lay my hands on the original agreement, but, and this is where it gets sticky, it's one of those magical 'secured-on-property-then-when-account-holder-sells-property-turn-it-unsecured!! jobs. i will update when i have the papers if not i'll have to request them.

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Phil,

 

I had a loan secured on my property, the loan was taken in 2005, however due to financial problems I had to sell the property it was secured on with Welcomes permission but they never chenged the loan agreement, haven't signed a new one payments haven't changed, absolutely nothing has changed except I no longer own a property and the loan is no longer secured on anything.

 

The only thing that allowed me to do this was they got a lump sum payment when I sold the house, and just to confirm there was negative equity in the property and I am still paying a lower amount which has been agreed but they are harrassing for original payments.

 

Don't let the fact that it is secured stop you from doing anything!!!

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