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Welcome loan early settlement problem


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Hi all,

 

Been a while since I've been on here but have a query of a different nature....I've managed to get myself into a position where I can now pay off all my outstanding debts (about 11k) in one fell swoop next week. I've been busy getting final settlement quotes from various people and am ready with all of them but one: Welcome Finance. I know I was stupid to ever get involved with these cowboys but, as we've all been at some point here, I was desperate.

 

Anyway, I digress...my two other loan providers (Halifax and Citi) want settlement figures someway below the current outstanding balance, which I figured would be correct. However, Welcome want more...I can't see how that can be right? I think I only have about a grand left with Welcome (it was a small loan in the first place, hence why I went with them) but they want a bit extra to settle up. I'd have thought that as the current balance wasn't being exposed to monthly interest the early settlement would be lower? Certainly true with the other two....

 

Is this Welcome trying to squeeze a few more quid out of me or are they right? If they are, how come the other two want less? I haven't said that "I'm broke, what will you take to go away?", I've simply asked for final settlement.

 

Lastly...a huge, huge, HUGE thank you to everyone on here. It wasn't too long ago that I was breaking down in tears (a grown man, v embarrassing) at my situation...I thought nobody else understood and felt like a huge failure. People on here were so helpful and supportive and knowledgeable...I just wish that others in a similar situation could find this site.

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Guest Old_andrew2018

I am sure someone has an answer but might not have seen your thread, are there any early settlement figures on the contract.

Also do you have any charges on your welcome account.

 

Andy

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I think you need to s#rename this thread "Welcome Early Settlement" and you'll get a lot more help. Welcome have probably calculated your repayment based on the 'Rule of 76' which is now illegal to do. Somebody with more experience in this will come along if you rename the thread.

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Ok, thanks guys.

 

No, there isn't any early settlement figures that I can see and there are no charges on the account at all...paid every month by DD on time. I just can't really fathom it...unless I'm being dumb.

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welcome loans normally have settlement figures on them so that's quite unusual

 

any PPI?

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welcome settlement figures are above what most people figure would be

 

http://www.consumeractiongroup.co.uk/forum/welcome-finance/228297-9000-car-costing-3500-a.html

 

http://www.consumeractiongroup.co.uk/forum/welcome-finance/225062-bo2s.html

 

 

you'll see pleanty more around the welcome forum

 

I have moved your thread to there

 

ida x

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