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Welcome Finance....Unlawful?? Please Help


Jlaine86
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Hi all! I’m brand new to alll this!! Just looking for some help regarding Welcome Finance!!

 

I took out an unsecured Loan for £4000 with them in December 2007 for 36 months. I Have never missed a payment, as I still live at home with my parents (partly because of the expense of this loan!) so this is something i can always make sure is paid 1st. £200.83 a month.

 

I really regret ever taking out this loan as the interest is crazy (53.40%) the time I was being forced to help a partner out so they didn't get beaten up for the money they owed! I can't believe I was so stupid and have been struggling ever since.

 

The welcome finance guy came to my house to draw up the agreement but it just never felt right. I have no PPI or anything I refused to take it. I have been contacted by companies such as Cartal Client Review who claim they can get the loan refunded? this seems too good to be true?

 

Have any of you ever been contacted by anyone who has successfully done this? I don't see how it's possible and also because my loan was taken out after April 2007?

 

I really am quite clueless when it comes to finances so any advice would be greatly appreciated.

 

Many Thanks in advance

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Hi Jliane and welcome to the forum! The first thing you need to do is post up a copy of your loan agreement on here using photobucket so that we can look at it for you. Remember to delete all your personal information.

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I do......... but no scanner. It's in such small print I can hardly read it! So taking a photo of it isn't working!! I'll find someone with a scanner and get it up ASAP.

 

Also just to mention that the copy I have hasn't been signed by anyone!

 

Really appreciate any help so thanks

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so we have a £4000 loan over 36 months at 53.40 apr

 

that gives a monthly repayment of £200.83

interest £3230.13

total repayable £7230.13

 

so we add interest £3230.13 with £75 acceptance fee total £3305.13

now add loan of £4000 for a total of £7305.13 now devide by 36 gives a monthly figure of £202.92

 

 

so total repayable £7305.13

at 36 monthly payments of £202.92

 

 

what are your monthly payments on the agreement

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Again

 

Welcomes Figures Are Slightly Out

My Figures Are Correct

 

They Have Not Added In The Acceptance Fee So Short By £75 Quid In The Final Figures

 

 

Total Amount Payable Is £7230.13 Plus £75 Acceptance, total £7305.13

 

devide By 36 Is £202.92 Per Month

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cash loan £4000 over 36 months at 53.40 % apr

 

thats a monthly repayment of £200.83

interest £3,230.13

total payable £7,230.13

 

There are no insurances to add so we just add the 75 pounds acceptance fee so final figure is 7305.13 so we divide by 36 giving correct payments at 202.92 .

 

Sorry to repeat you Post im a just practising on ppls agreements to understand these weird contracts they have lolllllll...

 

 

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I'm terrible at Maths but even I can see how it's wrong! Don't really know where all this is going to get me but I'm fed up of being skint and knowing that by the time I've finished i'll have practically paid the loan off twice!

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