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Welcome Finance - HELP!


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Hi all

I took out a Welcome Finance loan in July 2007 for 3 years. I am soon to finish paying it off. I just want to know if anyone knows what happens when its over - 1) my loan period was 36 months -does that mean my last payment is in June or July of this year? 2) Do thy write to you to say its now cleared?

 

Any help and advice would be great. I took out the loan at a time when i really needed it and couldnt obtain a loan form a high street bank. I have never missed a payment and have never had much dealings with them once the loan was sent through - except once when they rang to say that the amount i was repaying was incoreect and i needed to pay a £5 more per month! - Sounded dodgy but i didnt want anyone calling around to my house from Welcome!

 

Any advice would be brilliant.

 

Thanks smile.gif

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Hi Dm, welcome to CAG, just a quick thought but do you have your original credit agreement?

 

It seems strange that they asked for an extra £5 per month from you if your agreement states the amount and term of your agreement.

 

In this you may have a case for asking for a refund of £5 x 36 + 8% statutory interest as they have caused confusion.

 

The term of the loan is generally 36 months from your first payment, you could write to see what remaining balance is left

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Thanks MP

I do have my agreement somewhere and once the loan is paid off I will question them about it. Its abit strange cosa they said the repayments were for 105 per month, then about a year and a half later they rang to say it was incorrect and it should be 110 per month.

 

To be honest and this probably sounds wimpish, i just accepted it cos they scare me and I hear they tend to call round to peoples

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I would be tempted to send a cca request to get a copy of the agreement and an u to date statement to see what they have been doing with the account I wouldnt leave it until its paid off id get the statement now as i wouldnt be surprised if there is more left owing than you thought

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Really? I have never missed a payment with them, never had any commication except the yearly statement (which I lost!). Im getting worried now. Is read my original loan agreement last night and it clearly said 36 mnonthly payments of £105 with the first payment due in Aug 07. Therefore I should finish paying it off in July but im now concerned as to why they upped it mid way through?

Any ideas?

 

Thank you for your help so far

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Maybe they upped your interest rate.

On most of the agreements posted on here there is a clause that says they can do this although they should give 14 days written notice.

Have a look at clause 1 (b) in your Terms and conditions.

 

This seems most unfair though when an agreement is signed for a certain interest rate with monthly payments stated.....but that's Welcome!!!

 

Dawnx

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Thanks Dawn

Interestingly, there never sent a letter, just rang to say I was in arrears (which I wasnt) and they had to up my monthly payment by £5 to cover it.

Im going to check my records cos I have a feelking I have been conned. I know we dont like Welcome but would they really sttop this low and do something like this?

If this is the case, then they are going to get a solicitors letter and a demand for comepensation.

 

Anyone else experience anything similar?

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DM, it seems strange for them to up your payment without any written correspondence, beyond is right it would be worth getting some information back from them as it seems a little fishy in my opinion.

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Thanks MP

The more I think about of it the more it does seem dodgy. The credit agreement stated the first payment was due in August which went out as did every subsequent month.

If they have done something fishy, what type of recourse do you think i would be entitled to?

 

Thanks Again

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something certainly isnt right i would be sending off the sar and seeing what that shows as you are unlikely to get a coherant answer by asking verbally, at least then you will have all information in front of you to plan your attack with :)

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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Thanks beyondhope.

I will get a letter sent off them and see what happens!

Thanks for your help guys and thank good these clowns (the evil typre) are no longer taking advantage of people!

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