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welcome loan - trouble paying

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hi guys

i have had a welcome loan for the last 2 years paying £132 a month

i have a year left to pay but really strugling to pay it now

what options do i have

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Hello

 

Have you informed them that you are having difficulty with you payments ?

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no m8

in what way should i do this????

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If you've got a copy of you credit agreement, you can see if you have been charged any unessecary fees. these fees along with ppi can be claimed back which in turn can be deducted from your final balance or can be taken off your monthly payments which means you will be paying less each month.

 

Whens you next payment due ?

 

Sorry pal, getting ahead of myself !

 

To be honest, i think you will end up worse off if you have to inform them that you are finding it difficult meeting payments. they may lower the monthly payments but the interest will just keep going up and you may be paying more at the end of the agreement. ( judging by other posts on this forum, that seems to be the case. )

If you got time before youre next payment, it may be worth while to put in a claim against these scroats for your ppi etc, if they've added it on that is, to bring you're balance down.

 

someone with better knowledge about this could help you out better.

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i really dont think i have ppi on this loan

 

would it tell me on the statement

 

i aint had charges etc

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Yes, it should say it on you're agreement.

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ok m8 ill check it to see what it says

ta

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Sorry pal, getting ahead of myself !

 

To be honest, i think you will end up worse off if you have to inform them that you are finding it difficult meeting payments. they may lower the monthly payments but the interest will just keep going up and you may be paying more at the end of the agreement. ( judging by other posts on this forum, that seems to be the case. )

If you got time before youre next payment, it may be worth while to put in a claim against these scroats for your ppi etc, if they've added it on that is, to bring you're balance down.

 

someone with better knowledge about this could help you out better.

 

what tends to happen is they will rewrite it add on another acceptance fee and spread it over more years and you end up paying thousands more unless you refuse to do this ;) put a payment offer in writing that due to circumstances you wish to pay X amount per wk/month until circumstances change and see what you get back :)

 

to see if you have been charged any unnecessary charges you need to get an sar as it will include everything they hold on you including all statements


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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AGREE....SAR will also provide a copy of the agreement where you will find info on insurances etc.

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