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Advice required for Welcome finance please


coistie
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I have an unsecured loan with welcome finance, I was paying £264.00 per month to this and until recently I never missed a payment however my wife left me and since then I have struggled to pay the amount, I have asked welcome to reduce the payments to help but they have refused point blank, I have moved house to a cheaper rented accommodation and have cut back on all non essential things, I am trying to help myself and all other debtors have been great and have frozen all charges and interest except welcome, I dont want to not pay them at all but cant see any other way, I have read on here to pay them whatever amount I can afford (currently no more than £50.00 per month) but they said that if i did that then the interest would be greater than what im paying and I would soon have this debt spiraling out of control. What would happen if I stopped paying them, I feel that if this loan got moved to a debt management company then I could negotiate with them about the interest and payments..

 

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Hi,

Afraid I can't help but I will move your thread to the correct forum where you will get lots of help.

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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Oh No! I had an old loan with them which had PPI written into it, I consolodated the loan with another, signed the agreement and everythings was fine, Recently I requested all my loan agreements which they supplied and I started to reclaim my PPI (only sold on the first original loan), Welcome were fine and after a few letters back and forth they agreed to repay my PPI, however I had to `re-book` the loan which I am paying now as that was calculated with the original loan and PPI in mind.

 

they sent me out a new agreement with monthly payments less than what I was paying, there was no date on there so I contacted them who assured me that everything would be worked out at there end and they will deduct all payments from the `re-booked` loan that I have already made, so I signed it and sent it all away, have not heard anything from them and everytime I contact them about my PPI I am advised that it will be paid in the next few days, this is quite a new claim so Im waiting to see what happens, but Im now worried about the new lower agreement that I have signed...

 

Help..

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