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Welcome Finance high Interest and PPI


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Dear All,

I have taken Unsecured Loan from Welcome finance 3 and half year ago

Loan details are as follows:

Loan Credit amount: £3500

PPI: £1400

Personal Insurance : £190

 

Total amount credited to me : £5090 in 2008

Total amount payable: £9600 at the end of 2011

 

So far I have paid more than £8000 of £9600.

I have realized that the charges and interest rate from welcome finance are beyond my reach to fulfill. As I am pending total sum of £4900 still to pay (considering £8000 already been paid, this loan is costing me > £1300!!)

 

Current status:

I have raised PPI claim and awaiting response

I have stopped making payment to Welcome Finance (Considering I have been mis-sold PPI and I woun't need to pay £9600 if I did not have PPI amount and interested added to it).

Recently Welcome Finance has sent me letterstating they are traferring my pending amount to Debt Recovery Agent.

 

I'm in no position to pay this amount.

I need help, what else I can do now?

 

Thanks in advance

Edited by Trobled_in_debt
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Hi and welcome to CAG

 

I've unapproved one of your first two posts as there were two which were exactly the same...please keep to this one thread for this Welcome issue.

 

First ignore and DCA and deal only with Welcome.

 

Have you calculated how much PPI is due back to you bearing in mind that it will be dealt with under the FSCS.

 

Have you got all of the statements for this loan and if so have you established the amount of any unlawful charges on the account. These would include charges for being late with payment, returned direct debits, telephone calls etc. These can also be reclaimed.

 

How long ago did you put in the PPI claim?

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

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First of all sorry about double posting. And thanks for your reply.

 

PPI has been put 2 weeks ago and it's under consideration I've receive a letter from Welcome Finance confirming the application received.

 

I do not have all the statements from Welcome finance eventhough I've asked them several time.

How can I get this?

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You can send a Subject Access Request (SAR)

 

Template is in the CAG library, the link to which is at the top of every CAG page in green.

 

Cost is £10 and they will have 40 days to comply

 

ims

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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