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Welcome nightmare - what next?? please help


Nicola2205
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We took a Welcome Finance loan out in 2003 for £10K, as far as we thought our last payment should’ve been in September 2012.

We got a statement from Welcome back in July/August which said we still had over £8k remaining on the loan; we have already paid back almost £34k!!

 

We put in a SAR request and a few days ago we received all the information back including statements. We missed 3 payments in around 2004/5 and un-beknown to us ever since they have been adding capitalisation interest of almost £250 per month (our payments are only £275) so we’re only clearing £25 a month of the loan.

 

What next? I’ve just had enough of dealing with them and just want rid of this loan!!

 

Any advice would be very welcome

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You need to check for any charges on the account for being late with payment, telephone calls and the like. These should be reclaimed with interest.

 

Use this spreasheet. The rate of interest you use should be the rate they were charging you on the account.

 

CISheet v101.xls

 

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i didn't realise we were entitled to claim this all back?

if they pay it back that'd be brilliant because it would probably clear the outstanding balance?

 

how do welcome finance get away with all of this! they make peoples lives a misery!

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