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1978Andrew

Never ending Welcome Finance payments

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Hi,

 

I took out a loan £2500 with Welcome Finance in 2007 and due to various issues fell behind on payments. So instead of having payed off the loan in 2009, I'm still paying off the loan at £250/month. However the balance is still close to £4500, and of the £250 only around £25 goes to paying off the loan. Which means that it will take me another 3 - 4 years to pay off the loan at this rate. Unfortunately I can't increase the payments in order to pay it off faster.

 

The strange thing is that they keep telling me that I should have paid them off in 2009 and that they are doing me a favour and no, since the account is in arrears they won't entertain any final payment offer unless it's in full. So far I have paid over £7000:x

I actually told them during a heated conversation to stop "doing me a favour" and take me to court. The response was: "No, we will not take you to court. You just have to come up with the money!"

 

Does anyone know if there's something that I can do about this situation?

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I would bet the account is full of unlawful charges which you could claim back.

 

Have you got all of the statements and a copy of the original agreement?


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No, I don't. I guess I could request it and also all they have on me?

 

I have a sneaky feeling that if it went to a DCA or court, they would not be able to charge the same amount of interest as they are now.

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In which case I would send a Subject Access Request (SAR) to Welcome. There is a template in the CAG library, the link to which is at the top of every CAG page in green.

 

The cost is £10 and they will have 40 days to comply.

 

Make sure you add a line that says that the SAR is to include copies of all and any agreements you have ever had with them.

 

From the information that comes back you will be able to see what charges have been applied to the account and prepare a claim to have them refunded.

 

You will then be able to see what the real figure is that you still owe on the account.


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

 

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