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thomas126

Welcome Finance Secured Loan

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Apologies if this isn't posted in the right forum! 

 

Hi,

 

I am looking for some advice re an old Welcome Finance secured loan which we had which was then passed onto Prime Credit. We were young and naive when we took the secured loan out, but you live and learn! 

 

The loan was taken out in September 2008 for an amount of £15,029. No PPI or anything attached. The total amount due to be repaid was £37,741.52 (I know!), payment of £239.20 over 180 months – APR 25.1%. We had paid a total of 127 months with 53 months remaining on settlement. 

 

We moved out of our property in March of this year and settled the account with the sale of the property – total amount repaid to settle was £10,542.91. Included in this was an early repayment charge of £182.11! 

 

I have the original credit agreement from 2008 and nowhere does it mention an early repayment charge – the only charges it shows is:

 

“If you exercise your right to settle this agreement early you might expect to pay, if you settle:

 

After a quarter of term has elapsed: £14,561.69

After half the term has elapsed: £12,848.68

After three quarters of the term has elapsed: £8,882.82 

 

I’ve argued with Prime credit that the early repayment charge should not have been applied, however they are adamant they can apply this. 

 

I could cry reading the figures. I have attached a copy of the credit agreement (original) which you may find useful. 

 

Would anyone be able to advise if I should be able to claim this back and if you’ve been in a similar situation?

 

Many Thanks

Credit Agreement.jpg

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I should note that we missed no payments what so ever during holding the secured loan and all payments were made on time and up to date 

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I should note that we missed no payments what so ever during holding the secured loan and all payments were made on time and up to date 

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Furthermore, at the time of settlement the total outstanding balance was £10,166.20 

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Sorry creating multiple posts! £37,512.52 was just the internet charge the total amount for 180 months would have been £52,776.

 

We had paid a total of £37,236.40 in monthly payments during the time we held the loan. With £10,542 settlement we paid a total of £47,779.31.

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