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jammin88

Welcome Finance Secured Loan - £8k, 15 Years @ 17.4%

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Hi Everyone,

 

I hope someone can advise.  I'm unsure if there's anything to claim here, but I'm .. annoyed.. to say the least with Welcome Finance!

 

I've only recently found out, but my partner had a loan with Welcome which she took out back in January 2008.  It's now cleared as of Jan 2016 - hence why it's only just come to light in conversation!

 

She borrowed £8,000 against her house - a little unsure of how it was specifically sold, but she's confident it was through some kind of broker/agent.

 

It was a bit of a crap time in her life... she was borrowing the cash to "buy out" her ex-partner at the time from their joint house.  This being despite the fact that she had put in the £5k or so deposit to buy the house on a 95% interest-only mortgage, and the property was in negative equity.

 

The rate was a whopping 17.4% APR, minimum duration according to the statement I have in front of me was 180 months.  To me, this seems astronomical for a loan secured on property....

 

After a few years (realising perhaps this was not the best loan in the world!) she upped her repayments and eventually cleared the balance early in Jan 2016 - Phew...

 

Whilst I'd consider myself pretty financially savvy (as would my partner... now...!) I'm not too sure on the world of mis-selling claims. 

 

To me, this seems like a case of mis-selling?

She was young, financially naive and going through a tough personal patch. 

 

The APR on the loan was surely excessive for a secured product, and as she was already in negative equity, borrowing against the house seems bizarre - throwing good money after bad?

 

She's pretty confident she didn't have PPI (she says when she arranged the over-payments she ensured there were no "extras" added onto the monthly payments) - but I appreciate we're now past the deadline on that anyway...

 

 

Are we barking up the wrong tree?

Should we let sleeping dogs lie and write this one off to experience, or is there some room for investigation here?

If so, what's the first step?

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17.65% is their std rate for that period.

 

 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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hope of what?

welcome sold some 150'000 loans in that period

no-one has ever questioned irresponsible lending to date

and its too late for PPI.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Alright alright, was only asking...!

 

Thanks for the advice.

Edited by jammin88

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