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Welcome Finance Secured Loan

whatsthedeal
whatsthedeal Posts: 6 Forumite
in Debt-free wannabe
Welcome finance secured loan-- In credit by 650 quid.

Phoned them to tell them about us being short on money and said that we cant miss a payment with them


any advice?

thanks guys

Comments

  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    What do you mean you are in credit by £650 quid?

    How much do you owe and how much is the usual monthly payment?
    :p
  • whatsthedeal
    whatsthedeal Posts: 6 Forumite
    Ive been paying extra on the loan for a while now so im actually in credit by 650 gbp.

    About 20 pcm extra for quite a while. Putting my account in credit by 650
    Owe approx 7600 and pay 160 pcm
  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Unfortunately I don't think it works like that, you can't overpay your loan and then take a payment holiday to use up the overpayment at a later date.

    You say that you have phoned Welcome and they have advised that you can't miss any payments. Did they make any other suggestions?

    The problem is that with it being a secured loan, you could end up losing your house and so it should be a priority to pay this, even if that means you don't pay some of your other debts (the £400pm Provident loan?).
    :p
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