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Plasterer44
Plasterer44 Posts: 8 Forumite
in Loans
Hi all need some help over 10 years ago I took out a £17,000 loan with welcome finance I ended up paying back over £40,000 looking back on this through my paper work I feel robbed 💰💰 I've tried to contact them to see if I had any ppi on this loan but they said I didn't is there any other way of me finding this information out or do I take there word for it ??? I KNOW I WAS STUPID BUT I WAS ONLY 21 AT TIME 🙈🙈

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Do a SAR if you don't believe them, but I doubt they're lying.
  • TrustyOven
    TrustyOven Posts: 746 Forumite
    First Anniversary First Post Combo Breaker
    Plasterer44 wrote: »
    Hi all need some help over 10 years ago I took out a £17,000 loan with welcome finance I ended up paying back over £40,000 looking back on this through my paper work I feel robbed 💰💰 I've tried to contact them to see if I had any ppi on this loan but they said I didn't is there any other way of me finding this information out or do I take there word for it ??? I KNOW I WAS STUPID BUT I WAS ONLY 21 AT TIME 🙈🙈

    I think this is what The Investor (from Monevator.com) was writing about here: http://monevator.com/the-really-obvious-thing-we-all-forget-when-borrowing-money/

    You were borrowing from "your future self", and now you are feeling the pain.

    Plasterer44, please read the above link. Read it properly. Read it several times. Think about it a lot. Hopefully it will help you get to a better place financially in the future.

    As zx81 says, get an SAR, but I too doubt they are lying.
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
    Save £12k in 2014 #192 (£4115.62 / £5k) (82.3%)
  • Plasterer44
    Plasterer44 Posts: 8 Forumite
    Thanks what's a SAR ��
  • Plasterer44
    Plasterer44 Posts: 8 Forumite
    Thanks what's SAR
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Subject Access Request.
  • System
    System Posts: 178,090 Community Admin
    Photogenic Name Dropper First Post
    Subject Access Request.

    A subject access request (SAR) is simply a written request made by or on behalf of an individual for the information which he or she is entitled to ask for under section 7 of the Data Protection Act 1998 (DPA)
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    What was the rate of interest on the loan? Did you miss any payments? What's your credit history like?

    These are all things which will affect the total amount you repay, so while £23k interest on a £17k loan seems a lot, there's probably more to it than mis-sold PPI.
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