Help with Overpayments with Welcome finance

fairmorn308

Evening all

I have 2 loans with welcome finance but i want to start making overpayments each month which should help to reduce to interest and length of the loans.

I called the local office and the guy seemed very helpful said i could do any of the following

1) pay extra by debit/credit card
2) increase monthly payments via direct debit

Here is the problem i have.

How do i know there taking this off the loans and is helping to reduce interest and length of the loans. I was thinking and came up with this idea but wanted to run it by you guys 1st

Goto my local office with payment and make payment in person and get the following paperwork before i leave.

1) get a receipt of payment made to the exact loan
2) paperwork showing what the balance was before and after payment made same with the length of loan.

Do you think they will do this or not?

moneymaker2

What they have told you is correct fairmorn.

You can get them to send you a statement every few months or if you want a monthly update you can get a settlement figure.

Hope this helps. L x