Welcome Finance Ripp off

Spirit666

Ok this is my first time so please be gentle lol.

I am looking for some advice when it comes to the subject of Welcome Finance.

I took a loan out with them about 8 years ago. The loan was for £1500 and I was to pay it over a period of 3 years. Half way through the loan I fell pregnant and I lost my job and the PP didn't cover this because I was pregnant, so I had to have the loan re-written to £60 a month instead of £130.
The point I am making is that I stopped paying this loan about 3/4 years ago and I heard nothing from them, then last week I got a phone call from them saying that I still owe them money and the total that I owe is ........wait for it ......£2900!!!!! How is this possible?
Can anyone help me to either give me advice on how to pay it or how to get rid of them.

My advice is to everyone do not get a loan with them they are robbers and I wish I had never took the loan but being young and stupid always gets in the way.

Thanks for your help

_Andy_

When you say you 'stopped paying the loan' - was this whilst there was still a balance?

Kavanne

I am sure there is more to this story as getting pregnant + losing your job.. there must have been other reasons as you can't just be fired for being pregnant!

maxdp

Spirit666 wrote: »

Ok this is my first time so please be gentle lol.

I am looking for some advice when it comes to the subject of Welcome Finance.

I took a loan out with them about 8 years ago. The loan was for £1500 and I was to pay it over a period of 3 years. Half way through the loan I fell pregnant and I lost my job and the PP didn't cover this because I was pregnant, so I had to have the loan re-written to £60 a month instead of £130.
The point I am making is that I stopped paying this loan about 3/4 years ago and I heard nothing from them, then last week I got a phone call from them saying that I still owe them money and the total that I owe is ........wait for it ......£2900!!!!! How is this possible?
Can anyone help me to either give me advice on how to pay it or how to get rid of them.

My advice is to everyone do not get a loan with them they are robbers and I wish I had never took the loan but being young and stupid always gets in the way.

Thanks for your help

Hi when you re wrote loan did you cancel PPI sometimes it is underwritten from an insurance company and you have to cancel that separately.

Spirit666

_Andy_ wrote: »

When you say you 'stopped paying the loan' - was this whilst there was still a balance?

I dont know all I know is that I paid over £2000 pound to them by the point I had stopped paying. Plus I had quiet a lot on my plate since then, I have moved house about 6 times in the last 4 years and some other personal stuff.

To be quiet honest I think im just going to have to deal with it

Spirit666

Kavanne wrote: »

I am sure there is more to this story as getting pregnant + losing your job.. there must have been other reasons as you can't just be fired for being pregnant!

I dealt with that issue a long time ago they said I tried to be dishonest with the systems we used but I wasn't so I tried to take them to court they sweated it and gave me a pay off. So thats all there is to that.

Spirit666

maxdp wrote: »

Hi when you re wrote loan did you cancel PPI sometimes it is underwritten from an insurance company and you have to cancel that separately.

Again I dont know but I know that they are looking for their loan to me not anything else.

Sorry I know this is all quiet sketchy but I am greatful for all replys.

bellsto

Hi all,

Just to illaberate really, I too have had a loan from these cowboys about 2 years ago now and i have recently had engine issues with my car after speaking with the garage it is belived to be a malfunction with the ECU as it keeps on telling my catalic converter has gone but when investigated it appears to be okay. I have called welcome and expalined this but to no evale. i have been told my only solution is to keep taking it back and getting repaired, which i am not willing to do so i have asked them to come collect as they were not willing to help any other way. my car was worth about 4.6k on the showroom and in my contract in black and white it says that as long as i have paid 4.3k i can give the vehicle back with no consequences. But when i called today they are trying to tell me even though i have about 5k upto now i still owe over 3k. When i quizzed them on this they stated that my payments were split every month and that to give the car back under i had to pay over 4.3k minus ionsurances but i never wabted the insurance anyway never mind the fact the contract does not state that i have to pay over 4.3k after insurances. I am currently seeking advice from Moneycloud as i believe that my contract and insurances have been mis sold. If anybody has any advice on whether they think i have a good case to decline any future payments to welcome. Feel free to reply.

minimike2

I like the way you accuse them of being robbers, yet you are the one who stopped repaying the money you borrowed. Doesn't this make you the robber?

Welcome Finance lend to people with bad credit histories. They charge a premium for this - this means the interest payable is much higher than a traditional loan. You say you paid £2k - but you still have the interest to pay back as well as the original capital borrowed, and the intrest will have been front loaded, meaning it was all added to the balance upon draw down of the loan. Add to that the charges that will have been applied for missing payments, bounced direct debits, all of which you argeed to when you signed the credit agreement, and that figure easily becomes apparent as correct.

Being young / stupid / ignorent is not an excuse when it comes to credit agreements. Take some responsibility and get it sorted.

Spirit666

minimike2 wrote: »

I like the way you accuse them of being robbers, yet you are the one who stopped repaying the money you borrowed. Doesn't this make you the robber?

Welcome Finance lend to people with bad credit histories. They charge a premium for this - this means the interest payable is much higher than a traditional loan. You say you paid £2k - but you still have the interest to pay back as well as the original capital borrowed, and the intrest will have been front loaded, meaning it was all added to the balance upon draw down of the loan. Add to that the charges that will have been applied for missing payments, bounced direct debits, all of which you argeed to when you signed the credit agreement, and that figure easily becomes apparent as correct.

Being young / stupid / ignorent is not an excuse when it comes to credit agreements. Take some responsibility and get it sorted.

Im sorry but who the hell do you think you are talking to? I have had this loan since I was 18 I am now 28 so I think from all the payments that I did make which add up to nearly 3500k (I have had the statements from Welcome) I am also paying back the money to them the now also and again this add up to 1k so far since I posted this thread so I am taking responsibility and I was not making any excuses.
From your reply to this I can only assume that you have never had any debt problems and if this is the case why are you even looking at this thread if not then don't be so judgemental cause your in the same boat as the rest of us. So to make my final I think from having a loan that is 10 year old for an amount of 1500k is really beyond a joke and all I was looking for was someone to point me in the right direction as to how I could either say enough is enough or to take the bull by the horns and get stuck into it and final get rid of this loan that has haunted me for my adult life.
:mad:

Time2Go_25

Spirit666 wrote: »

so I think from all the payments that I did make which add up to nearly 3500k

No wonder you're mad I would be if I'd paid back £3500000:D:D