Welcome Finance Ripp off

Tom1984_2

Claire - the outstanding balance is probably so high because if it is a personal loan you took out, the interest would have been applied monthly dependant on the balance. As you never paid anything, the balance would only get higher each month because of the continual interest.

What you need to do is contact the company direct to find out where your account is held, and then make arrangements to pay it back as soon as possible. The good news is that it should only take 6-9 months of continued payments to start correcting your credit file.

The worst thing you can do is to not contact a creditor, as the interest will continue to be applied as well as any charges. I can see from previous posts that some people have simply cancelled direct debits because they believe the account should be paid off - don't do this, always confirm with the company first and get statements if you have to!

meer53

Tom1984, just a little tip. Before you reply to a post, have a quick look at the date of the post you're replying to. If a poster hasn't been back to the post since 4 Oct 2011 it's a safe bet that they're sorted whatever it is they've posted about.

casaken

Thanks for your warning, however my friend got a loan from another company that is not the same one but simular name welcomefinance.net

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

stuartmcleod1968

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.

Here here, I have been with them for four years and never had a bit of bother from them, I have found them to be brilliant, even when i changed jobs and knew I was going to struggle with a payment they bent over backwards to help me, sorry but I will be sticking with them, if you tell them what's happening and keep them informed then they are great.....

BugsyBrowne

stuartmcleod1968 wrote: »

Here here, I have been with them for four years and never had a bit of bother from them, I have found them to be brilliant, even when i changed jobs and knew I was going to struggle with a payment they bent over backwards to help me, sorry but I will be sticking with them, if you tell them what's happening and keep them informed then they are great.....

And the reason your replying to a 4 year old post is? Oh yeah forgot you work for welcome finance!

DCFC79

stuartmcleod1968 wrote: »

Here here, I have been with them for four years and never had a bit of bother from them, I have found them to be brilliant, even when i changed jobs and knew I was going to struggle with a payment they bent over backwards to help me, sorry but I will be sticking with them, if you tell them what's happening and keep them informed then they are great.....

And very high apr, people just need to budget accordingly and not rely on credit.

BillTrac

Apples2 wrote: »

And you think Spirit666 has been sitting patiently on her PC since 15 September 2008, over two and a half YEARS waiting for that pearl of wisdom?

Well, going by their previous lack of willingness to sort things out for themselves......then probably:rotfl: