welcome finance - loan nightmare

pb1985_2

i took out a loan with welcome finance about a year and a half ago for £4000 over 3 years. after one quarter of the term i asked for an early settlement figure. it does not match the quarter term settlement figure on the original policy document.

also, when i took it out i was in full time education, and not a homeowner (although was workin, so they could still lend to me). however, even though the document states personal loan on it, the written information at the bottom of it relates to a secured loan (i.e. it states that when i pay in full they will send discharge notification to land registry, unsecure the property, etc.

my final issue, is that afer paying a total of £2560 in the last 17 months, my settlement figure is only £70 less than the original loan.

...i have never missed a payment, or been late with a payment.

can anyone please help me with any of these issues, to either help clarify or to confirm if i have grounds to make a complaint.

this matter has been going on for the last 5 months, and i have wanted to clear the loan all this time, but they are not dealing with this or making it easy for me to clear, please help x

~Beanie~

Have you asked them to explain the difference in the settlement figure that they are giving and the one detailed in the original documents?

marshallka

pb1985 wrote: »

i took out a loan with welcome finance about a year and a half ago for £4000 over 3 years. after one quarter of the term i asked for an early settlement figure. it does not match the quarter term settlement figure on the original policy document.

also, when i took it out i was in full time education, and not a homeowner (although was workin, so they could still lend to me). however, even though the document states personal loan on it, the written information at the bottom of it relates to a secured loan (i.e. it states that when i pay in full they will send discharge notification to land registry, unsecure the property, etc.

my final issue, is that afer paying a total of £2560 in the last 17 months, my settlement figure is only £70 less than the original loan.

...i have never missed a payment, or been late with a payment.

can anyone please help me with any of these issues, to either help clarify or to confirm if i have grounds to make a complaint.

this matter has been going on for the last 5 months, and i have wanted to clear the loan all this time, but they are not dealing with this or making it easy for me to clear, please help x

Was it only £4000 on the agreement or is there PPI perhaps...

pb1985_2

no, theres no ppi on there, only a life cover that ive already taken into account.

i have asked them in numerous phonecalls to explain the difference and after one 45min debate, the local manager agreed i was right that the figure was unrealistic on the settlement document. however, that was 5 months ago, and they now seem to be backtrackin and trying to find excuses, that when i question them, they change the reason each time.

i am honestly baffled!!

plus, i dont want to clear the loan until i get a correct figure, so i am continually paying interest i dont need to pay.

HELP!!!
(thanx for repies by the way!) x

marshallka

pb1985 wrote: »

no, theres no ppi on there, only a life cover that ive already taken into account.

i have asked them in numerous phonecalls to explain the difference and after one 45min debate, the local manager agreed i was right that the figure was unrealistic on the settlement document. however, that was 5 months ago, and they now seem to be backtrackin and trying to find excuses, that when i question them, they change the reason each time.

i am honestly baffled!!

plus, i dont want to clear the loan until i get a correct figure, so i am continually paying interest i dont need to pay.

HELP!!!
(thanx for repies by the way!) x

Can you not tell them the loan is in dispute and that you are going to go to the FOS with the complaint. They may listen and halt the interest for you.

I hope someone else posts here too.;)

petermb_2

Hi,
I will ask my usual questions
How did you get the loan? did you use a broker?
Did Welcome arrange the Life Insurance?
How much was the loan and how much was the life Insurance?

That should give me an idea of your position

Sol00

Welcome are absolutely rubbish at responding to you, unless you are in arrears. The best thing would be to keep everything in writing, so that you have a paper trail, and send them a Subject Access Request. It costs £10, but it's worth it as it will show everything they have on your account.

pb1985_2

thanx for the replies every1. ok, so no i didnt use a broker, i did it over the phone and signed agreements thru the post. the loan was for £4050 and the life cover was a total of £195.

anyway, i have spoke to the fsa, consumer credit and the office of fiar trading today so complaints are under way! also, welcome finance HAVE agreed (without much choice) that the figures are incorect, so i assume they will now be changed...

however i am still really angry that i have been unable to pay it back in the last 5 months, due to their incorrect figures!!...i read thru all my policy documents today, and the consumer credit act 1974 states that i, as the consumer, have the right to clear the loan at any time, as long as i give confirmation that i am going to do so. they have not kept up this side of the act, and therefore, i think, broke regulations.

i have got statements to prove that the money has been sat in my account ready to pay it off the last 5 months, can i get back the £600 of interest from the last 5 months??!!

please reply x

bigstevex

i doubt you'd get the ~£600 interest back, you shouldn't have let the matter go on for 5 months to be fair, although i guess you could ask, they can only say yes or no!

pb1985_2

well i take ur point, but to be fair ive been complainin for months and months and theyre just making it impossible for me to pay! they are tryin now to sort it out, so thats good, but its just gone on far too long!!