Welcome Finance....will they agree?

Aimee-lou

Hi everyone,

We have arrears on a welcome finance account and rather embarrassingly we haven't paid them in about 6 months.:o - it's not wise I know but it was after a move of banks and it's hubby's account. (Not excuses but we are dealing with it now).

We have just got around to re-setting the payments then last week, the world opened up! I am signed off work with stress due to bullying in the workplace which means that we don't have the moeny to pay the nearly £300 a month!

I don't want to get any more into arrears and accrue any more charges.

The accounts are 2 seperate accounts.

1 HP account is on the car. We owe around £2,200 on this....car is only worth about £1500 on a good day. Repayment was about £200 a month.

other is a personal loan- owe about £1,300 - repayment is about £100 a month.

We really and truely are scuppered and can only afford about £30 a month in total for a few months until we get on the straight and narrow and start to re-snowball the debts we have (cannot afford to keep up repayments at the levels we had previously thought!)

Do you think it would be unreasonable to offer them £20 a month on the HP and £10 a month on the personal loan just for a few months until we got back on our feet. Would I have to send my SOA to them to prove it or could I just do it over the phone? (They're in Hubby's name so he would do it.)

Thanks

Aimee

GeorgeUK

Could you ask about a payment holiday on the loan? Not sure if they would agree, but if you think you can get yourself sorted in the next few months, may be worth trying.

Do you really need the car? If it is on HP, i think there is a better chanve that they will seek reposession if you can't make the payments so you will be liable for the full outstanding balance. You might want to consider a voluntary termination - this means that you hand the car back to them but are only liable for 50% of the orignal price and possibly a little extra for damages.

Aimee-lou

Thanks....

Unfortunately we do need the car. We have a baby on the way and we both work full time with a 20 mile communte each way. If we could we would but I would rather just work towards paying it off.

They have sent a letter in the past offering a 'voluntary small payment scheme'.....I'm just wondering as that letter was in january...would it be too late to take them up on this?