Welcome finance can they be beaten?

meanyboy

Hello Please help , i took out a loan with welcome for £1500 after returning from a few years work abroad couldnt get a loan with a bank ..anyway it was taken over 3 years £80 per month repayment it should be completed next month......unfortunately i missed 3 payments due to errors at work with the wages dept but called the company and made the payments over the phone then much later i recieved a call saying i owed them £1 that my account was in arrears so i paid this also immediately 2 months ago i recieved a call to ask if i wanted to end the account early i said i was due to end in august but what was the offer ,they said £1100 i nearly collapsed. i asked how this could be but recieved no info i checked my contract and it said that i should be finished in august 09 in the 3 years paying this loan i never once recieved any post or calls to say my account was this high i then requested a full statement which has been charging me £60 per month for 3 years plus intrest for the 3 missed payments i should have 1 month to go but instead still have £1300 to pay off and have recieved no guidance or information or statements for almost 3 years regarding my loan is this normal? is there anything i can do or am i stuck with this until i finally pay it off?? Please Please can someone help me and steer me in the right direction thanks for taking the time to read this A.

simon_templar_2

They can be beaten with a stick.

cyril82

If they have been charging you default charges at £60 per month for three years i would maintain payment at the minimum amount and then hit them with a reclaim, that should clear your remaining balance as £60 per month sounds astronomical.

See the main site for details on how to reclaim.

meanyboy

hi thanks for your advice i cannot find any links to reclaiming loan charges and intrest back on this site can you help please i am very new to this many many thanks A.

basketcase81

I got a loan from welcome finance a number of years ago for £3500. All was going fine until we moved house. I notified them of my adress change and heard nothing back until last year when they called me and said i had missed a couple of payments. I asked why they'd not contacted me and they said that they'd written to me, anyway it turns out they'd sent the letters to my old adress. I sorted everything out with them and they seemed polite and pleased enough then this year we were going away on our honeymoon so I thought i'd get a loan to have a bit more spending money. I contacted a number of loan companies and Welcome finance said they could lend me £3000. GREAT I thought so I said that i'd already got a loan with them and they said ok but i'd have to pay off my current loan. To my shock they said they couldn't do that cos I owed MORE than what they were offering! HOW??? They said i owed around £3500 STILL! I recently recieved my 1st statement of account and i'm paying £214pm The interest they are charging me is over £100pm my loan ends next August but I was wondering if there is any way of resolving this? I don't wanna keep paying this amount as things are hard enough as it is and that amount of interest is rediculous!!! Sorry to but in on this thread but i'm new to this and don't know how to start my own. Any advise would be so much appreciated! Many thanks!

julies59

hi, i took out a £750 loan with welcome finance at £75 a month.i paid them for over a year then got into difficulty they a greed to freeze the interest but i was still having difficulty paying i moved house and when i finally contacted them which was now 3 yars after and the debt had been passed to a debt recovery company i still owed £1.064 even though i had been paying first regulally and then at intervals i argued with the debt company for an early settlement figure they wanted £700 but after a lot of haggling and told them i would go to the citizens advice and pay them £10 a month not £100 they wanted i paid the ammount off in full for £360 which i believe welcome werent happy about,tell them your rent and utility bills come first then food and threaten them with cab and they will soon reduce your payments and freeze the interest until you can make regular payments,dont struggle they cant get out of you what you havent got they can refuse a offer but they cant refuse a payment so just pay what you can they cant do anything if the debt is being paid,, good luck

julies59

meanyboy wrote: »

hi thanks for your advice i cannot find any links to reclaiming loan charges and intrest back on this site can you help please i am very new to this many many thanks A.

hi go onto the main site and click claim £1000s in bank charges it should tell you what to do there,

movingforward2010

welcome are EVIL, i've been charged £100's for letter they sent to me and phone calls they said they'd made. £10 a letter and £10 a phone call. They rang one day and said i was in arrears, i was in work at the time and asked them to call back after 4pm, they rang back a 3pm and i explained i was still working and i'd already said ring after 4pm, on one day the charged me £40 for phone calls and a tenner for a letter!

so £50 in one day!! this happened 5 times! On my statement i had fees for calls i'd never received!

these people need sorting out!

LittleStar08

Welcome send you statements? Should I be asking for these?? Had a loan with them for a while now and nothing... just phone calls for money..

movingforward2010

mine was a secured loan i got a statement every year around september

duggie1982

Not being funny but took out a loan of about £7000 with them over 3 years.

Paid them every month and bobs your uncle, after 36 payments it was clear!

Funny old world.