Help! Welcome Finance claim i'm in arrears!!!

indiedarraugh

I took out a loan with welcome in 2006. I have all the paperwork. It was over three years and the first payment was in November 2006. I thought i was coming to the end of my loan payments so I called the company who confirmed in September (just a couple of weeks ago) that October would be my final payment! WOOHOO! I thought......

My final payments has been made and I felt like a huge weight was lifted, but just got back from work to find a letter from Welcome for a Notice of Sums in Arrears stating that I have missed payments and that i now owe them £254.60! I called my bank where the payments are sent from and they have confirmed I have made 36 payments of £126.49 and that they have not declined any payments. I have even dragged out my loan agreement and that confirms on the total number of repayments is 36 and the monthly payment amount is £126.49!

I have tried to call them got through and started to discuss the situation and then was hung up on!

What do I do?!!

Please help!!!

PNPSUKNET

I would write to them, tell them you have the evidence of payments and that if not sorted you will refer to the fos.

mackers8923

indiedarraugh wrote: »

I took out a loan with welcome in 2006. I have all the paperwork. It was over three years and the first payment was in November 2006. I thought i was coming to the end of my loan payments so I called the company who confirmed in September (just a couple of weeks ago) that October would be my final payment! WOOHOO! I thought......

My final payments has been made and I felt like a huge weight was lifted, but just got back from work to find a letter from Welcome for a Notice of Sums in Arrears stating that I have missed payments and that i now owe them £254.60! I called my bank where the payments are sent from and they have confirmed I have made 36 payments of £126.49 and that they have not declined any payments. I have even dragged out my loan agreement and that confirms on the total number of repayments is 36 and the monthly payment amount is £126.49!

I have tried to call them got through and started to discuss the situation and then was hung up on!

What do I do?!!

Please help!!!

Fantastic that you have the paperwork from the bank to back your case, keep every little thing from Welcome, they can try and bend your ear the odd time.

Good luck with getting it sorted.

jonesMUFCforever

The only thing I can think of is this - could it be that the first payment was in fact late (could be their fault in setting up the direct debit) and that this has compounded over the term of the loan?
Did you make a payment within a calendar month of getting the money?
Did you have a buy now pay later loan whereby interest would accrue and roll over?

PNPSUKNET

if the term was 36 payments, and 36 payments have been made ontime cant see how can owe

Hippocampus

Welcome are famous for adding that little extra month in. It screws up a lot of people who think thay are free from them at last.

jonesMUFCforever

PNPSUKNET wrote: »

if the term was 36 payments, and 36 payments have been made ontime cant see how can owe

Read my post and come back with some answers.

AnnoyedGary

Hi there, a similar kind of thing happened to me with Welcome Finance. Apart from .... they also defaulted my agreement, just for good measure!

I have sent a complaints letter and contacted the FOS, As suggested on this helpful site.

Here is my previous post............
Hi,

New to this so hopefully this is the right way to ask for help.........

Basically, I'm having problems with Welcome Finance. I took out a loan with Welcome Finance a few years ago. I had some arrears initially and was assigned an account manager in the local(ish) Dundee office.

The account manager went through a budget with me and I agreed to make payments of £65 per month. I never missed a payment and she called me out of the blue in February of this year, she offered me a deal of me paying £100 per month for the next 9 months and they will write off the last £500 of my loan and that will be it finished.

I have a letter from her in February to prove this agreement.

I made all the payments and my last payment of £100 is due at the end of this month. I thought all was well and good and I called Welcome Finance of 2nd Oct 09 to confirm this, they said yes, one more payment to go.

Anyway...... I was very surprised to get a letter from them this morning, Advising they have Defaulted my contract on 07th Oct and that I NEED to pay the remaining £600 and a further £790 "Default interest" in the next 14 days or they will take me to court, arrest my earnings etc etc.

I called them straight away, asked to speak to a manager and the manager informed me "the local office manager" should never have made that offer and that the default stands.
They have closed the local offices and all accounts have been transferred to Nottingham. He says the letter I have wont be honoured by Welcome Finance.

Thats pretty much as it stands at the moment..... I called the Financial Ombudsmen for advice but was only advised "we can look into it for you but you need to give Welcome Finance 8 weeks to respond".

I tried to call Welcome Finance back but the manager who dealt with it originally now wont answer or return my calls!!! :mad:

jonesMUFCforever

jonesMUFCforever wrote: »

Read my post and come back with some answers.

I did read your post now if you could please answer mine - did you make the first repayment within a calendar month of receiving the funds?
If not then you have always been technically in arrears and charges would have been applied to the account.
Have you received a statement of the loan account?