Unable to make loan payment...please help! Urgent!

torikate

Hi
I'm just looking for a bit of advise.I took a loan out with welcome finance in July 2006 (I know it was a terrible thing to do ) Due to top ups etc I ended u borrowing 2500 pound at 82.6% :eek: I make my payments on 6th of every month and pay back roughly 135 per month. I have not missed any re-payments...yet!

Today my OH should have been paid but the money didn't go into our account. His employer has told him he will recieve the money next week. This obviously leaves us in a bit of a situation. Unfortunately I have nobody I can borrow this money from. I had enough money for a few essentials to last the week (eg bread & milk) and can pay welcome finance 30 pounds but not the full amount. I am going to call them tomorrow morning but as the payment should come out Sunday I suspect I am going to have some problems. Does anyone have any experience of this??? And is it going to increase my interest? I know it will show on my credit report but at this time it cant be helped

Any help or advise would be great. Thank you in advance!
Tori xXx

di3004

torikate wrote: »

Hi
I'm just looking for a bit of advise.I took a loan out with welcome finance in July 2006 (I know it was a terrible thing to do ) Due to top ups etc I ended u borrowing 2500 pound at 82.6% :eek: I make my payments on 6th of every month and pay back roughly 135 per month. I have not missed any re-payments...yet!

Today my OH should have been paid but the money didn't go into our account. His employer has told him he will recieve the money next week. This obviously leaves us in a bit of a situation. Unfortunately I have nobody I can borrow this money from. I had enough money for a few essentials to last the week (eg bread & milk) and can pay welcome finance 30 pounds but not the full amount. I am going to call them tomorrow morning but as the payment should come out Sunday I suspect I am going to have some problems. Does anyone have any experience of this??? And is it going to increase my interest? I know it will show on my credit report but at this time it cant be helped

Any help or advise would be great. Thank you in advance!
Tori xXx

Hi there

Sorry to hear this.

I would ring the loan company for as soon as possible and explain your situation, hopefully they will be understanding and come to a reasonable arrangement.
Or would your bank allow you a short term overdraft just to cover for this?
If you already have an overdraft, maybe they can temporary increase this.

Hopefully someone will have some good advice and suggestions on this for you, fingers crossed.

Good luck.;)

mandi

Did I read correctly . Are you paying 82.6 %.?

Is the loan secured ?. If not I wouldnt worry about a late payment, however If I where you ,I would call the National debit line , 82.6 % intrest is no better than a loan shark would give you .

If your payment is by DD call your bank , and stop the payment, otherwise will be charged .

http://www.nationaldebtline.co.uk/

Tori , please take my advice & call NDL. Good Luck

di3004

Blimey, somehow I missed that 82.6% bit.......:eek:

torikate

Thank u. Yes mandi you did read right!! The loan isn't secured as I'm only 21 and have nothing to secure it against!! I'm currently trying to pay off all my debts, only have til mid 2010 before its paid off (Thank god!!) I have handed over most of my debts to my auntie (who is a financial adviser) and pay her a set amount each month but I wanted to keep the loan to show I could be responsible!! ooops!! And going to my auntie isn't an option as she isn't in a position to help me money wise. Thank u for the website, I will have a look through it and see if it can help me.
Di3004, unfortunately i don't have an overdraft.....My bank wont even upgrade my account to get a cheque book! I will phone first thing in the morning and hopefully sort something out. I know my loan is one of the worst things to have so I guess one missed payment wont hurt I'm just worrying!! Should I speak to welcome before I cancel the dd or after?? Sorry I'm a bit new to all this!
Thank u so much for your replies.
Tori xXx

mandi

Tori , Hi again,

cancel the DD ,you dont have to tell Welcome, though your bank might say so .
The important thing right now is that you dont pay charges .

I wouldnt pay Welcome another penny , let them take you to court . 86 % intrest.. No way ..

Morgan_Ree

By stopping the DD the OP may avoid a charge from the bank but Welcome Finance will still charge her
It's something like a £15 late payment fee not to mention a letter which is another £10 fee plus each phone call they have to make to you as another fee on top of that (cant remember exactly how much this is)

DO NOT wait for them to contact you

Phone them as soon as you can and try to explain your situation. No to put a further downer on things but welcome aren't the most accomodating when it comes to late payments. Obviousy by you making the first move you will hopefully avoid the some of the extortionate fees they charge but i wouldn't hold your breath

If you've got less than a year left to pay this off then my advice would be not let it go to court. The amount of fees Welcome would add to it would double to outstanding debt, atleast!
Pay these idiots off and put it down to experience

maryotuam

Good Luck Do ring the national debtline for the best advice.
That interest rate is extortionate. I bet you will never sign up for a rip off loan again.

Morgan_Ree

Why are you shouting???

Nowhere has the OP mentioned having no money to live off after paying the loan
She's quite clearly stated she's never missed a repayment and this is a one-off due to a problem with her OHs wages
It's no big deal!
As for being worried about the extra charges etc. By encouraging her to let it go to court these fees are going to go through the roof and if that happens she'll have good reason to worry

sharon666

not shouting????

making a point of what I WAS SAYING and at a point of what i was saying,

"I THINK" :eek::rolleyes:

mandi

Morgan_Ree wrote: »

By stopping the DD the OP may avoid a charge from the bank but Welcome Finance will still charge her


Pay these idiots off and put it down to experience

]

Thats the idea ,Morgan !!!! Welcome,as long as Lori does not pay Bank charges , you muppet:D