Anyone else out there depressed by a large longterm secured loan from Welcome Finance

Saved123

:beer: I have a £17,000 secured loan over 10 years (9 years left!) which i am finding hard to pay (£346 a month). I should never have taken it out, but i was desparate at the time, but at this rate i will have paid over £35,000 by the end of the 10 years (if we dont loose our house to reprosession before then). I am looking to give/receive mutual support on this site to any other ladies in this same depressing state.

property.advert

I work the APR out to be 21.5% which is very high I know but I also understand desperation.

At a "normal" rate of 6% (presuming an extension to the first mortgage) then the repayment figure would be £204 (£17000 over 9 years).

Do you know what the early repayment terms are ?

Could you make an argument to your first charge lender that repaying £204 is better than trying to repay £346 ?

I'm guessing that the £17000 has gone ?

GINA_2

Saved123 wrote: »

:beer: I have a £17,000 secured loan over 10 years (9 years left!) which i am finding hard to pay (£346 a month). I should never have taken it out, but i was desparate at the time, but at this rate i will have paid over £35,000 by the end of the 10 years (if we dont loose our house to reprosession before then). I am looking to give/receive mutual support on this site to any other ladies in this same depressing state.

Hi, I am looking for a good solicitor who has taken on WFS and one, know of any pls?
I too have secured loan and unable to meet repayments. Had lots of trouble with them and wrote to FOS, they have not been that helpful and seem to either not want to know or can't be really bothered to read orinvestigate problems I have had.
Got sent back some of what could loosely be regarded as WFS paperwork and I have noted that the signatures are not like mine! I cannot write like that! I have tried many times in the last 24 hours since receiving the letter from FOS (Xmas Eve!)
Some of the statements that WFS have made are to me fabricated and untrue and I have written proof on a couple of letters from various people to show this.
Please can you give me a few pointers or maybe you know someone who knows someone.
Like you I stupidly took out a sec loan, I thought I was a woman who had a few brain cells too. ( no disrepect to you)
Gina

moo_cow

Welcome Finance need to be shut down. Whilst I agree wholeheartedly that we are in charge of our own finances blah blah blah. WF exploit people at every given opportunity. MY neighbour was well and truly sucked in by them and when things got tight due to her husband having lost his job, their answer was to 'rework' the loan for her including a small amount of arrears on the account. This in fact was a new loan agreement which oddly enough was never mentioned and in fact at a much higher APR AND including new charges for setting the loan up AND arrears charges AND settlement figure for the old loan which was of course much higher than the amount originally borrowed. She has in fact borrowed in true cash around £6000. Yet, they state her balance to be around £17,000. She will probably never repay this debt as they have her tied in until past pension age. They are evil and prey on the desperate.

spacehopper1

Really sorry but people need to start accepting responsibility for the debts they have taken on. Nobody is forced into borrowing money and is your depseration welcomes fault??. Welcome is a sub prime lender who deal with high risk customers and makes no excuses for it's interest rates.
If you didn't like what you were offerd and it will have been there in black and white you shouldn't have signed the agreement.