Welcome Finance Loan ??????

Worried_Comrade

Hi All

During the 'Wild' days i got a loan from welcome finance (£6000) that was back in 2008. Then last year i fell into financial difficulty so called them up asking if i could reduce my mothly payments of £304 they said come in and we'll see what we can do. So when i went in they had all the paperwork showing me my new payment of £140 because they had re-writting the agreement. I was happy because all i could see was this new monthly payment of £140. So signed.

Now i've been paying this since and out of curiosity i called them to ask for a settlement figure which they gave me as £6976 and they said the APR was 12%

If i had the option i would take out another loan at a lower rate and pay this one off. but due too 2x Defaults and a CCJ i dont really have that option

Any Suggestions ???

WC

Sol00

Unfortunately Welcome Finance are renowned for re-writing agreements, it's why they're in the financial mess they are now!

As you signed the new agreement, with the new repayments etc, I can't see much that you can do now. The most I can suggest is asking for a discount if you pay the remaining balance. I've heard they may stretch to 30% off the balance.