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Welcome Finance Loan ??????
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Worried_Comrade
Posts: 28 Forumite
in Loans
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
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
0
Comments
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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.0
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