want to pay off welcome finance early!

atwitsend_2

I have a loan from years ago from welcome finance, have always paid by DD. I know the APR is ridiculous, but as its only £40 per month, I don't notice the money going out, so have just left it but now I want to get this paid off early to get rid so I can focus on paying my car off early too (thankfully thats not with welcome and doesn't have ridiculous APR! )

I remember reading that welcome are a sly bunch when it comes to full and final settlements, refusing to send out letters etc, so my question is, will they give me any discount if I pay my loan off early?
I currently have about £1000 outstanding on it.

brians_daughter

You may be in luck, welcome are in the financial poop ATM and are not giving out new loans. Instead they're concentrating on getting 'in' all they can. I know this as a family member had a loan with them that they just settled.

If you ring and maybe query how long you have left to run on the loan etc then just slip in 'could you give me a settlement figure'. Dependant upon how the loan is structured they usually charge 2 months interest (i think) so if you can pay off early its in your interests to do so.


If the amount outstanding (if loan was to run term) is £1000 and you pay £40 pcm then you have 2 years and 1 month left to run. Is that right?
If you pay off early you should save 23 months interest

atwitsend_2

brians_daughter wrote: »

You may be in luck, welcome are in the financial poop ATM and are not giving out new loans. Instead they're concentrating on getting 'in' all they can.

If you ring and maybe query how long you have left to run on the loan etc then just slip in 'could you give me a settlement figure'. They charge 2 months interest (i think) so if you can pay off early its in your interests to do so.

Give them a ring and basically try and haggle, if they say your settlemet is x be cheeky and see if they will take y.. You never know in current climate!!

ooooh thats good to hear for me :j
I take it that I should ask for confirmation in writing to make sure I have back up? Also should I ring my local branch?
I got a phonecall last night on my house phone from welcome, was an automated message telling me my direct debit was going to be going out, never had that before!

atwitsend_2

brians_daughter wrote: »

If the amount outstanding (if loan was to run term) is £1000 and you pay £40 pcm then you have 2 years and 1 month left to run. Is that right?
If you pay off early you should save 23 months interest

I am not 100 percent sure, i think my monthly payment is £38 something but told them to round it up to £40, need to definatly ring them tomorrow and find out!

brians_daughter

My bro rung the local office and they basically asked him was he in a position to pay it off now..he did get some rebate on settling. He saved interest as well. He bit their hands off and put it on a 0% cc! lol

The local offices seem to be fighting for their lives so to speak at the moment. They are target driven and if they are being targeted on getting loans repaid early you never know what they will say

Oh ALWAYS ask for confirmation lol, this is welcome we are talking about