Welcome finance

spongebobfancypants

HI! :j

Me and my hubby took out a loan with welcome finance in 2008. the loan was for £3500. After already paying back £3600 i rang today for a settlement figure and almost fainted when they wanted another £3375 to settle!!!! OMG!

Help!!!!!!

I have managed to save £2000 and have offered them it as a settlement figure that was realistic to me! God knows if they are going to except it!

We are trying our best to get out of debt but these companies seem to relish in our misery!!

Awaiting a call back with their decision, this should be good for a laugh!!

Anyone got any ideas where to go next if they decline my offer????

Thanks!:beer:

brians_daughter

http://forums.moneysavingexpert.com/showthread.html?t=2243917&highlight=

you may be better 'bumping' your thread rather than duplicating

Tixy

Have you read this factsheet on offering reduced settlements? it gives some useful pointers including making sure you have it in writing before you pay that the payment is in full & final settlement of the debt. This is to ensure that they don't come looking for the balance in 5years time (which has happened to a few people on here). http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offers

Do you agree with the outstanding balance on £3375? if you put the figures and APR into a loan calculator does that work out to be around the right figure? did you have PPI on the loan?

spongebobfancypants

THANKS!
they got us to take out a load of personal accident insurance stuff on the loan, comes to about £35 a month. I tried to cancel it but they refused as it was after the cooling off period

spongebobfancypants

what do you mean by bumbing???????? this is all new to me and quite addicitve actually!!! i thought it was only me, but it seems not!!!

ceejaydee23

bumping means to add a post yourself, so it bumps it to the top of the list!

brians_daughter

sorry spongebob, what i meant was you had posted the same thing twice. Instead of doing that it would be better to reply to the original post you made just asking can anyone else help, That way you dont get duplicate info and other posters know whats already been said!

spongebobfancypants

ta guys!! new to the site still trying to work it out! lol

spongebobfancypants

Still waiting for a decision! Have rang them but they still waiting for head office to respond

spongebobfancypants

stillllllllllllllll waitinggggggggggg!!

pepe2008

If the Loan is up to date I would be tempted to keep up the repayments and in the meantime try and reclaim the PPI. Odds are that it was a mis-sale. Follow the links at the header page ( Click on the 'Reclaim £000's tab).
You would get a reply quite quickly.