Need Urgent help and advice on a Welcome Finance Loan

kiana28

Hi Guys,

I hope you would be able to help and advice on th issue, which will be much appreciated. Here it goes, sorry it is quite long:

I have taking out a loan with welcome finance in 2006 for £ 2000 for 3 years at a monthly payment of £155.95 with payment insurance. I was due to finish the loan in nov 2009. During the loan i had missed 3 payments.

I was not offered any option to catch up on the missed payments the only option i was provided was in sept 2009 to increase my monthly payment up to £ 255.95. I told them it was quite a hefty amount to pay and i am already struggling to pay the £155.95 but they did not come up with any solution.

In december when the loan was supposed to have finished a month earlier that they started calling and telling me that i need to pay an outstanding amount of £ 2666 (( kept adding calling fee and letter fee)because of the interest of the missed payment and the £155.95 would not be enough to pay i would need to pay more to stop the interest. I was absolutely distraught and since december i am still paying the monthly amount but the amount that i owe is not decresingand on top of that they are putting on my credit file that i am in arrears. :mad:
It looks very bad on my credit file and i need a solution to get out of this mess.I hate welcome finance with a passion. Please help me!

[Deleted User]

any chance you were mis-sold the ppi?

PNPSUKNET

only way is complain in writting then fso, these dont play fair from what i read

skintmumofone

Hi I also have a loan with WF which I am trying to unsuccessfully get my PPI back have been waiting since OCtober to gt this back keep being told there is an external IT problem phoned today and told eh yes we are looking into it and it will be resolved by the end of the month..... if I had a penny for everything they said that my loan would be paid off! Also they charged me x amount of interest and I too fell behind 4 months I offered topay more so ended up paying£100 more than I should have and I too didnt see any decrease more like an increase I pay £225.48 for a £15000 loan over 15 yrs so I am giving them back a hefty amount! £40586.40 it is scandalous that they can do that they should be shot!

Jamesf81

Hi

On the agreement does it say total amount of loan or total charge for credit?

Also is there an acceptance fee and is it included in the total charge for credit aswell as the PPI.

Section 20 CCA states all charges should be added into the total charge for credit to correctly calcualte the PPI.

kiana28

Hi Guys,

Thank you for your replies.
i don't know if i have been mis-sold ppi. I have checked my loan agreement and i have taken ppi and personal accident. How would i know that i had been mis-sold ppi, i am sorry but i am new to this.....( reply to woodbine )
to reply to ramsas and PNPSUKNET i am definately going to complain and seek advice , really disgusted with WF
Jamesf81: the agreement states total charge for credit of £2635.57, there is an acceptance fee of £75 included in the charge for credit. the total amount of credit is £ 2978.63 including the PPI..what does it mean? is there a difference? could it be possible to calim back ppi?

princessrachellucy

hiya, yes the exact same happened to me, i tuk a loan out with them for 2500 and pay 191 a month back for 3 years, missed 5 payments and upped my payments to 200 a month, my loan due to end in april, got a letter stating i still owe 2500, i rang them and wanted explanations about this and even went to CAB, basically WF said that they add interest on return direct debits,missed payments, letters and phone calls aswell as charging to ring u and send letters to u. they are a waste of space, i am going to end up paying them back £8900, does any1 have any professional advice to help us. personally the company shud be closed down.