Welcome Finance Settlement for up to date accounts?

jess1981

Hi,

I noticed a lot of posts on Welcome settlement however the majority seemed to be for accounts in arrears. Apologies if this post needed to sit somewhere else.

I have a secured WF loan and in order to help me move house I would like to clear it so the second charge is removed.

The loan was for £15,235
Total amount payable over the life of the loan will be £37,676.25
We have made payments totalling £6438.30
The loan was taken out over 15 years, which means we won't reach our first quarter settlement point until April 2011
If we wait until next April to settle we will have paid £12,876.60 and the settlement figure WF would require is £14,533.65, meaning for a £15k loan we would pay £27,410.25, a tidy £12k interest for Welcome.

I understand they're in some troubles at WF at the moment and some people seem to be getting success at negotiating reduced settlement figures.

If I could hear from anyone who has successfully reduced the settlement figure on their loan but not due to arrears on the account, that would be really helpful

Thanks very much

prussellstower

Hi

I had a £2500 with Welcome over three years paying back £149.00 per month. I had the loan for about fifteen months and when I requested a settlement figure, I was told it was just under £2,300.

I had just done a refinance with another bank and my employment contract was about to come to an end. I didn't have enough left to pay the amount they were requesting. I was up to date with all payments.

After explaining the situation to Welcome, they asked me what I was able to pay. The amount I offered was about 25% less that their settlement figure. After taking down all my expenditure, it had to go for director approval.

Three days later they called to say the reduced amount had been accepted in full and final settlement of the loan (and they confirmed in writing).

All credit to Welcome, their branch staff were very kind and very helpful.

Hope this helps. My employment (or potential lack of it) was probably the deciding factor but you can only ask. All I would say is try to offer a sensible reduction.

immoral_angeluk

jess1981 wrote: »

The loan was for £15,235
Total amount payable over the life of the loan will be £37,676.25

:eek::eek::eek::eek::eek::eek::eek: