Welcome Finance (choke ) Loan Term

zwee_2

Hi Everyone

Not sure if there's anything I can do about this as mainly down to my own naivety. However...here goes. In 2004, my now husband and I took out a £15,000 secured loan with Welcome Finance over the phone. We were advised that the payments would be made over 60 months, told the amount etc. It was agreed and the papers sent through for signature etc. Loan paid to us which we used to consolidate.

In 2009, we were looking at the paperwork in preparation for the end of the loan term when we discovered that the paperwork they had sent us stated a loan period of 180 months - 15 years! Now, we know that we should have read the papers better before we signed but what we think retrospectively doesn't really matter I suppose.

I successfully negotiated a PPI claim with them - just under £4,000 payout :j in Jan 2010 so it is worth chasing them. Took us 6 months. As part of the same letter I asked them to review the tapes of the original sale. When we accepted the PPI payout and subsequent new loan account, we enclosed a without predjudice letter advising that we retained the right to follow up on the loan term query.

Despite several letters, they have not responded to us at all on this matter. The FOS will not help as the agreement was signed pre 2007.

Just wondered if anyone has any other ideas?

Thanks :-)

Rossy.

Zwee don't get yourself any payday loans or other various methods like that. Beating debt is not about incurring it too

I cant help with your issue but you'll prob get no where as you have signed the agreements and they would have stated the term, and interest payable back etc on the agreement so this may be a hard lesson learned in reading ALL paperwork and examining it before pen is put to paper

good luck though

zwee_2

Thanks Rossy, I thought that would probably be the case but wondered if it was a similar situation to the misselling of PPI. Oh well, I will keep bombarding them with letters until they at least respond to me.

Remixed - not really sure what you are going on about or why but thanks.

CLAPTON

how much were the monthly payments
what was the APR
how much was the PPI

iolanthe07

Surely you can work out what the term must be from the amount of your repayments and the interest rate. There is a huge difference between 5 years amd 15 years.