Ripped Off by Welcome

jamiethomson

Hi All,

My Wife and I have been ripped off by Welcome finance and it seems like I dont have a leg to stand on,

We had a secured loan with them originally for £5000 over 4 years, Around 6 months into that we wanted another £5000 to do work to the house sowe contacted our local office (now closed) and asked about topping up our original loan, They did the checks and paper work and a week later called to say it was all ok and we had to sign the papers,

The repayments looked fine so we signed the document, Now after paying this for around 2 years I called to get a settlement figure to try and clear it off with some money I had saved they tell me that it still has around £18000 to pay!!
I was shocked and didnt no what to do, I asked them how this was possible and they replied saying because the loan still had 8 years left that this was the figure..

My point is we wanted a loan over 4 years asked for a top up on our original loan that was over 4 years and at no point wanted or would have taken a loan over 10 years and paid so much intrest,

I no I should have read the whole paper work but with the repayment figures it looked ok and right to be over our desired terms. Huge mistake,
But what can I do I signed it even though they have ripped me off!

immoral_angeluk

What does it say on the original documents you signed?

If you signed it and returned it without reading it properly I can't see how Welcome have ripped you off as it was your mistake for not reading it properly and I very much doubt you would have much argument if you took it to the FSA/OFT etc.

Beast

As above - they gave you an agreement to review and sign which would detail the terms of the agreement.

pippitypip_2

Do you have a copy of the terms now to double check what you signed?

Just a thought to make sure you're being told the correct info.

pippitypip

Fiddlestick

jamiethomson wrote: »

I no I should have read the whole paper work but with the repayment figures it looked ok and right to be over our desired terms. Huge mistake,

So you signed it without reading it properly?

But what can I do I signed it even though they have ripped me off!

They haven't ripped you off - it looks like you are saying you signed the agreement without reading it properly.

That's your mistake rather than them ripping you off.

tigga_1961

a lot has happened with welcome in the past 12 months could be worth making them an offer of what you think you owe, if the paper work is all in order of course,

jamiethomson

The only copy of paper work I have says it was over 4 years at the repayments I am paying now per month,
However this is just a copy of the agreement, I then went into the office lookedat the repayment amount saw it was the same as my copy they sent and signed,

So the signed one says 10 yrs but the original they sent says yrs.

I no i should have checked the other copy but when I saw the repayments were exactly the same why would I think to check the term!

immoral_angeluk

How can the payments be the same over 4 and 10 years without you having received more money from the loan? Sounds like an admin error to me.

tigga_1961

in that case i would get a cca request and a sar request fired off to welcome compliance in notts, these can be found on the forum dont at this point sign any letters just print everything and keep paper trail and when u get these if following the advice on the forums go to your local cab and get them to check it all, the cca costs £1 and the sar £10 but worth every penny to find out what is going on x

kai666

jamiethomson wrote: »

I no i should have checked the other copy but when I saw the repayments were exactly the same why would I think to check the term!

So, you borrowed more money, the payments were the same as before, and you didn't think that possibly the only way this could happen would be to extend the length of the loan?

Or am i missing something?

BLT_2

kai666 wrote: »

So, you borrowed more money, the payments were the same as before, and you didn't think that possibly the only way this could happen would be to extend the length of the loan?

Or am i missing something?

Actually that is probably the best explanation of the situation. They guy borrowed 5k over 4 years, made 6 months payments, which as everyone knows would have been mainly interest in the early stages and then borrowed another 5k. Total debt at this point would have been 10K + interest, less around 50 pounds.

Did he honestly think he was going to get twice the money, over the same period, for the same payments.