Feel Trapped By Welcome Finance

dave23ni

3 years ago I was facing court action and couldn't get a loan anywhere so I turned to Welcom finance, the load was only for £1500/£2100 with interest spread over 18 months, as mentioned that was 3 years ago. During that time I lost my job and missed payments and they screwed me over with fees and there high interest rates etc, at the min I owe £700, They won't lower the monthly amount and because I'm not making the full payment they are adding fees etc, I paid them the full amount of £130 per month for about 12 months then it all went wrong. I just feel trapped, what can I do?

Toomuchdebt

Can you not transfer the remainder onto a 0% credit card or even an overdraft?£700 shouldn't take too long to pay off and would be better than paying fees and charges.Can you post a full SOA?How much are you paying them?What is the interest rate on the loan?

dave23ni

Toomuchdebt wrote:

Can you not transfer the remainder onto a 0% credit card or even an overdraft?£700 shouldn't take too long to pay off and would be better than paying fees and charges.Can you post a full SOA?How much are you paying them?What is the interest rate on the loan?

I don't have an overdraft and can't get one, I have a credit card but its at the limit.

Income = £900 per month

Creditor Amount Owed Monthly Repayment

MBNA £3200 £45
Capital One £950 £20
Welcome £750 £80
Black Horse £650 £30
A&L £500 £20
HFC £600 £29
l'Woods £500 £20
Cetelem £760 £20


Add to that rent of £200 per month and I haven't included andy living expenses

tigtig

What are they charging you for late payments, write them a letter asking for the charges back over the last 3 years. If they refuse then ask them again. If the refuse again then take them to court. Welcome finance are blood suckers and should be brought into line. Go to http://www.consumeractiongroup.co.uk to see if you can get any advice on there.