Never ending loan with Welcome Financial Services

25aProject

Good evening,

I've never done this sort of thing before and I hope you will excuse my sob story but I was wondering if anyone can offer some advice. I'm not expecting a miricle but does anyone know what I can do aout a loan with Welcome Finance that seems to be going on forever.

I took out about 5 years ago and other than one slight blip I've managed to stick to my repayments. The blip was because I was my ex-landlord gave me notice to leave his house as he was selling up and I took advice from the c.a.b who put me on a payment plan to try to free up some cash so I could try to find somewhere else to rent. I was advised to make no payments to anyone while the c.a.b spoke to all of my debtors and agree lower monthly payments. To cut a long story short the c.a.b failed to do this on my behalf and in turn upset everyone that I was paying on time. I've since bounced back by doing 3 jobs and mediating with the annoyed debtors.

Welcome Financial Services however have got me on a payment plan that seems to be never ending. They are asking for a monthly payment of £86 per month and I'm stretching myself but paying £110 per month. Regardless of this they cannot give me a date when my payments will end. When I speak to them they say in about 5 years.

The initial loan was for around £5000.

I'm not expecting it to get written off but can anyone offer any suggestions?

Many thanks

Spencer

Spencer

DarkConvict

You cannot get debt written off, however it maybe worth asking for the CCA anyway, if they know they can't enforce it they maybe kinder to you in the future - https://forums.moneysavingexpert.com/discussion/2532927

Flowcharts - https://forums.moneysavingexpert.com/discussion/2305463

Under OFT Guidelines - http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft664.pdf

They must provide a balance, and i also believe provide a annual statement for the account. So rather than saying 5 years, must actually tell you your current balance. From this you can work out what is going on using snowballing calc (balance, payment and interest all worked out) - http://www.whatsthecost.com/snowball.aspx