Welcome Fianance?!?!?!

angeljb85

Brand new to this so sorry if someone has posted this before now!

My hubby took out a loan of £2000 from welcome finance in June 2008. The amount of credit provided was £2075.00 over a minimum of 36 months with 48% annual interest rate.eing charged left right and centre for default sums, telepgone calls etc.

We've moved since then and things have happened so i cant at the moment locate the original agreement, or recall what the payments were. I have statements from June 09 showing regular payments of £30 a week.

My main problem is that we are paying £40 a week, and barely covering the interest payments. We are being charged left right and centre for default sums and telephone calls etc. When neccessary my husband has cancelled direct debits and paid with his card etc. But now we feel, whats the point? We took the loan out in good faith in a difficult period of our lives. As many people know circumstances change and things dont always go to plan. Its my husbands account so i'm not aware of all his movements within it. We cancelled the direct debit this week due to financial problems with my wages etc, and they took the payment off my husbands debit card. They keep it on file but normally ring before they use it when neccessary, but today they just took it, leaving us without money for grocery shopping!!!

Basically, are we better off not paying the repayments, and letting it go to a debt collector?? That way we wont get charged interest and we can begin to pay the actual loan instead of just added extras they bang on top! We've paid at least £3000 by now, and not getting anywhere!

Advice anyone?? Please???

Emmzi

first of all, get a statement of account, and terms and conditions, on paper.

Then come and reask the question - it is a little vague to help you at the moment.